document_title: List of Indian Premier League records and statistics

question_text: who has most sixes in all the ipl

question_tokens: who has most sixes in all the ipl

text: Team records

text: Results summary

text:
Team
Span
Mat
Won
Lost
Tie+W
Tie+L
NR
Win %
Titles

Mumbai Indians
2008–2018
171
97
73
1
0
0
57.01
3

Royal Challengers Bangalore
2008–2018
167
78
84
1
1
3
48.17
0

Kolkata Knight Riders
2008–2018
162
85
75
0
2
0
53.08
2

Kings XI Punjab
2008–2018
162
74
86
2
0
0
46.29
0

Delhi Daredevils
2008–2018
161
67
91
0
1
2
42.45
0

Chennai Super Kings
2008–2018
148
90
56
0
1
1
61.56
3

Rajasthan Royals
2008–2018
132
68
60
2
1
1
53.05
1

Sunrisers Hyderabad
2013–2018
93
51
41
1
0
0
55.37
1

Deccan Chargers
2008–2012
75
29
46
0
0
0
38.66
1

Pune Warriors India
2011–2013
46
12
33
0
0
1
26.66
0

Rising Pune Supergiants
2016–2017
30
15
15
0
0
0
50.00
0

Gujarat Lions
2016–2017
30
13
16
0
1
0
45.00
0

Kochi Tuskers Kerala
2011–2011
14
6
8
0
0
0
42.85
0

text: Note:

text:
Defunct Teams
Tie+W and Tie+L indicates matches tied and then won or lost by "Super Over"
The result percentage excludes no results and counts ties (irrespective of a tiebreaker) as half a win
The total matches does not include matches played for Champions League T20

text: Last updated: 28 May 2018

text: Highest totals

text:
Score
Team
Opponent
Season

7002264166666666669♠263/5 [a]
Royal Challengers Bangalore
Pune Warriors India
2013

248/3
Royal Challengers Bangalore
Gujarat Lions
2016

7002247166666666670♠246/5
Chennai Super Kings
Rajasthan Royals
2010

7002245166666666670♠245/6
Kolkata Knight Riders
Kings XI Punjab
2018

7002241166666666670♠240/5
Chennai Super Kings
Kings XI Punjab
2008

7002235166666666670♠235/1
Royal Challengers Bangalore
Mumbai Indians
2015

text: Last updated: 12 May 2018

text: Lowest totals

text:
Score
Team
Opponent
Season

7001680909090909090♠49
Royal Challengers Bangalore
Kolkata Knight Riders
2017

7001680909090909090♠58
Rajasthan Royals
Royal Challengers Bangalore
2009

7001680909090909090♠66
Delhi Daredevils
Mumbai Indians
2017

7001680909090909090♠67
Delhi Daredevils
Kings XI Punjab
2017

7001680909090909090♠67
Kolkata Knight Riders
Mumbai Indians
2008

text: Last updated: 21 May 2017

text: Highest successful run chases

text:
Score
Team
Opponent
Season

217/7
Rajasthan Royals
Deccan Chargers
2008

214/3
Delhi Daredevils
Gujarat Lions
2017

211/4
Kings XI Punjab
Sunrisers Hyderabad
2014

208/5
Chennai Super Kings
Royal Challengers Bangalore
2012

207/5
Chennai Super Kings
Royal Challengers Bangalore
2018

text: Last updated: 21 May 2018

text: Lowest scores defended

text:
Score
Team
Opponent
Opponent score
Season

116/9
Chennai Super Kings
Kings XI Punjab
92/8
2009

118
Sunrisers Hyderabad
Mumbai Indians
87
2018

119/8
Kings XI Punjab
Mumbai Indians
116/7
2009

Royal Challengers Bangalore
Pune Warriors India
108/10
2013

120/9
Mumbai Indians
Pune Warriors India
119/6
2012

126/8
Royal Challengers Bangalore
Chennai Super Kings
112/8
2008

Sunrisers Hyderabad
Pune Warriors India
104/10
2013

text: Largest victories (by runs)

text:
Score
Team
Opponent
Season

146
Mumbai Indians
Delhi Daredevils
2017

144
Royal Challengers Bangalore
Gujarat Lions
2016

140
Kolkata Knight Riders
Royal Challengers Bangalore
2008

138
Royal Challengers Bangalore
Kings XI Punjab
2015

130
Royal Challengers Bangalore
Pune Warriors
2013

text: Last updated: 21 May 2017

text: Batting records

text: Most runs

text:
Batsman
Inns
Runs
Span

 Suresh Raina (CSK,GL)
172
4985
2008–2018

 Virat Kohli (RCB)
155
4948
2008–2018

 Sharma, RohitRohit Sharma (DC, MI)
168
4493
2008–2018

 Gambhir, GautamGautam Gambhir (DD, KKR)
152
4217
2008–2018

 Robin Uthappa (KKR, MI, PWI, RCB)
159
4129
2008–2018

text: Last updated: 28 May 2018

text: Highest individual score

text:
Batsman
Runs
Balls
Opp
Season

 Gayle, ChrisChris Gayle (RCB)
7002175000000000000♠175*
66
PWI
2013

 McCullum, BrendonBrendon McCullum (KKR)
7002158000000000000♠158*
73
RCB
2008

 Villiers, AB deAB de Villiers (RCB)
7002133000000000000♠133*
59
MI
2015

 Villiers, AB deAB de Villiers (RCB)
7002129000000000000♠129*
52
GL
2016

 Chris Gayle (RCB)
7002128000000000000♠128*
62
DD
2012

text: Last updated: 21 May 2017

text: Most sixes (overall)

text:
Batsman
Inn
6's
Span

 Chris Gayle (KKR, RCB, KXIP)
111
292
2009–2018

 AB de Villiers (DD, RCB)
129
187
2008-2018

 MS Dhoni (CSK, RPS)
158
186
2008–2018

 Suresh Raina (CSK, GL)
172
185
2008–2018

 Rohit Sharma (DC, MI)
168
184
2008–2018

text: Last updated: 28 May 2018

text: Most sixes (innings)

