rNorth, and in 1985, InterNorth acquired Houston Natural Gas. The merged company became Enron and was instantly the largest natural gas pipeline company in the United States. Kenneth Lay became the first president of Enron, a job he held until the scandal forced him out of the leadership job at Enron.
In 1997, Enron began acquiring electric utility companies. The electrical energy companies provided Enron access to electrical power markets. The Unite States Congress and several state legislatures rushed headlong into the deregulation of electrical power markets. Deregulation opened the doors of the electrical power markets to both sinners and saints. Enron was more creative than were most traders in devising ways to manipulate the electrical power markets.
Ethics in the management of business enterprises began receiving renewed emphasis in academic circles in the United States in the early- to mid-1990s (Black, 1997). Unfortunately, this renewed emphasis was a little late for the most serious of the ethical lapses among corporate executives that began to be exposed in the late-1990s and into the early years of the 21st century (Ang, 2000; Hanson, 2003).
Most corporations that were involved in ethical breaches had formal codes of ethics. Enron was no exception. Enron publishes its ethical values as a treatise on what the company refers to as a Statement of Human Rights. The company also publishes a formal Code of Ethics, which, in part, duplicates the Statement of Human Rights.
Enron stated that the company's corporate vision was "to become the world's leading energy company - creating innovative and efficient energy solutions for growing economies and a better environment worldwide" (Enron Corp., 2003, p. 1). In relation to respect, Enron invoked The Golden Rule when it states that: "We treat others as we would like to be treated ourselves. We do not tolerate abusive or disrespectful treatment. Ruthlessness, c...