3. Enron Corp; $63.39 billion
Fortune named it 'America's Most Innovative Company' for six consecutive years. It was on the Fortune's '100 Best Companies to Work for in America' list in 2000. It was hailed by many, including labor and the workforce, as an overall great company, praised for its large long-term pensions, benefits for its workers and extremely effective management until its exposure in corporate fraud.
Enron Corporation, the Houston based energy giant was originally involved in transmitting and distributing electricity and gas throughout the United States. It remains US's third largest bankruptcy till date: $63.39 billion.
The company developed, built, and operated power plants and pipelines. It owned a large network of natural gas pipelines which stretched ocean to ocean and border to border.
Enron filed for bankruptcy on December 2, 2001.
Why it collapsed?
It was discovered that many of Enron's recorded assets and profits were inflated, or even wholly fraudulent and nonexistent.
Debts and losses were put into entities formed 'offshore' that were not included in the firm's financial statements, and other sophisticated and arcane financial transactions between Enron and related companies were used to take unprofitable entities off the company's books.
Image: The infamous 'crooked E' glows in front of Houston-based energy trading firm's headquarters | Photograph: James Nielsen/AFP/Getty Images
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