text:
Batsman
6's
Opponent
Season

 Chris Gayle (RCB)
17
PWI
2013

 Brendon McCullum (KKR)
13
RCB
2008

 Chris Gayle (RCB)
DD
2012

 Chris Gayle (RCB)
12
KXIP
2015

 AB de Villiers (RCB)
GL
2016

text: Last updated: 21 May 2017

text: Fastest centuries

text:
Batsman
Balls
Opp
Season

 Chris Gayle (RCB)
30
PWI
2013

 Yusuf Pathan (RR)
37
MI
2010

 David Miller (KXIP)
38
RCB
2013

 Adam Gilchrist (DC)
42
MI
2008

 AB de Villiers (RCB)
43
GL
2016

text: Last updated: 21 May 2017

text: Fastest fifties

text:
Batsman
Balls
Opp
Season

 K. L. Rahul (KXIP)
14
DD
2018

 Sunil Narine (KKR)
15
RCB
2017

 Yusuf Pathan (KKR)
SRH
2014

 Suresh Raina (CSK)
16
KXIP
2014

 Sunil Narine (KKR)
17
RCB
2018

 Ishan Kishan (MI)
KKR
2018

 Kieron Pollard (MI)
KKR
2016

 Chris Morris (DD)
GL
2016

 Chris Gayle (RCB)
PWI
2013

 Adam Gilchrist (DC)
DD
2009

 Jos Buttler (RR)
18
DD
2018

text: Last updated: 8 April 2018

text: Best strike rate

text:
Batsman
SR
Span

 Russell, AndreAndre Russell (DD, KKR)
177.29
2012–2018

 Sunil Narine (KKR)
168.81
2012–2018

 Chris Morris (CSK, DD, RR)
166.66
2013–2018

 Rishabh Pant (DD)
162.71
2016–2018

 Maxwell, GlennGlenn Maxwell (DD, KXIP, MI)
161.13
2012–2018

text: Minimum balls faced – 125

text: Last updated: 28 May 2017

text: Bowling records

text: Most wickets

text:
Bowler
Inn
Wkts
Span

 Malinga, LasithLasith Malinga (MI)
110
154
2009–2017

 Mishra, AmitAmit Mishra (DC, DD, SRH)
136
146
2008–2018

 Piyush Chawla (KXIP, KKR)
143
140
2008–2018

 Dwayne Bravo (CSK, GL, MI)
119
136
2008–2018

 Harbhajan Singh (MI,CSK)
146
134
2008–2018

text: Last updated: 28 May 2018

text: Best bowling figures in an innings

text:
Player
Ovr
BBI
Opp
Season

 Sohail TanvirSohail Tanvir (RR)
4.0
7000706666666666670♠6-14
CSK
2008

 Zampa, AdamAdam Zampa (RPS)
4.0
7000616666666666670♠6-19
SRH
2016

 Kumble, AnilAnil Kumble (RCB)
3.1
7000616666666666670♠5-5
RR
2009

 Sharma, IshantIshant Sharma (DC)
3.0
7000607692307692310♠5-12
KTK
2011

 Malinga, LasithLasith Malinga (MI)
3.4
7000607142857142860♠5-13
DD
2011

text: Last updated: 21 May 2017

text: Best bowling averages

text:
Player
Mat
Average
Span

 Andrew Tye (KXIP,GL)
20
16.36
2017–2018

 Doug Bollinger (CSK)
27
18.72
2010–2012

 Mascarenhas, DimitriDimitri Mascarenhas (KXIP, RR)
13
18.73
2008–2013

 Malinga, LasithLasith Malinga (MI)
110
19.01
2009–2017

 Farveez Maharoof (DC)
20
19.25
2008–2010

text: Last updated: 28 May 2018

text: Best economy rates

text:
Player
Mat
Econ
Span

 Narine, SunilSunil Narine (KKR)
98
6.54
2012–2018

 Shaun Pollock (MI)
13
6.54
2008–2008

 Kumble, AnilAnil Kumble (RCB)
42
6.57
2009–2010

 Glenn Mcgrath (DD)
14
6.61
2008–2008

 Muttiah Muralitharan (CSK,KTK,RCB)
66
6.67
2008–2014

text: Last updated: 28 May 2018

text: Most runs conceded in an innings

text:
Bowler
Overs
Wkts
Runs
Opp
Season

 Basil Thampi (SRH)
4.0
0
70
RCB
2018

 Ishant Sharma (SRH)
4.0
0
66
CSK
2013

 Umesh Yadav (DD)
4.0
0
65
RCB
2013

 Sandeep Sharma (KXIP)
4.0
1
65
SRH
2014

 Varun Aaron (DD)
4.0
2
63
CSK
2012

text: Last updated: 28 May 2018

text: Most dot balls bowled

text:
Player
Inns
Dot Balls

 Harbhajan Singh
145
1128

 Praveen Kumar
119
1075

 Lasith Malinga
110
1060

 Amit Mishra
136
1027

 Piyush Chawla
143
1020

text: Last updated: 28 May 2018

text: Most maiden overs bowled

text:
Player
Inns
Maidens

 Praveen Kumar
119
14

 Irfan Pathan
101
10

 Lasith Malinga
110
8

 Sandeep Sharma
68
8

 Dhawal Kulkarni
79
7

 Dale Steyn
90
7

text: Last updated: 28 May 2018

text: List of hat-tricks

text:
No.
Bowler
Opp
Season

1
 Lakshmipathy Balaji (CSK)
KXIP
2008

2
 Amit Mishra (DD)
DC
2008

3
 Makhaya Ntini (CSK)
KKR
2008

4
 Yuvraj Singh (KXIP)
RCB
2009

5
 Rohit Sharma (DC)
MI
2009

6
 Yuvraj Singh (KXIP)
DC
2009

7
 Praveen Kumar (RCB)
RR
2010

8
 Amit Mishra (DC)
KXIP
2011

9
 Ajit Chandila (RR)
PWI
2012

10
 Sunil Narine (KKR)
KXIP
2013

11
 Amit Mishra (SRH)
PWI
2013

12
 Pravin Tambe (RR)
KKR
2014

13
 Shane Watson (RR)
SRH
2014

14
 Axar Patel (KXIP)
GL
2016

15
 Samuel Badree (RCB)
MI
2017

16
 Andrew Tye (GL)
RPS
2017

17
 Jaydev Unadkat (RPS)
SRH
2017

text: Hat-tricks in IPL[1]

text: Last updated: 21 May 2017

text: Wicketkeeping and fielding records

text: Most dismissals

text:
Wicket Keeper
Dis
Ct
St
Span

 Karthik, DineshDinesh Karthik (DD, KXIP, MI, RCB,KKR,GL)
124
94
30
2008–2018

 MS Dhoni (CSK, RPS)
116
83
33
2008–2018

 Uthappa, RobinRobin Uthappa (KKR, MI, PWI, RCB)
90
58
32
2008–2018

 Naman Ojha (DD, RR, SRH)
75
65
10
2008–2018

 Patel, ParthivParthiv Patel (CSK, DC, KTK, MI, RCB, SRH)
74
60
14
2008–2018

text: Last updated: 28 May 2018

text: Most catches (fielder)

text:
Player
Ct
Span

 Suresh Raina (CSK, GL)
95
2008–2018

 Rohit Sharma (DC, MI)
79
2008–2018

 AB de Villiers (DD, RCB)
78
2008–2018

 Kieron Pollard (MI)
74
2010–2018

 Dwayne Bravo (CSK, MI,Gujarat Lions)
69
2008–2018

text: Last updated: 28 May 2018

text: Miscellaneous records

text:
Records
Player /
Team
Stats
Season /
Span

Team

Most wins[2]
Mumbai Indians
97
(2008–2018)

Most defeats[2]
Delhi Daredevils
91
(2008–2018)

Highest win%[2]
Chennai Super Kings
61.56
(2008–2018)

Largest victory (runs)[3]
Mumbai Indians v Delhi Daredevils
146
2017

Most consecutive wins
(season)[4]
Kolkata Knight Riders
9
2014

Most consecutive wins
(overall)
Kolkata Knight Riders
10
(2014–2015)

Most consecutive defeats
(season)[5]
Delhi Daredevils
Pune Warriors
9
2014
2012

Most consecutive defeats
(overall)
Delhi Daredevils
Pune Warriors
11
(2014–2015)
(2012–2013)

Batting

Most 100s[6]
 Chris Gayle (KKR, RCB, KXIP)
6
(2008–2018)

Most 50s[7]
 David Warner (DD, SRH)
36
(2009–2017)

Highest Partnership[8]
 Virat Kohli (RCB)
 AB de Villiers (RCB)
229
2016

Most ducks[9]
 Harbhajan Singh (MI)
13
(2008–2018)

Bowling

Most 4 wicket hauls[10][11]
 Sunil Narine (KKR)
6
(2012–2018)

Most 5 wicket hauls[12]
 James Faulkner (KXIP, PWI, RR )
2
(2011–2017)

Most hat-tricks[1]
 Amit Mishra (DC, DD, SRH)
3
(2008–2018)

Other Miscellaneous

Most matches[13]
 Suresh Raina (CSK, GL)
176
(2008–2018)

Most matches as captain[14]
 MS Dhoni (CSK, RPS)
159
(2008–2018)

Most man of the matches[15]
 Chris Gayle (KKR, RCB, KXIP)
20
(2008–2018)

Most matches as umpire[16]
 Sundaram Ravi
97
(2009–2018)

text: ☢ Last updated: 28 May 2018

text: Awards


document_title: Sanket Mhatre

question_text: who gave voice for deadpool 2 in hindi

question_tokens: who gave voice for deadpool 2 in hindi

root

text: Sanket Mhatre

text: Dubbing career[edit]

text: Sanket is a voice over artist who has been dubbing for many foreign productions such as for big blockbuster Hollywood production films and animated films, as well as for shows for Discovery, TLC, along with television commercials, radio spots and cartoons and Anime on television.[1]

tag: p

text: He is the official Hindi dub-over voice artist for Mahesh Babu, N. T. Rama Rao Jr, Ram Charan, Allu Arjun, Vishnu Manchu, Ram Pothineni, Vishal, Suriya, Ryan Reynolds, Matt Damon and Joseph Gordon-Levitt.

text: Dubbing roles[edit]

text: Television animation[edit]

text:
Program title
Original voice
Character
Dub Language
Original Language
Number of Episodes
Original airdate
Dubbed airdate
Notes

Ben 10: Alien Force
Yuri Lowenthal
Ben Tennyson
Hindi
English
52
4/18/2008-3/26/2010
11/12/2009-2010
Aired on Cartoon Network India

Ben 10: Ultimate Alien
Yuri Lowenthal
Ben Tennyson
Hindi
English
52
4/23/2010-3/31/2012
10/10/2010- late 2012
Aired on Cartoon Network India

Ben 10: Omniverse
Yuri Lowenthal
Ben Tennyson
Hindi
English
80
8/1/2012-11/14/2014
11/26/2012-Early 2015
Aired on Cartoon Network India

Star Wars: The Clone Wars (2008)
Matt Lanter
Anakin Skywalker
Hindi
English
121
10/3/2008-3/7/2014

Aired on Cartoon Network India

Iron Man: Armored Adventures
Michael Adamthwaite
Justin Hammer
Hindi
English
52  (Dubbed ??)
4/24/2009– 25 August 2012
???
Yudhvir Dahiya and Rajesh Kava had voiced this character in some episodes.

The Super Hero Squad Show
Tom Kenny
Tony Stark/Iron Man
Hindi
English
80
9/14/2009-10/14/2011

Ultimate Spider-Man (TV series)
Travis Willingham
Thor
Hindi
English
78
April 1, 2012 –  present

tag: table

text: Anime[edit]

text:
Program title
Original Japanese voice
Character
Dub Language
Episodes
Original airdate
Dubbed airdate
Notes

Beyblade: Metal Fusion
Aki Kanada
Gingka Hagane
Hindi
51
4/4/2009-3/28/2010
Late 2010-2011
Aired on Cartoon Network India and dubbed by Sound & Vision India

Beyblade: Metal Masters
Aki Kanada
Gingka Hagane
Hindi
51
4/4/2010-3/27/2011
Late 2011-2012
Aired on Cartoon Network India and dubbed by Sound & Vision India .

Blue Dragon
Unknown
Unknown
Hindi
51
4/7/2007-3/28/2009
2008-8/17/2010 (Pakistan)
Aired on Cartoon Network Pakistan dubbed in Hindi.

Naruto
Noriaki Sugiyama
Sasuke Uchiha
Hindi
220  (Dubbed for some episodes)
10/3/2002-2/8/2007
2008(stopped)
Yudhvir Dahiya voiced this character in some episodes.It is unknown who had dubbed for most episodes.

text: Live action films[edit]

text:
Film title
Actor
Character
Dub Language
Original Language
Original Year Release
Dub Year Release
Notes

Chirutha[2]
Ram Charan
Charan
Hindi
Telugu
2007
2013

Endukante... Premanta!
Ram Pothineni
Ram / Krishna
Hindi
Telugu
2012
2016
The Hindi dub was re-titled: "Dangerous Khiladi 5".

7aum Arivu
Suriya
Bodhidharma / Aravind
Hindi
Tamil
2011
2014
The Hindi dub was re-titled: "Chennai v/s China".

Magadheera
Ram Charan
Kal Bhairav / Harsha
Hindi
Telugu
2009
2013

Brindavanam
N. T. Rama Rao Jr.
Krishna alias Krish
Hindi
Telugu
2010
2012
The Hindi dub was re-titled: "The Super Khiladi"

Shakti
N. T. Rama Rao Jr.
Shakti Swaroop / Rudra
Hindi
Telugu
2011
2012
The Hindi dub was re-titled: "Ek Tha Soldier".

Oosaravelli
N. T. Rama Rao Jr.
Tony
Hindi
Telugu
2011
2012
The Hindi dub was re-titled: "Mar Mitenge"

Vaanam
Silambarasan
Thillai Raja alias "Cable" Raja
Hindi
Tamil
2011
2012
The Hindi dub was re-titled as "Zindagi - Ek Sangharsh"

Panjaa
Atul Kulkarni
Kulkarni
Hindi
Telugu
2011
2011
The Hindi dub was re-titled as "Jaandaar"

Dhada
Naga Chaitanya
Vishwa
Hindi
Telugu
2011
2013

Bejawada
Naga Chaitanya
Shiva Krishna
Hindi
Telugu
2011
2013
The Hindi dub re-titled "Hero - The Action Man"

Kaavalan
Vijay
Bhaminathan
Hindi
Tamil
2011
2013
The Hindi dub was re-titled: "Main Hoon Bodyguard".

Thuppakki
Vidyut Jamwal
Unnamed sleepers cell's head
Hindi
Tamil
2012
2015
The Hindi dub was re-titled: "Indian Soldier - Never On Holiday".

