The Clean Balance Sheet — Oversized Drop-Shoulder T-Shirt

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TEE-ECO-CD-LAY-01-M-BK T-Shirt

Piece

The Clean Balance Sheet Oversized Drop-Shoulder T-Shirt

$ 2,345.00

Description

Enron filed for bankruptcy on 2 December 2001 with billions in off-balance-sheet entities; Lay was convicted in 2006 and died before the sentence was final, so in law he was never guilty. The print is the balance sheet as presented.

A Author

Kenneth Lay

B Subject

Fraud

C Aesthetic

Diagram · Typographic

Exploration

Enron did not falsify its accounts in the sense of writing false numbers. It used legally constituted entities, approved by its board and signed off by its auditor, so that debts would sit off the balance sheet. Every transaction had its paperwork in order.

That is what makes it exemplary. Nothing needed hiding: it was enough to distribute it so that no single sheet lied. The consolidated result was false and none of its parts was.

It went bankrupt in December 2001 and took with it the retirement savings of its own employees, who held them in company shares.

Lay was convicted in 2006 and died before the sentence was final. United States doctrine vacates the conviction when that happens, so in law he was never guilty of anything.

The auditor vanished and the act bearing two senators' names took its place.

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