The Enron collapse, the biggest bankruptcy filing in history, wipes out retirement savings of thousands of employees and impacts the need for reform in the securities industry, and the accounting and legal professions. Enron grew too quickly and made bad investments. The executives then hid debt, in the billions of dollars, in off-the-books partnerships to maintain its credit rating.
While everyone believes that Enron is prospering, the insiders sell their stock at large profits, keep their employees uninformed and fail to advise the employees to diversify their stocks. At the end of the day, the collapse is devastating, and the impact is far reaching.
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