Dhammu
N. T. Rama Rao Jr.
Rama Chandra
Hindi
Telugu
2012
2013

Mugamoodi
Kalaiyarasan
Viji
Hindi
Tamil
2012
2012
The Hindi dub was re-titled: "Mahabali - Ek Super Hero".

Julai
Allu Arjun
Ravindra Narayan
Hindi
Telugu
2012
2013
The Hindi dub was re-titled: "Dangerous Khiladi".

Iddarammayilatho
Allu Arjun
Sanju Reddy
Hindi
Telugu
2013
2014
The Hindi dub was re-titled: "Dangerous Khiladi 2".

Racha
Ram Charan
"Betting" Raj (childhood name Cherry)
Hindi
Telugu
2012
2014
The Hindi dub was re-titled: "Betting Raja" .

Businessman
Mahesh Babu
Vijay Surya (Surya Gowariker in Hindi version) a.k.a. Surya Bhai
Hindi
Telugu
2012
2013
The Hindi dub was re-titled: "No. 1 Businessman" .

Baadshah
N. T. Rama Rao Jr.
Baadshah / N.T. Rama Rao (Ram Raj in Hindi version)
Hindi
Telugu
2013
2015
The Hindi dub was re-titled: "Rowdy Baadshah" .

I
Upen Patel
John
Hindi
Tamil
2015
2015

Rudhramadevi
Allu Arjun
Gona Ganna Reddy
Hindi
Telugu
2015
2015

Kabali
Kishore
Veerasekaran (Vijay Singh in Hindi version)
Hindi
Tamil
2016
2016

Velaiilla Pattadhari 2
Dhanush
Raghuvaran
Hindi
Tamil
2017
2017
The Hindi dub was re-titled: "VIP-2 Lalkar"

Temper
N. T. Rama Rao Jr.
Daya
Hindi
Telugu
2015
2016

Masss
Suriya
Massu / Shakthi
Hindi
Tamil
2015
2016

Sarrainodu
Allu Arjun
Gana
Hindi
Telugu
2016
2017

Srimanthudu
Mahesh Babu
Harsha Vardhan
Hindi
Telugu
2015
2016
The Hindi dub was re-titled: "Real Tevar".

1: Nenokkadine
Mahesh Babu
Gautham
Hindi
Telugu
2014
2015
The Hindi dub was re-titled: "1: Ek Ka Dum".

Yevadu
Ram Charan
Charan / Satya
Hindi
Telugu
2014
2015

Allu Arjun
Satya (Cameo appearance)
Hindi
Telugu
2014
2015

Govindudu Andarivadele
Ram Charan
Abhi Ram
Hindi
Telugu
2014
2016
The Hindi dub was re-titled: "Yevadu 2".

Hyper
Ram Pothineni
Surya / Suri
Hindi
Telugu
2016
2017
The Hindi dub was re-titled: "Son Of Satyamurthy 2".

Heart Attack
Nithiin
Varun
Hindi
Telugu
2014
2016

LIE
Nithiin
A.Sathyam, an undercover Central Intelligence officer(Showman)
Hindi
Telugu
2017
2017

Seethamma Vakitlo Sirimalle Chettu
Mahesh Babu
Chinnodu (Mahesh in Hindi version)
Hindi
Telugu
2013
2015
The Hindi dub was re-titled: "Sabse Badhkar Hum 2".

Aagadu
Mahesh Babu
Shankar
Hindi
Telugu
2014
2015
The Hindi dub was re-titled: "Encounter Shankar".

Aambala
Vishal
Saravanan (Sanjay in Hindi version)
Hindi
Tamil
2015
2016

Janatha Garage
N. T. Rama Rao Jr.
Anand
Hindi
Telugu
2016
2017
The Hindi dub was re-titled: "Janta Garage".

Happy
Allu Arjun
Bunny
Hindi
Telugu
2006
2015
The Hindi dub was re-titled: "Dum".

Maattrraan
Suriya
Vimalan (Vimal in Hindi version) & Akhilan (Akhilesh in Hindi version)
Hindi
Tamil
2012
2014
The Hindi dub was re-titled: "No. 1 Judwaa - The Unbreakable".

Dynamite
Vishnu Manchu
Shivaji Krishna
Hindi
Telugu
2015
2017

Motta Shiva Ketta Shiva
Raghava Lawrence
Shivakumar IPS a.k.a Shivaraj Pandi - "Shiva"
Hindi
Tamil
2017
2017
The Hindi dub was re-titled: "ACP Shiva".

Duvvada Jagannadham
Allu Arjun
Duvvada Jagannadham (Dhruv Jagannadh in Hindi version) alias DJ
Hindi
Telugu
2017
2017
The Hindi dub was re-titled: "DJ".

Doosukeltha
Vishnu Manchu
Venkateshwar / Chinna (Munna in Hindi version) / Venky / Venkanna / Fake Piccheswar
Hindi
Telugu
2013
2017
The Hindi dub was re-titled: "Dangerous Khiladi 6".

Nenu Local
Nani
Babu
Hindi
Telugu
2017
2018
The Hindi dub was re-titled: "Super Khiladi 4".

Thani Oruvan
Ganesh Venkatraman
Shakthi (Yakub in Hindi version)
Hindi
Tamil
2015
2017
The Hindi dub was re-titled: "Double Attack 2".

Eedo Rakam Aado Rakam
Vishnu Manchu
Arjun
Hindi
Telugu
2016
2018
The Hindi dub was re-titled: "Hyper".

Luck Unnodu
Vishnu Manchu
Lucky
Hindi
Telugu
2017
2018
The Hindi dub was re-titled: "Sabse Bada Zero".

Pandavulu Pandavulu Tummeda
Vishnu Manchu
Vijay/Gambler Gopi
Hindi
Telugu
2014
2017
The Hindi dub was re-titled: "Sabse Badi Hera Pheri 3".

Nenu Sailaja
Ram Pothineni
Hari
Hindi
Telugu
2016
2016
The Hindi dub was re-titled: "The Super Khiladi 3".

Race Gurram
Allu Arjun
Lakshman Prasad alias Lucky
Hindi
Telugu
2014
2015
The Hindi dub was re-titled: "Main Hoon Lucky - The Racer".

Denikaina Ready
Vishnu Manchu
Sulaiman/Krishna Sastry
Hindi
Telugu
2012
2015
The Hindi dub was re-titled: "Sabse Badi Hera Pheri 2".

Pilla Zamindar
Nani
PJ alias Praveen Jaya Ramaraju
Hindi
Telugu
2011
2014
The Hindi dub was re-titled: "Daan Veer".

Mirattal
Vinay Rai
Ashok (Babloo)
Hindi
Tamil
2012
2016
The Hindi dub was re-titled: "Daringbaaz Aashiq 2".

Pattathu Yaanai
Vishal
Karaikudi Saravana
Hindi
Tamil
2013
2015
The Hindi dub was re-titled: "Daringbaaz Khiladi 2".

Ishq
Nithiin
Rahul
Hindi
Telugu
2012
2016
The Hindi dub was re-titled: "Bhaigiri".

Rabhasa
N. T. Rama Rao Jr.
Karthik
Hindi
Telugu
2014
2015
The Hindi dub was re-titled: "The Super Khiladi 2".

Ramayya Vasthavayya
N. T. Rama Rao Jr.
Nandu (Raj in Hindi version) / Ramu
Hindi
Telugu
2013
2015
The Hindi dub was re-titled: "Mar Mitenge 2".

Thirumalai
Raghava Lawrence
Special appearance
Hindi
Tamil
2003
2015
The Hindi dub was re-titled: "Dum 2".

Anjaan
Suriya
Raju Bhai / Krishna
Hindi
Tamil
2014
2016
The Hindi dub was re-titled: "Khatarnak Khiladi 2".

Shivalinga
Raghava Lawrence
Shivalingeswaran (Shiva Damodar in Hindi version)
Hindi
Tamil
2017
2017
The Hindi dub was re-titled: "Kanchana Returns".

S/O Satyamurthy
Allu Arjun
Viraj Anand
Hindi
Telugu
2015
2016
The Hindi dub was re-titled: "Son Of Satyamurthy".

Singam
Suriya
Durai Singam
Hindi
Tamil
2010
2012
The Hindi dub was re-titled: "The Fighterman Singam".

Kanchana 2
Raghava Lawrence
Raghava and Motta Shiva (dual role)
Hindi
Tamil
2015
2016

Thadaka
Naga Chaitanya
Karthik
Hindi
Telugu
2013
2016

Sillunu Oru Kaadhal
Suriya
Gautham
Hindi
Tamil
2006
2017
The Hindi dub was re-titled: "Mohabbat Ke Dushman".

Muni 2: Kanchana
Raghava Lawrence
Raghava
Hindi
Tamil
2011
2014
The Hindi dub was re-titled: "Kanchana".

Ko
Jiiva
Ashwin Kumar Jayaraman
Hindi
Tamil
2011
2018
The Hindi dub was re-titled: "The Real Leader".

Achcham Yenbadhu Madamaiyada
Silambarasan
Rajinikanth Muralidharan
Hindi
Tamil
2016
2018
The Hindi dub was re-titled: "Khatarnak Khiladi 4".

Gangotri
Allu Arjun
Simhadri (Siddharth in Hindi version)
Hindi
Telugu
2003
2014

Naayak
Ram Charan
Charan (Cherry) / Siddharth Naayak
Hindi
Telugu
2013
2014
The Hindi dub was re-titled: "Double Attack".

Gunde Jaari Gallanthayyinde
Nithin
Karthik
Hindi
Telugu
2013
2018
The Hindi dub was re-titled: "Heart Attack 2".

Ism
Nandamuri Kalyan Ram
Sathya Marthand / Kalyan Ram
Hindi
Telugu
2016
2018
The Hindi dub was re-titled: "Tabahi Zulm Ki".

Ramanaa
Yugi Sethu
Narayanan
Hindi
Tamil
2002
2015
The Hindi dub was re-titled: "Mar Mitenge 3".

Vedam
Allu Arjun
Anand Raju / Cable Raju / Raj
Hindi
Telugu
2010
2014
The Hindi dub was re-titled: "Antim Faisla".

Santhu Straight Forward
Yash
Santhu (Rambo in Hindi version)
Hindi
Kannada
2016
2018
The Hindi dub was re-titled: "Rambo Straight Forward".

Priyamaanavale
Vijay
Vijay
Hindi
Tamil
2000
2015
The Hindi dub was re-titled: "Dil Ki Baat".

Spyder
Mahesh Babu
Shiva
Hindi
Telugu
2017
2018

Chinnadana Nee Kosam
Nithiin
Nithiin
Hindi
Telugu
2014
2018
The Hindi dub was re-titled: "Sabse Badhkar Hum 3".

