12. Enron Scandal (2001)
The Enron scandal, which unfolded in 2001, involved the Houston-based energy company Enron Corporation engaging in extensive accounting fraud to conceal its financial losses. By creating special-purpose entities, Enron was able to hide significant debts and inflate profits, misleading investors and analysts about the company’s true financial health. When these practices were exposed, Enron’s stock price plummeted, leading to its bankruptcy filing on December 2, 2001. This collapse resulted in the loss of thousands of jobs, wiped out employee pensions, and erased billions in shareholder value. The scandal also led to the dissolution of Arthur Andersen, Enron’s accounting firm, which was found guilty of obstructing justice by destroying documents related to the Enron audit. (britannica.com)
