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MTM is a measure of the fair value of accounts that can change over time, such as assets and liabilities.Mark-to-market aims to provide a realistic appraisal of an institution's or company's current financial situation, and it is a legitimate and widely used practice.To entice participants and trading partners, Enron offered its reputation, credit, and expertise in the energy sector.Enron was praised for its expansions and ambitious projects, and it was named "America's Most Innovative Company" by One of the many unwitting players in the Enron scandal was Blockbuster, the former juggernaut video rental chain.Skilling was then one of the youngest partners at Mc Kinsey. The era's minimal regulatory environment allowed Enron to flourish.At the end of the 1990s, the dot-com bubble was in full swing, and the Nasdaq hit 5,000.Following the merger, Kenneth Lay, who had been the chief executive officer (CEO) of Houston Natural Gas, became Enron's CEO and chairman.Lay quickly rebranded Enron into an energy trader and supplier.
This type of accounting enabled Enron to write off unprofitable activities without hurting its bottom line.The mark-to-market practice led to schemes that were designed to hide the losses and make the company appear more profitable than it really was.To cope with the mounting liabilities, Andrew Fastow, a rising star who was promoted to chief financial officer in 1998, developed a deliberate plan to show that the company was in sound financial shape despite the fact that many of its subsidiaries were losing money.The story of Enron Corporation depicts a company that reached dramatic heights only to face a dizzying fall.
The fated company's collapse affected thousands of employees and shook Wall Street to its core.
Deregulation of the energy markets allowed companies to place bets on future prices, and Enron was poised to take advantage.