Oru Melliya Kodu
Shaam
Akshay
Hindi
Tamil
2016
2018
The Hindi dub was re-titled: "Killer Kaun".

Kaala Karikaalan
Sampath Raj
Vishnu "Vishnu Bhai"
Hindi
Tamil
2018
2018

Josh
Naga Chaitanya
Satya
Hindi
Telugu
2009
2017
The Hindi dub was re-titled: "Jabardast Josh".

Yaan
Jiiva
Chandrasekhar (Chandru)
Hindi
Tamil
2014
2016
The Hindi dub was re-titled: "Jaan Ki Baazi".

Demonte Colony
Arulnithi
Srinivasan
Hindi
Tamil
2015
2018

Bhaagamathie
Unni Mukundan
Sakthi
Hindi
Telugu
2018
2018

Orange
Ram Charan
Ram
Hindi
Telugu
2010
2018
The Hindi dub was re-titled: "Ram Ki Jung".

MCA: Middle Class Abbayi
Nani
Nani (Munna in Hindi version)
Hindi
Telugu
2017
2018

Jawaan
Prasanna
Keshava
Hindi
Telugu
2017
2018

Dora
Narrator
Hindi
Tamil
2017
2018
The Hindi dub was re-titled: "Kanchana: The Wonder Car". Sanket gave his voice for narration in the Goldmines Telefilms Hindi dubbed version but not in the original Hindi dubbed version.

Jaggu Dada
Srujan Lokesh
Majnu
Hindi
Kannada
2016
2017
The Hindi dub was re-titled: "Khatarnak Khiladi 3".

Parugu
Allu Arjun
Krishna
Hindi
Telugu
2008
2010
The Hindi dub was re-titled: "Veerta: The Power".

Jurassic Park
Unknown actor
Unknown character  (Second Dub)
Hindi
English
1993
2006
Dubbed into Hindi for the STAR Gold channel. This dub was produced by Treasure Tower International and aired in 2006. The first dub was previously made by Sound & Vision India back in 1994.

Inglourious Basterds
Brad Pitt
Lieutenant Aldo "The Apache" Raine
Hindi
English  French  German
2009
2009

G.I. Joe: The Rise of Cobra
Lee Byung-hun
Storm Shadow/Thomas S. Arashikage
Hindi
English
2009
2009

G.I. Joe: Retaliation
Lee Byung-hun
Storm Shadow/Thomas S. Arashikage
Hindi
English
2013
2013

The Other Guys
Mark Wahlberg
Detective Terry Hoitz
Hindi
English
2010
2010

Dylan Dog: Dead of Night
Brandon Routh
Dylan Dog
Hindi
English
2010
2010

Priest
Cam Gigandet
Hicks  (First Dub)
Hindi
English
2011
2011

Green Lantern
Ryan Reynolds
Hal Jordan
Hindi
English
2011
2011

Fast Five
Sung Kang
Han Seoul-Oh
Hindi
English
2011
2011
Sachin Gole dubbed this role in previous 2 films.

Fast & Furious 6
Sung Kang
Han Seoul-Oh
Hindi
English
2013
2013

Looper
Joseph Gordon-Levitt
Young Joe
Hindi
English
2012
2012

The Dark Knight Rises
Joseph Gordon-Levitt
John Blake/Robin
Hindi
English
2012
2012

Ben 10: Alien Swarm
Ryan Kelley
Ben Tennyson
Hindi
English
2009
2009
Performed alongside Urvi Ashar who voiced Alyssa Diaz as Elena Validus in Hindi.

A Good Day to Die Hard
Jai Courtney
Jack
Hindi
English
2013
2013
First Ever Hollywood movie to have a Punjabi dubbed version. Gippy Grewal voices this character in the Punjabi dub.[3]

Iron Man 3
Guy Pearce
Aldrich Killian
Hindi
English
2013
2013
Performed alongside Rajesh Khattar who voiced Robert Downey Jr. as Tony Stark/Iron Man, Rajesh Jolly who voiced Don Cheadle as Lt. Col. James 'Rhodey' Rhodes in Hindi.

The Wolverine
Will Yun Lee
Kenuichio Harada
Hindi
English  Japanese
2013
2013
Performed alongside Shakti Singh who voiced Hugh Jackman as Logan/Wolverine in Hindi

Total Recall
Colin Farell
Doug Quaid/Carl Hauser
Hindi
English
2012
2012
Performed alongside Mona Ghosh Shetty who voiced Kate Beckinsale as Lori Quaid in Hindi.

Abraham Lincoln: Vampire Hunter
Benjamin Walker
Abraham Lincoln
Hindi
English
2012
2012

Inception
Joseph Gordon-Levitt
Arthur  (First Dub)
Hindi
English
2010
2010
In Early 2013, UTV Software Communications produced a second Hindi dub for UTV Action due to a policy implemented, even though Main Frame Software Communications is owned by the same company that made the original Hindi dub that Sanket participated in. Karan Trivedi voiced this character in the second Hindi dub.

Tekken
Luke Goss
Steve Fox
Hindi
English
2010
2010

Teenage Mutant Ninja Turtles
Johnny Knoxville
Leonardo
Hindi
English
2014
2014
Performed alongside Shubhraj Bhat who voiced Jeremy Howard as Donatello, Mayur Vyas who voiced Tony Shalhoub as Splinter, Mona Ghosh Shetty who voiced Megan Fox as April O'Neil, Amit Diondyi who voiced Noel Fisher as Michelangelo in Hindi.

Teenage Mutant Ninja Turtles: Out of the Shadows
Johnny Knoxville
Leonardo
Hindi
English
2016
2016
Performed alongside Shubhraj Bhat who voiced Jeremy Howard as Donatello, Mayur Vyas who voiced Tony Shalhoub as Splinter, Mona Ghosh Shetty who voiced Megan Fox as April O'Neil, Amit Diondyi who voiced Noel Fisher as Michelangelo in Hindi.

Hellboy
Doug Jones
Abe Sapien  (Second Dub)
Hindi
English
2004
2011
Aired by UTV Action which this Hindi dub was produced UTV Software Communications in-house. Performed alongside Uday Sabnis who voiced Ron Perlman as Hellboy in this dub. Sound & Vision India previously made the first Hindi dub.

Twilight
Kellan Lutz
Emmett Cullen
Hindi
English
2008
2008

Riddick
Vin Diesel
Riddick
Hindi
English
2013
2013
Mayur Vyas dubbed this character in first two movies.

Sherlock Holmes
Jude Law
Dr. John Watson  (Second Dub)
Hindi
English
2009

Aired by UTV Action

Ghost Rider
Wes Bentley
Blackheart  (Second Dub)
Hindi
English
2007
2013
Aired by UTV Action

Terminator Genisys
Jai Courtney
Kyle Reese
Hindi
English
2015
2015

Fantastic Four
Michael B. Jordan
Johnny Storm / Human Torch
Hindi
English
2015
2015

Elysium
Matt Damon
Max Da Costa
Hindi
English
2013
2013

The Martian
Matt Damon
Mark Watney
Hindi
English
2015
2015

X-Men: Days of Future Past
Nicholas Hoult
Young Hank McCoy / Beast
Hindi
English
2014
2014
An unknown dubbing artist dubbed this character in X-Men: First Class.

X-Men: Apocalypse
Nicholas Hoult
Hank McCoy / Beast
Hindi
English
2016
2016

Deadpool
Ryan Reynolds
Wade Wilson / Deadpool
Hindi
English
2016
2016
Vallabh Bhingarde dubbed this character in X-Men Origins: Wolverine and Ranveer Singh in Deadpool 2.

The Legend of Tarzan
Alexander Skarsgård
Tarzan / John Clayton III, Lord Greystoke
Hindi
English
2016
2016

Lights Out
Alexander DiPersia
Bret
Hindi
English
2016
2016

Jason Bourne
Matt Damon
Jason Bourne
Hindi
English
2016
2016
Samay Raj Thakkar and Amar Babaria dubbed this role in previous Bourne series

Train to Busan
Gong Yoo(?)
Seok-Woo(?)
Hindi
Korean
2016
2016

The Maze Runner
Dylan O'Brien
Thomas
Hindi
English
2014
2014

Beauty and the Beast (2017 film)
Luke Evans
Gaston
Hindi
English
2017
2017
Performed alongside with Sahil Vaid who voiced Dan Stevens as The Prince / Beast in Hindi.

Kingsman: The Secret Service
Jack Davenport
Lancelot
Hindi
English
2014
2014

Gifted
Chris Evans
Frank Adler
Hindi
English
2017
2017
Released only for Home Media.

Rise of the Planet of the Apes
David Oyelowo
Steven Jacobs
Hindi
English
2011
2011

Justice League
Ray Fisher
Victor Stone / Cyborg
Hindi
English
2017
2017

Django Unchained
Leonardo DiCaprio
"Monsieur" Calvin J. Candie
Hindi
English
2012
2012

The Greatest Showman
Zac Efron
Phillip Carlyle
Hindi
English
2017
2018

Maze Runner: The Death Cure
Dylan O'Brien
Thomas
Hindi
English
2018
2018

text: Animated films[edit]

text:
Film title
Original voice(s)
Character(s)
Dub Language
Original Language
Original Year Release
Dub Year Release
Notes

Star Wars: The Clone Wars
Matt Lanter
Anakin Skywalker
Hindi
English
2008
2008

How To Train Your Dragon
T.J. Miller
Tuffnut Thorston
Hindi
English
2010
2010

How to Train Your Dragon 2
T.J. Miller
Tuffnut Thorston
Hindi
English
2014
2014
Sanket's name was mentioned in the Hindi dubbing credits of the DVD release.[4]

The Croods
Ryan Reynolds
Guy
Hindi
English
2013
2013

Frozen
Jonathan Groff
Kristoff
Hindi
English
2013
2015
Hindi dub made for the Disney Channel. Premiered on December 12, 2015.

Frozen Fever
Jonathan Groff
Kristoff
Hindi
English
2015
2015
This short sequel premiered on TV with frozen.

Olaf's Frozen Adventure
Jonathan Groff
Kristoff (Speaking)
Hindi
English
2017
2017
This time sanket did only the speaking voice ,The singing voice is provided by Ajay Singh. This movie's Hindi dub was shown in cinemas on 24 November 2017 free with Pixar's Coco. It aired on 30 December 2017 on Disney Channel. This movie is available in CDs from 8 January 2018.

