NEW YORK (voa) – U.S. lawmakers are investigating the profits made by executives of the Enron Corporation just before the giant energy company filed for bankruptcy in early December.
The New York Times says company executives convinced employees and shareholders of the company’s financial strength in the months leading up to its collapse.
Many shareholders and employees with pension plans heavily invested in Enron stocks lost much of their life savings at the same time that some corporate executives made millions of dollars selling their corporate shares shortly before the company crashed.
Lawyers for the executives say they have done nothing illegal. But the debacle has lead congressional leaders to launch an inquiry to determine if the executives deceived employees and other shareholders about the financial health of the company.
Congress is also interested in the extent of contact Enron directors had with Bush administration officials in the weeks before the company filed for bankruptcy court protection on December second.
