“The Nigerian Barge”

I'm sure everyone has heard of Enron and their ethical issues that they faced. Well, that is what I decided to research for my ethical lapse assignment because I had heard about it before, but never knew really what went on. In a nut shell what happened was Enron mis-accounted for Barges that they had really loaned to Merrill Lynch. Enron wrote them off as a sale on their financial statements. Accounting is one of my least favorite subjects so its hard for me to explain how that effects the company in few words. From what I know Enron is violating the GAAP rules of accounting (of which there are what seems to be a million of). This is why their whole scandal was unethical. It's amazing how one change in the financial statements can ruin a whole company’s reputation.