Trolls
Christopher Mintz-Plasse

King Gristle
Hindi
English
2016
2016

Big Hero 6
Alan Tudyk
Krei
Hindi
English
2014
2017

text: Anime films[edit]

text:
Film title
Original Japanese voice
Character
Dub Language
Original Year Release
Dubbed Year Release
Notes

Pokémon: The First Movie - Mewtwo Strikes Back
Fujiko Takimoto
Young Mewtwo(second dub)
Hindi
1998
2015
Aired on Hungama TV with the in-house UTV Software Communications Hindi dub voice cast which was shown over 17 years later, after the original Japanese theatrical release. Unlike the Hindi dub of the anime that was based off the English dub, the dub for this film was actually directly based off the original Japanese version, despite still using the English names. The premiere date was April 18, 2015 for the channel and it has aired as: "Pokémon The Movie - Mewtwo Ka Badla" (पोकीमॉन द मूवी - म्यूटो का बदला).


document_title: Indian Open (golf)

question_text: who has won the 2017 hero indian open golf tournament

text: Indian Open (golf)

text:
Indian Open
Tournament informationLocation
New Delhi, IndiaEstablished
1964Course(s)
DLF Golf and Country ClubPar
72Length
7,657 yards (7,002 m)Tour(s)
Asian TourEuropean Tour (2015+)Format
Stroke playPrize fund
US$1,750,000Month played
MarchTournament record scoreAggregate
268 David Gleeson (2011)Current champion
 Matt Wallace

text: The Indian Open, known as the Hero Indian Open due to sponsorship, is a golf tournament on the Asian Tour that is currently held at the Delhi Golf Club. It became a European Tour co-sanctioned event in 2015.

text: The inaugural event was held in 1964 and won by Peter Thomson of Australia, who was the inspiration behind the event. Thomson used to stop off in India whilst travelling worldwide to play and soon realised the potential for golf and that the best way to promote it would be an international tournament. It was this insight that persuaded the Indian Golf Union to establish the Indian Open. Thompson continued to play in the event and won again in 1966 and 1976. His three wins was equalled by Jyoti Randhawa in 2007.

text: The first Indian winner was amateur Prem Gopal (Billoo) Sethi, who in 1965 won by seven strokes. He still remains the only amateur winner. It was not until 1991, when Ali Sher became champion, that India had another winner.

text: In 1970 the Indian Open became part of the Asia Golf Circuit and as a result the field increased in strength with notable winners such as three time major champion Payne Stewart.

text: There have been a number of sponsors over the years, with Hero Honda Motors Ltd taking over sponsorship in 2005. The prize fund for 2017 was US$1.75 million.

text: Winners[edit]

text:
Year

Winner

Country

Venue

Score

To par

Marginof victory

Runner(s)-up

First prize (US$)

Asian

Euro

Hero Indian Open

2018

2018

Matt Wallace

 England

DLF Golf and Country Club

277

−11

Playoff

 Andrew Johnston

291,660

2017

2017

Shiv Chawrasia (2)

 India

DLF Golf and Country Club

278

−10

7 strokes

 Gavin Green

291,660

2016

2016

Shiv Chawrasia

 India

Delhi Golf Club

273

−15

2 strokes

 Anirban Lahiri Wang Jeung-hun

275,000

2015

2015

Anirban Lahiri

 India

Delhi Golf Club

277

−7

Playoff

 Shiv Chawrasia

250,000

text:
Year

Winner

Country

Score

Venue

First prize (US$)

Hero Indian Open

2014

Tournament cancelled

2013

Siddikur Rahman

 Bangladesh

274

Delhi Golf Club

225,000

2012

Thaworn Wiratchant (2)

 Thailand

270

Karnataka Golf Association

198,125

2011

David Gleeson

 Australia

268

Delhi Golf Club

198,125

Hero Honda Indian Open

2010

Rikard Karlberg

 Sweden

277

Delhi Golf Club

198,125

2009

Chinnaswamy Muniyappa

 India

276

DLF Golf and Country Club

198,125

2008

Liang Wen-Chong

 China

272

Delhi Golf Club

158,500

2007

Jyoti Randhawa (3)

 India

275

Delhi Golf Club

79,250

2006

Jyoti Randhawa (2)

 India

270

Delhi Golf Club

63,400

2005

Thaworn Wiratchant

 Thailand

272

Delhi Golf Club

47,250

Royal Challenge Indian Open

2004

Mardan Mamat

 Singapore

270

Delhi Golf Club

50,000

2003

Mike Cunning

 United States

270

Delhi Golf Club

50,000

2002

Vijay Kumar

 India

275

Delhi Golf Club

50,000

Wills Indian Open

2001

Thongchai Jaidee

 Thailand

271

Classic Golf Resort, Gurgaon

50,010

2000

Jyoti Randhawa

 India

273

Classic Golf Resort, Gurgaon

50,010

1999

Arjun Atwal

 India

276

Royal Calcutta Golf Club

50,010

Classic Indian Open

1998

Firoz Ali

 India

274

Royal Calcutta Golf Club

1997

Ed Fryatt

 England

272

Royal Calcutta Golf Club

Indian Open

1996

Hidezumi Shirakata

 Japan

277

Royal Calcutta Golf Club

1995

Jim Rutledge

 Canada

280

Delhi Golf Club

1994

Emlyn Aubrey

 United States

285

Royal Calcutta Golf Club

1993

Ali Sher (2)

 India

288

Delhi Golf Club

1992

Stewart Ginn

 Australia

284

Royal Calcutta Golf Club

1991

Ali Sher

 India

283

Delhi Golf Club

24,990

1990

Andrew Debusk

 United States

288

Royal Calcutta Golf Club

19,992

1989

Remi Bouchard

 Canada

279

Delhi Golf Club

19,992

1988

Lu Chien-soon

 Taiwan

281

Royal Calcutta Golf Club

16,660

1987

Brian Tennyson

 United States

280

Delhi Golf Club

1986

Lu Hsi-chuen

 Taiwan

279

Royal Calcutta Golf Club

1985

Tony Grimes

 New Zealand

279

Delhi Golf Club

1984

Rafael Alarcon

 Mexico

279

Royal Calcutta Golf Club

16,660

1983

Junichi Takahashi

 Japan

285

Delhi Golf Club

12,495

1982

Hsu Sheng-san

 Taiwan

277

Royal Calcutta Golf Club

12,995

1981

Payne Stewart

 United States

284

Delhi Golf Club

1980

Kurt Cox

 United States

286

Royal Calcutta Golf Club

1979

Gaylord Burrows

 United States

284

Delhi Golf Club

5,225

1978

Bill Brask

 United States

284

Royal Calcutta Golf Club

4,085

1977

Brian Jones (2)

 Australia

284

Delhi Golf Club

1976

Peter Thomson (3)

 Australia

288

Royal Calcutta Golf Club

1975

Ted Ball

 Australia

282

Delhi Golf Club

1974

Kuo Chie-Hsiung

 Taiwan

287

Royal Calcutta Golf Club

1973

Graham Marsh (2)

 Australia

280

Delhi Golf Club

1972

Brian Jones

 Australia

282

Delhi Golf Club

1971

Graham Marsh

 Australia

275

Delhi Golf Club

1970

Chen Chien Chung

 Taiwan

279

Royal Calcutta Golf Club

1969

Ben Arda

 Philippines

291

Royal Calcutta Golf Club

1968

Kenji Hosoishi (2)

 Japan

285

Delhi Golf Club

1967

Kenji Hosoishi

 Japan

287

Royal Calcutta Golf Club

1966

Peter Thomson (2)

 Australia

284

Delhi Golf Club

1965

P.G. Sethi (amateur)

 India

282

Royal Calcutta Golf Club

1964

Peter Thomson

 Australia

292

Delhi Golf Club


document_title: Enron scandal

question_text: what led to enron worldcom and the like

question_tokens: what led to enron worldcom and the like

text: Enron scandal

text: Rise of Enron[edit]

text: In 1985, Kenneth Lay merged the natural gas pipeline companies of Houston Natural Gas and InterNorth to form Enron.[6] In the early 1990s, he helped to initiate the selling of electricity at market prices, and soon after, Congress approved legislation deregulating the sale of natural gas. The resulting markets made it possible for traders such as Enron to sell energy at higher prices, thereby significantly increasing its revenue.[7] After producers and local governments decried the resultant price volatility and asked for increased regulation, strong lobbying on the part of Enron and others prevented such regulation.[7][8]

text: As Enron became the largest seller of natural gas in North America by 1992, its trading of gas contracts earned $122 million (before interest and taxes), the second largest contributor to the company's net income. The November 1999 creation of the EnronOnline trading website allowed the company to better manage its contracts trading business.[9]

text:
In an attempt to achieve further growth, Enron pursued a diversification strategy. The company owned and operated a variety of assets including gas pipelines, electricity plants, pulp and paper plants, water plants, and broadband services across the globe. The corporation also gained additional revenue by trading contracts for the same array of products and services with which it was involved.[10]
This included setting up power generation plants in developing countries and emerging markets including The Philippines (Subic Bay), Indonesia and India (Dabhol).[11]

text: Enron's stock increased from the start of the 1990s until year-end 1998 by 311%, only modestly higher than the average rate of growth in the Standard & Poor 500 index.[12] However, the stock increased by 56% in 1999 and a further 87% in 2000, compared to a 20% increase and a 10% decrease for the index during the same years. By December 31, 2000, Enron's stock was priced at $83.13 and its market capitalization exceeded $60 billion, 70 times earnings and six times book value, an indication of the stock market's high expectations about its future prospects. In addition, Enron was rated the most innovative large company in America in Fortune's Most Admired Companies survey.[12]

text: Causes of downfall[edit]

text: Enron's complex financial statements were confusing to shareholders and analysts.[13][14] In addition, its complex business model and unethical practices required that the company use accounting limitations to misrepresent earnings and modify the balance sheet to indicate favorable performance.[15]

text: The combination of these issues later resulted in the bankruptcy of the company, and the majority of them were perpetuated by the indirect knowledge or direct actions of Lay, Jeffrey Skilling, Andrew Fastow, and other executives such as Rebecca Mark. Lay served as the chairman of the company in its last few years, and approved of the actions of Skilling and Fastow, although he did not always inquire about the details. Skilling constantly focused on meeting Wall Street expectations, advocated the use of mark-to-market accounting (accounting based on market value, which was then inflated) and pressured Enron executives to find new ways to hide its debt. Fastow and other executives "created off-balance-sheet vehicles, complex financing structures, and deals so bewildering that few people could understand them."[16]

text: Revenue recognition[edit]

