Finally had some good quality slumber. Past couple days I’ve been getting up at around 6am for no reason. Just couldn’t sleep. Today I got up at 9:30 – success!
It happened on December 2 2001…The Enron Corporation files for Chapter 11 bankruptcy protection, sparking one of the largest corporate scandals in U.S. history
Enron was formed in 1985 as the merger of two gas companies, Houston Natural Gas and Internorth. Under chairman and CEO Kenneth Lay, Enron rose as high as number seven on Fortune magazine’s list of the top 500 U.S. companies. In 2000, the company employed 21,000 people and posted revenue of $111 billion. Over the next year, however, Enron’s stock price began a dramatic slide, dropping from $90.75 in August 2000 to $0.26 by closing on November 30, 2001.
As prices fell, Lay sold large amounts of his Enron stock, while simultaneously encouraging Enron employees to buy more shares and assuring them that the company was on the rebound. Employees saw their retirement savings accounts wiped out as Enron’s stock price continued to plummet. After Dynegy cancelled a planned $8.4 billion buy-out in late November, Enron filed for bankruptcy. By the end of the year, Enron’s collapse had cost investors billions of dollars, wiped out some 5,600 jobs and liquidated almost $2.1 billion in pension plans
Also on December 2 1959, The Malpasset Dam in France collapses and the resulting flood kills more than 400 people. The city of Frejus, dating back to Caesar’s time, was devastated by the massive flood
Also on December 2 1804, Napoleon Bonaparte is crowned Napoleon I, the first Frenchman to hold the title of emperor in 1000 years. Pope Pius VII handed Napoleon the crown that the 35 year old conqueror of Europe placed on his own head
Luckily, the only time I filed for bankruptcy was when playing Monopoly. I hope it stays that way
I remember doing a 10 page essay on Napoleon and his efforts against the Duke of Wellington at the Battle of Waterloo. I started after work the day before it was due and finished the morning of the day it was due. I fell asleep on the couch and almost was late for class
The essay caused me a lot of stress but I got 89% on it. Not bad for one night’s work