On December 2, 2001, Enron Corporation filed for Chapter 11 bankruptcy, marking a significant corporate scandal in U.S. history. Founded in 1985, Enron grew under CEO Kenneth Lay, employing 21,000 and generating $111 billion in revenue by 2000. However, stock prices plunged dramatically, leading to billions lost for investors and retirement plans. Investigations revealed inflated earnings and corrupt practices, resulting in charges against Lay and CEO Jeffrey Skilling. The scandal also implicated Arthur Andersen, and in 2006, Skilling received a 24-year prison sentence for fraud.
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