text: Enron and other energy suppliers earned profits by providing services such as wholesale trading and risk management in addition to building and maintaining electric power plants, natural gas pipelines, storage, and processing facilities.[17] When accepting the risk of buying and selling products, merchants are allowed to report the selling price as revenues and the products' costs as cost of goods sold. In contrast, an "agent" provides a service to the customer, but does not take the same risks as merchants for buying and selling. Service providers, when classified as agents, are able to report trading and brokerage fees as revenue, although not for the full value of the transaction.[18]

text: Although trading companies such as Goldman Sachs and Merrill Lynch used the conventional "agent model" for reporting revenue (where only the trading or brokerage fee would be reported as revenue), Enron instead selected to report the entire value of each of its trades as revenue. This "merchant model" was considered much more aggressive in the accounting interpretation than the agent model.[19] Enron's method of reporting inflated trading revenue was later adopted by other companies in the energy trading industry in an attempt to stay competitive with the company's large increase in revenue. Other energy companies such as Duke Energy, Reliant Energy, and Dynegy joined Enron in the wealthiest 50 of the Fortune 500 mainly due to their adoption of the same trading revenue accounting as Enron.[20]

text: Between 1996 and 2000, Enron's revenues increased by more than 750%, rising from $13.3 billion in 1996 to $100.8 billion in 2000. This extensive expansion of 65% per year was unprecedented in any industry, including the energy industry which typically considered growth of 2–3% per year to be respectable. For just the first nine months of 2001, Enron reported $138.7 billion in revenues, which placed the company at the sixth position on the Fortune Global 500.[21]

text: Mark-to-market accounting[edit]

text: In Enron's natural gas business, the accounting had been fairly straightforward: in each time period, the company listed actual costs of supplying the gas and actual revenues received from selling it. However, when Skilling joined the company, he demanded that the trading business adopt mark-to-market accounting, citing that it would represent "true economic value."[22] Enron became the first non-financial company to use the method to account for its complex long-term contracts.[23] Mark-to-market accounting requires that once a long-term contract was signed, income is estimated as the present value of net future cash flow. Often, the viability of these contracts and their related costs were difficult to estimate.[24] Due to the large discrepancies of attempting to match profits and cash, investors were typically given false or misleading reports. While using the method, income from projects could be recorded, although they might not have ever received the money, and in turn increasing financial earnings on the books. However, in future years, the profits could not be included, so new and additional income had to be included from more projects to develop additional growth to appease investors.[22] As one Enron competitor stated, "If you accelerate your income, then you have to keep doing more and more deals to show the same or rising income."[23] Despite potential pitfalls, the U.S. Securities and Exchange Commission (SEC) approved the accounting method for Enron in its trading of natural gas futures contracts on January 30, 1992.[22] However, Enron later expanded its use to other areas in the company to help it meet Wall Street projections.[25]

text: For one contract, in July 2000, Enron and Blockbuster Video signed a 20-year agreement to introduce on-demand entertainment to various U.S. cities by year-end. After several pilot projects, Enron recognized estimated profits of more than $110 million from the deal, even though analysts questioned the technical viability and market demand of the service.[24] When the network failed to work, Blockbuster withdrew from the contract. Enron continued to recognize future profits, even though the deal resulted in a loss.[26]

text: Special purpose entities[edit]

text: Enron used special purpose entities—limited partnerships or companies created to fulfill a temporary or specific purpose to fund or manage risks associated with specific assets. The company elected to disclose minimal details on its use of "special purpose entities".[27] These shell companies were created by a sponsor, but funded by independent equity investors and debt financing. For financial reporting purposes, a series of rules dictate whether a special purpose entity is a separate entity from the sponsor. In total, by 2001, Enron had used hundreds of special purpose entities to hide its debt.[24] Enron used a number of special purpose entities, such as partnerships in its Thomas and Condor tax shelters, financial asset securitization investment trusts (FASITs) in the Apache deal, real estate mortgage investment conduits (REMICs) in the Steele deal, and REMICs and real estate investment trusts (REITs) in the Cochise deal.[28]

text: The special purpose entities were used for more than just circumventing accounting conventions. As a result of one violation, Enron's balance sheet understated its liabilities and overstated its equity, and its earnings were overstated.[27] Enron disclosed to its shareholders that it had hedged downside risk in its own illiquid investments using special purpose entities. However, investors were oblivious to the fact that the special purpose entities were actually using the company's own stock and financial guarantees to finance these hedges. This prevented Enron from being protected from the downside risk.[27] Notable examples of special purpose entities that Enron employed were JEDI, Chewco, Whitewing, and LJM.

text: JEDI and Chewco[edit]

text: In 1993, Enron established a joint venture in energy investments with CalPERS, the California state pension fund, called the Joint Energy Development Investments (JEDI).[29] In 1997, Skilling, serving as Chief Operating Officer (COO), asked CalPERS to join Enron in a separate investment. CalPERS was interested in the idea, but only if it could be terminated as a partner in JEDI.[30] However, Enron did not want to show any debt from assuming CalPERS' stake in JEDI on its balance sheet. Chief Financial Officer (CFO) Fastow developed the special purpose entity Chewco Investments limited partnership (L.P.) which raised debt guaranteed by Enron and was used to acquire CalPERS's joint venture stake for $383 million.[27] Because of Fastow's organization of Chewco, JEDI's losses were kept off of Enron's balance sheet.

text: In autumn 2001, CalPERS and Enron's arrangement was discovered, which required the discontinuation of Enron's prior accounting method for Chewco and JEDI. This disqualification revealed that Enron's reported earnings from 1997 to mid-2001 would need to be reduced by $405 million and that the company's indebtedness would increase by $628 million.[31]

text: Whitewing[edit]

text: Whitewing was the name of a special purpose entity used as a financing method by Enron.[32] In December 1997, with funding of $579 million provided by Enron and $500 million by an outside investor, Whitewing Associates L.P. was formed. Two years later, the entity's arrangement was changed so that it would no longer be consolidated with Enron and be counted on the company's balance sheet. Whitewing was used to purchase Enron assets, including stakes in power plants, pipelines, stocks, and other investments.[33] Between 1999 and 2001, Whitewing bought assets from Enron worth $2 billion, using Enron stock as collateral. Although the transactions were approved by the Enron board, the asset transfers were not true sales and should have been treated instead as loans.[34]

text: LJM and Raptors[edit]

text: In 1999, Fastow formulated two limited partnerships: LJM Cayman. L.P. (LJM1) and LJM2 Co-Investment L.P. (LJM2), for the purpose of buying Enron's poorly performing stocks and stakes to improve its financial statements. LJM 1 and 2 were created solely to serve as the outside equity investor needed for the special purpose entities that were being used by Enron.[31] Fastow had to go before the board of directors to receive an exemption from Enron's code of ethics (as he had the title of CFO) in order to manage the companies.[35] The two partnerships were funded with around $390 million provided by Wachovia, J.P. Morgan Chase, Credit Suisse First Boston, Citigroup, and other investors. Merrill Lynch, which marketed the equity, also contributed $22 million to fund the entities.[31]

text: Enron transferred to "Raptor I-IV", four LJM-related special purpose entities named after the velociraptors in Jurassic Park, more than "$1.2 billion in assets, including millions of shares of Enron common stock and long term rights to purchase millions more shares, plus $150 million of Enron notes payable" as disclosed in the company's financial statement footnotes.[36][37][38] The special purpose entities had been used to pay for all of this using the entities' debt instruments. The footnotes also declared that the instruments' face amount totaled $1.5 billion, and the entities notional amount of $2.1 billion had been used to enter into derivative contracts with Enron.[37]

text: Enron capitalized the Raptors, and, in a manner similar to the accounting employed when a company issues stock at a public offering, then booked the notes payable issued as assets on its balance sheet while increasing the shareholders' equity for the same amount.[39] This treatment later became an issue for Enron and its auditor Arthur Andersen as removing it from the balance sheet resulted in a $1.2 billion decrease in net shareholders' equity.[40]

text: Eventually the derivative contracts worth $2.1 billion lost significant value. Swaps were established at the time the stock price achieved its maximum. During the ensuing year, the value of the portfolio under the swaps fell by $1.1 billion as the stock prices decreased (the loss of value meant that the special purpose entities technically now owed Enron $1.1 billion by the contracts). Enron, which used a "mark-to-market" accounting method, claimed a $500 million gain on the swap contracts in its 2000 annual report. The gain was responsible for offsetting its stock portfolio losses and was attributed to nearly a third of Enron's earnings for 2000 (before it was properly restated in 2001).[41]

text: Corporate governance[edit]

text: On paper, Enron had a model board of directors comprising predominantly outsiders with significant ownership stakes and a talented audit committee. In its 2000 review of best corporate boards, Chief Executive included Enron among its five best boards.[42] Even with its complex corporate governance and network of intermediaries, Enron was still able to "attract large sums of capital to fund a questionable business model, conceal its true performance through a series of accounting and financing maneuvers, and hype its stock to unsustainable levels."[43]

text: Executive compensation[edit]

text: Although Enron's compensation and performance management system was designed to retain and reward its most valuable employees, the system contributed to a dysfunctional corporate culture that became obsessed with short-term earnings to maximize bonuses. Employees constantly tried to start deals, often disregarding the quality of cash flow or profits, in order to get a better rating for their performance review. Additionally, accounting results were recorded as soon as possible to keep up with the company's stock price. This practice helped ensure deal-makers and executives received large cash bonuses and stock options.[44]

text: The company was constantly emphasizing its stock price. Management was compensated extensively using stock options, similar to other U.S. companies. This policy of stock option awards caused management to create expectations of rapid growth in efforts to give the appearance of reported earnings to meet Wall Street's expectations.[45] The stock ticker was located in lobbies, elevators, and on company computers.[46] At budget meetings, Skilling would develop target earnings by asking "What earnings do you need to keep our stock price up?" and that number would be used, even if it was not feasible.[25] On December 31, 2000, Enron had 96 million shares outstanding as stock option plans (approximately 13% of common shares outstanding). Enron's proxy statement stated that, within three years, these awards were expected to be exercised.[47] Using Enron's January 2001 stock price of $83.13 and the directors' beneficial ownership reported in the 2001 proxy, the value of director stock ownership was $659 million for Lay, and $174 million for Skilling.[42]

text: Skilling believed that if employees were constantly worried about cost, it would hinder original thinking.[48] As a result, extravagant spending was rampant throughout the company, especially among the executives. Employees had large expense accounts and many executives were paid sometimes twice as much as competitors.[49] In 1998, the top 200 highest-paid employees received $193 million from salaries, bonuses, and stock. Two years later, the figure jumped to $1.4 billion.[50]

