Enron collapse - 2001-11-28 to 2001-12-03 (CNN & NBR)
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Read a transcript preview of “Enron collapse - 2001-11-28 to 2001-12-03 (CNN & NBR)” from malgent, uploaded on 2025-06-24.
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Language: English (original, YouTube automatic captions)
[0:00] Aggression Ford.
[0:04] This is CNN.
[0:08] Enron, the once mighty energy company,
[0:11] is on the verge of bankruptcy tonight.
[0:13] Dyn pulled out of a deal, a proposed
[0:15] deal to buy the company. Enron stock
[0:18] today plummeted, dropping 85% after its
[0:22] last hope, its credit rating was cut.
[0:25] Cut, in fact, to junk status. More than
[0:27] 180 million shares today were trading uh
[0:30] traded, making it the most actively
[0:32] traded stock ever on the New York Stock
[0:34] Exchange. The dramatic decline, the
[0:37] speed of Enron's decline simply
[0:39] stunning. Shares traded at more than $80
[0:41] a year ago. Tonight, 61 cents a share.
[0:45] $62 billion of shareholder value wiped
[0:49] out. Inron's spectacular flame out is
[0:52] unprecedented in business. Casey Wyan
[0:55] has more on the story now from Enron's
[0:57] hometown, Houston, Texas.
[1:01] The fatal blow to Enron's efforts to
[1:03] salvage its merger with Dynagy came
[1:05] early Wednesday when Standard and Pores
[1:07] downgraded Enron's debt to junk status.
[1:10] That triggered a clause in the original
[1:11] $9 billion deal that allowed Dynagy to
[1:14] walk away, a move the company says it
[1:16] made to protect the interest of
[1:18] shareholders. The downgrade and
[1:20] subsequent collapse of Enron's stock
[1:22] likely makes bankruptcy the company's
[1:24] best option. I think it pretty much
[1:26] seals the uh the fate of Enron in the
[1:28] sense that a bankruptcy filing will be
[1:30] uh shortcoming uh very quickly in the
[1:33] offing here. Why is that? Uh basically
[1:35] because it's going to hamper Enron's
[1:37] trading abilities to such an extent that
[1:39] they're not going to be able to enter
[1:40] into even the shortest term type of uh
[1:43] t