The document discusses Enron's rise and fall and the causes of its corporate scandal. It summarizes how Enron grew rapidly through the 1990s by evolving its business model to focus on energy trading and contracts. However, cracks began to emerge in 2001 as Enron restated earnings and losses came to light. Enron filed for bankruptcy in December 2001 after it was revealed that special purpose entities were used to hide debt and losses. The failures of corporate governance mechanisms like the board, executives, and auditors allowed improper accounting practices that inflated financial reports and hid Enron's true financial situation.