text: Risk management[edit]

text: Before its scandal, Enron was lauded for its sophisticated financial risk management tools.[51] Risk management was crucial to Enron not only because of its regulatory environment, but also because of its business plan. Enron established long-term fixed commitments which needed to be hedged to prepare for the invariable fluctuation of future energy prices.[52] Enron's bankruptcy downfall was attributed to its reckless use of derivatives and special purpose entities. By hedging its risks with special purpose entities which it owned, Enron retained the risks associated with the transactions. This arrangement had Enron implementing hedges with itself.[53]

text: Enron's aggressive accounting practices were not hidden from the board of directors, as later learned by a Senate subcommittee. The board was informed of the rationale for using the Whitewing, LJM, and Raptor transactions, and after approving them, received status updates on the entities' operations. Although not all of Enron's widespread improper accounting practices were revealed to the board, the practices were dependent on board decisions.[54] Even though Enron extensively relied on derivatives for its business, the company's Finance Committee and board did not have enough experience with derivatives to understand what they were being told. The Senate subcommittee argued that had there been a detailed understanding of how the derivatives were organized, the board would have prevented their use.[55]

text: Financial audit[edit]

text: Enron's auditor firm, Arthur Andersen, was accused of applying reckless standards in its audits because of a conflict of interest over the significant consulting fees generated by Enron. During 2000, Arthur Andersen earned $25 million in audit fees and $27 million in consulting fees (this amount accounted for roughly 27% of the audit fees of public clients for Arthur Andersen's Houston office). The auditor's methods were questioned as either being completed solely to receive its annual fees or for its lack of expertise in properly reviewing Enron's revenue recognition, special entities, derivatives, and other accounting practices.[56]

text: Enron hired numerous Certified Public Accountants (CPAs) as well as accountants who had worked on developing accounting rules with the Financial Accounting Standards Board (FASB). The accountants searched for new ways to save the company money, including capitalizing on loopholes found in Generally Accepted Accounting Principles (GAAP), the accounting industry's standards. One Enron accountant revealed "We tried to aggressively use the literature [GAAP] to our advantage. All the rules create all these opportunities. We got to where we did because we exploited that weakness."[57]

text: Andersen's auditors were pressured by Enron's management to defer recognizing the charges from the special purpose entities as its credit risks became known. Since the entities would never return a profit, accounting guidelines required that Enron should take a write-off, where the value of the entity was removed from the balance sheet at a loss. To pressure Andersen into meeting Enron's earnings expectations, Enron would occasionally allow accounting companies Ernst & Young or PricewaterhouseCoopers to complete accounting tasks to create the illusion of hiring a new company to replace Andersen.[58] Although Andersen was equipped with internal controls to protect against conflicted incentives of local partners, it failed to prevent conflict of interest. In one case, Andersen's Houston office, which performed the Enron audit, was able to overrule any critical reviews of Enron's accounting decisions by Andersen's Chicago partner. In addition, after news of U.S. Securities and Exchange Commission (SEC) investigations of Enron were made public, Andersen would later shred several tons of relevant documents and delete nearly 30,000 e-mails and computer files, causing accusations of a cover-up.[56][59][60]

text: Revelations concerning Andersen's overall performance led to the break-up of the firm, and to the following assessment by the Powers Committee (appointed by Enron's board to look into the firm's accounting in October 2001): "The evidence available to us suggests that Andersen did not fulfill its professional responsibilities in connection with its audits of Enron's financial statements, or its obligation to bring to the attention of Enron's Board (or the Audit and Compliance Committee) concerns about Enron's internal contracts over the related-party transactions".[61]

text: Audit committee[edit]

text: Corporate Audit committees usually meet just a few times during the year, and their members typically have only modest experience with accounting and finance. Enron's audit committee had more expertise than many. It included:[62]

text:
Robert Jaedicke of Stanford University, a widely respected accounting professor and former dean of Stanford Business School
John Mendelsohn, President of the University of Texas M.D. Anderson Cancer Center
Paulo Pereira, former president and CEO of the State Bank of Rio de Janeiro in Brazil
John Wakeham, former United Kingdom Secretary of State for Energy and Parliamentary Secretary to the Treasury
Ronnie Chan, Chairman of Hong Kong Hang Lung Group
Wendy Gramm, former Chair of U.S. Commodity Futures Trading Commission

tag: ul

text: Enron's audit committee was later criticized for its brief meetings that would cover large amounts of material. In one meeting on February 12, 2001, the committee met for an hour and a half. Enron's audit committee did not have the technical knowledge to question the auditors properly on accounting issues related to the company's special purpose entities. The committee was also unable to question the company's management due to pressures on the committee.[63] The United States Senate Permanent Subcommittee on Investigations of the Committee on Governmental Affairs' report accused the board members of allowing conflicts of interest to impede their duties as monitoring the company's accounting practices. When Enron's scandal became public, the audit committee's conflicts of interest were regarded with suspicion.[64]

text: Ethical and political analyses[edit]

text: Commentators attributed the mismanagement behind Enron's fall to a variety of ethical and political-economic causes. Ethical explanations centered on executive greed and hubris, a lack of corporate social responsibility, situation ethics, and get-it-done business pragmatism.[65][66][67][68][69] Political-economic explanations cited post-1970s deregulation, and inadequate staff and funding for regulatory oversight.[70][71] A more libertarian analysis maintained that Enron's collapse resulted from the company's reliance on political lobbying, rent-seeking, and the gaming of regulations.[72]

text: Other accounting issues[edit]

text: Enron made a habit of booking costs of cancelled projects as assets, with the rationale that no official letter had stated that the project was cancelled. This method was known as "the snowball", and although it was initially dictated that such practices be used only for projects worth less than $90 million, it was later increased to $200 million.[73]

text: In 1998, when analysts were given a tour of the Enron Energy Services office, they were impressed with how the employees were working so vigorously. In reality, Skilling had moved other employees to the office from other departments (instructing them to pretend to work hard) to create the appearance that the division was larger than it was.[74] This ruse was used several times to fool analysts about the progress of different areas of Enron to help improve the stock price.

text: Timeline of downfall[edit]

text:
At the beginning of 2001, the Enron Corporation, the world's dominant energy trader, appeared unstoppable. The company's decade-long effort to persuade lawmakers to deregulate electricity markets had succeeded from California to New York. Its ties to the Bush administration assured that its views would be heard in Washington. Its sales, profits and stock were soaring.
—A. Berenson and R. A. Oppel, Jr. The New York Times, Oct 28, 2001.[75]

tag: div

text: In  February 2001, Chief Accounting Officer Rick Causey told budget managers: "From an accounting standpoint, this will be our easiest year ever. We've got 2001 in the bag."[76] On March 5, Bethany McLean's Fortune article Is Enron Overpriced? questioned how Enron could maintain its high stock value, which was trading at 55 times its earnings.[77] She argued that analysts and investors did not know exactly how Enron was earning its income. McLean was first drawn to the company's situation after an analyst suggested she view the company's 10-K report, where she found "strange transactions", "erratic cash flow", and "huge debt."[78] She telephoned Skilling to discuss her findings prior to publishing the article, but he called her "unethical" for not properly researching the company.[79] Fastow cited two Fortune reporters that Enron could not reveal earnings details as the company had more than 1,200 trading books for assorted commodities and did "...  not want anyone to know what's on those books. We don't want to tell anyone where we're making money."[77]

text: In a conference call on April 17, 2001, then-Chief Executive Officer (CEO) Skilling verbally attacked Wall Street analyst Richard Grubman,[80] who questioned Enron's unusual accounting practice during a recorded conference call. When Grubman complained that Enron was the only company that could not release a balance sheet along with its earnings statements, Skilling stammered "Well uh ... Thank you very much, we appreciate it ...  Asshole."[81] This became an inside joke among many Enron employees, mocking Grubman for his perceived meddling rather than Skilling's offensiveness, with slogans such as "Ask Why, Asshole", a variation on Enron's official slogan "Ask why".[82] However, Skilling's comment was met with dismay and astonishment by press and public, as he had previously disdained criticism of Enron coolly or humorously.

text: By the late 1990s Enron's stock was trading for $80–90 per share, and few seemed to concern themselves with the opacity of the company's financial disclosures. In mid-July 2001, Enron reported revenues of $50.1 billion, almost triple year-to-date, and beating analysts' estimates by 3 cents a share.[83] Despite this, Enron's profit margin had stayed at a modest average of about 2.1%, and its share price had decreased by more than 30% since the same quarter of 2000.[83]

text: As time passed, a number of serious concerns confronted the company. Enron had recently faced several serious operational challenges, namely logistical difficulties in operating a new broadband communications trading unit, and the losses from constructing the Dabhol Power project, a large power plant in India. There was also increasing criticism of the company for the role that its subsidiary Enron Energy Services had in the California electricity crisis of 2000–2001.

text:
There are no accounting issues, no trading issues, no reserve issues, no previously unknown problem issues. I think I can honestly say that the company is probably in the strongest and best shape that it has probably ever been in.
—Kenneth Lay answering an analyst's question on August 14, 2001.[84]

text: On August 14, Skilling announced he was resigning his position as CEO after only six months. Skilling had long served as president and COO before being promoted to CEO. Skilling cited personal reasons for leaving the company.[85] Observers noted that in the months before his exit, Skilling had sold at minimum 450,000 shares of Enron at a value of around $33 million (though he still owned over a million shares at the date of his departure).[85] Nevertheless, Lay, who was serving as chairman at Enron, assured surprised market watchers that there would be "no change in the performance or outlook of the company going forward" from Skilling's departure.[85] Lay announced he himself would re-assume the position of chief executive officer.

text: The next day, however, Skilling admitted that a very significant reason for his departure was Enron's faltering price in the stock market.[86] The economist Paul Krugman asserted in his The New York Times column that Enron was an illustration of the consequences that occur from the deregulation and commodification of things such as energy.[86] A few days later, in a letter to the editor, Kenneth Lay defended Enron and the philosophy of the company:[87]

text: The broader goal of [Krugman's] latest attack on Enron appears to be to discredit the free-market system, a system that entrusts people to make choices and enjoy the fruits of their labor, skill, intellect and heart. He would apparently rely on a system of monopolies controlled or sponsored by government to make choices for people. We disagree, finding ourselves less trusting of the integrity and good faith of such institutions and their leaders.

text: The example Mr. Krugman cites of "financialization" run amok (the electricity market in California) is the product of exactly his kind of system, with active government intervention at every step. Indeed, the only winners in the California fiasco were the government-owned utilities of Los Angeles, the Pacific Northwest and British Columbia. The disaster that squandered the wealth of California was born of regulation by the few, not by markets of the many.

text: On August 15, Sherron Watkins, vice president for corporate development, sent an anonymous letter to Lay warning him about the company's accounting practices. One statement in the letter said: "I am incredibly nervous that we will implode in a wave of accounting scandals."[88] Watkins contacted a friend who worked for Arthur Andersen and he drafted a memorandum to give to the audit partners about the points she raised. On August 22, Watkins met individually with Lay and gave him a six-page letter further explaining Enron's accounting issues. Lay questioned her as to whether she had told anyone outside of the company and then vowed to have the company's law firm, Vinson & Elkins, review the issues, although she argued that using the law firm would present a conflict of interest.[89][90] Lay consulted with other executives, and although they wanted to dismiss Watkins (as Texas law did not protect company whistleblowers), they decided against it to prevent a lawsuit.[91] On October 15, Vinson & Elkins announced that Enron had done nothing wrong in its accounting practices as Andersen had approved each issue.[92]

text: Investors' confidence declines[edit]

text:
Something is rotten with the state of Enron.
—The New York Times, Sept 9, 2001.[93]

text: By the end of August 2001, his company's stock value still falling, Lay named Greg Whalley, president and COO of Enron Wholesale Services and Mark Frevert, to positions in the chairman's office. Some observers suggested that Enron's investors were in significant need of reassurance, not only because the company's business was difficult to understand (even "indecipherable")[93] but also because it was difficult to properly describe the company in financial statements.[94] One analyst stated "it's really hard for analysts to determine where [Enron] are making money in a given quarter and where they are losing money."[94] Lay accepted that Enron's business was very complex, but asserted that analysts would "never get all the information they want" to satisfy their curiosity. He also explained that the complexity of the business was due largely to tax strategies and position-hedging.[94] Lay's efforts seemed to meet with limited success; by September 9, one prominent hedge fund manager noted that "[Enron] stock is trading under a cloud."[93] The sudden departure of Skilling combined with the opacity of Enron's accounting books made proper assessment difficult for Wall Street. In addition, the company admitted to repeatedly using "related-party transactions," which some feared could be too-easily used to transfer losses that might otherwise appear on Enron's own balance sheet. A particularly troubling aspect of this technique was that several of the "related-party" entities had been or were being controlled by CFO Fastow.[93]

text: After the September 11, 2001 attacks, media attention shifted away from the company and its troubles; a little less than a month later Enron announced its intention to begin the process of selling its lower-margin assets in favor of its core businesses of gas and electricity trading. This policy included selling Portland General Electric to another Oregon utility, Northwest Natural Gas, for about $1.9 billion in cash and stock, and possibly selling its 65% stake in the Dabhol project in India.[95]

text: Restructuring losses and SEC investigation[edit]

text: On October 16, 2001, Enron announced that restatements to its financial statements for years 1997 to 2000 were necessary to correct accounting violations. The restatements for the period reduced earnings by $613 million (or 23% of reported profits during the period), increased liabilities at the end of 2000 by $628 million (6% of reported liabilities and 5.5% of reported equity), and reduced equity at the end of 2000 by $1.2 billion (10% of reported equity).[27] Additionally, in January Jeff Skilling had asserted that the broadband unit alone was worth $35 billion, a claim also mistrusted.[96] An analyst at Standard & Poor's said, "I don't think anyone knows what the broadband operation is worth."[96]

text: Enron's management team claimed the losses were mostly due to investment losses, along with charges such as about $180 million in money spent restructuring the company's troubled broadband trading unit. In a statement, Lay revealed, "After a thorough review of our businesses, we have decided to take these charges to clear away issues that have clouded the performance and earnings potential of our core energy businesses."[96] Some analysts were unnerved. David Fleischer at Goldman Sachs, an analyst termed previously 'one of the company's strongest supporters' asserted that the Enron management "... lost credibility and have to reprove themselves. They need to convince investors these earnings are real, that the company is for real and that growth will be realized."[96][97]

text: Fastow disclosed to Enron's board of directors on October 22 that he earned $30 million from compensation arrangements when managing the LJM limited partnerships. That day, the share price of Enron decreased to $20.65, down $5.40 in one day, after the announcement by the SEC that it was investigating several suspicious deals struck by Enron, characterizing them as "some of the most opaque transactions with insiders ever seen".[98] Attempting to explain the billion-dollar charge and calm investors, Enron's disclosures spoke of "share settled costless collar arrangements," "derivative instruments which eliminated the contingent nature of existing restricted forward contracts," and strategies that served "to hedge certain merchant investments and other assets." Such puzzling phraseology left many analysts feeling ignorant about just how Enron managed its business.[98] Regarding the SEC investigation, chairman and CEO Lay said, "We will cooperate fully with the S.E.C. and look forward to the opportunity to put any concern about these transactions to rest."[98]

text: Two days later, on October 25, despite his reassurances days earlier, Lay dismissed Fastow from his position, citing "In my continued discussions with the financial community, it became clear to me that restoring investor confidence would require us to replace Andy as CFO."[99] However, with Skilling and Fastow now both departed, some analysts feared that revealing the company's practices would be made all the more difficult.[99] Enron's stock was now trading at $16.41, having lost half its value in a little more than a week.[99]

text: On October 27 the company began buying back all its commercial paper, valued at around $3.3 billion, in an effort to calm investor fears about Enron's supply of cash. Enron financed the re-purchase by depleting its lines of credit at several banks. While the company's debt rating was still considered investment-grade, its bonds were trading at levels slightly less, making future sales problematic.[100]

text: As the month came to a close, serious concerns were being raised by some observers regarding Enron's possible manipulation of accepted accounting rules; however, analysis was claimed to be impossible based on the incomplete information provided by Enron.[101] Industry analysts feared that Enron was the new Long-Term Capital Management, the hedge fund whose bankruptcy in 1998 threatened systemic failure of the international financial markets. Enron's tremendous presence worried some about the consequences of the company's possible bankruptcy.[75] Enron executives accepted questions in written form only.[75]

text: Credit rating downgrade[edit]

text: The main short-term danger to Enron's survival at the end of October 2001 seemed to be its credit rating. It was reported at the time that Moody's and Fitch, two of the three biggest credit-rating agencies, had slated Enron for review for possible downgrade.[75] Such a downgrade would force Enron to issue millions of shares of stock to cover loans it had guaranteed, which would decrease the value of existing stock further. Additionally, all manner of companies began reviewing their existing contracts with Enron, especially in the long term, in the event that Enron's rating were lowered below investment grade, a possible hindrance for future transactions.[75]

text: Analysts and observers continued their complaints regarding the difficulty or impossibility of properly assessing a company whose financial statements were so cryptic. Some feared that no one at Enron apart from Skilling and Fastow could completely explain years of mysterious transactions. "You're getting way over my head," said Lay during late August 2001 in response to detailed questions about Enron's business, a reaction that worried analysts.[75]

text: On October 29, responding to growing concerns that Enron might have insufficient cash on hand, news spread that Enron was seeking a further $1–2 billion in financing from banks.[102] The next day, as feared, Moody's lowered Enron's credit rating from Baa1 to Baa2, two levels above junk status. Standard & Poor's affirmed Enron's rating of BBB+, the equivalent of Moody's Baa1. Moody's also warned that it would downgrade Enron's commercial paper rating, the consequence of which would likely prevent the company from finding the further financing it sought to keep solvent.[103]

text: November began with the disclosure that the SEC was now pursuing a formal investigation, prompted by questions related to Enron's dealings with "related parties". Enron's board also announced that it would commission a special committee to investigate the transactions, directed by William C. Powers, the dean of the University of Texas law school.[104] The next day, an editorial in The New York Times demanded an "aggressive" investigation into the matter.[105] Enron was able to secure an additional $1 billion in financing from cross-town rival Dynegy on November 2, but the news was not universally admired in that the debt was secured by assets from the company's valuable Northern Natural Gas and Transwestern Pipeline.[106]

text: Proposed buyout by Dynegy[edit]

text: Sources claimed that Enron was planning to explain its business practices more fully within the coming days, as a confidence-building gesture.[107] Enron's stock was now trading at around $7, as investors worried that the company would not be able to find a buyer.

text: After it received a wide spectrum of rejections, Enron management apparently found a buyer when the board of Dynegy, another energy trader based in Houston, voted late at night on November 7 to acquire Enron at a very low price of about $8 billion in stock.[108] Chevron Texaco, which at the time owned about a quarter of Dynegy, agreed to provide Enron with $2.5 billion in cash, specifically $1 billion at first and the rest when the deal was completed. Dynegy would also be required to assume nearly $13 billion of debt, plus any other debt hitherto occluded by the Enron management's secretive business practices,[108] possibly as much as $10 billion in "hidden" debt.[109] Dynegy and Enron confirmed their deal on November 8, 2001.

text: Commentators remarked on the different corporate cultures between Dynegy and Enron, and on the "straight-talking" personality of the CEO of Dynegy, Charles Watson.[8] Some wondered if Enron's troubles had not simply been the result of innocent accounting errors.[110] By November, Enron was asserting that the billion-plus "one-time charges" disclosed in October should in reality have been $200 million, with the rest of the amount simply corrections of dormant accounting mistakes.[111] Many feared other "mistakes" and restatements might yet be revealed.[112]

text: Another major correction of Enron's earnings was announced on November 9, with a reduction of $591 million of the stated revenue of years 1997–2000. The charges were said to come largely from two special purpose partnerships (JEDI and Chewco). The corrections resulted in the virtual elimination of profit for fiscal year 1997, with significant reductions for the other years. Despite this disclosure, Dynegy declared it still intended to purchase Enron.[111] Both companies were said to be anxious to receive an official assessment of the proposed sale from Moody's and S&P presumably to understand the effect the completion of any buyout transaction would have on Dynegy and Enron's credit rating. In addition, concerns were raised regarding antitrust regulatory restrictions resulting in possible divestiture, along with what to some observers were the radically different corporate cultures of Enron and Dynegy.[109]

text: Both companies promoted the deal aggressively, and some observers were hopeful; Watson was praised for  attempting to create the largest company on the energy market.[112] At the time, Watson said: "We feel [Enron] is a very solid company with plenty of capacity to withstand whatever happens the next few months."[112] One analyst called the deal "a whopper ... a very good deal financially, certainly should be a good deal strategically, and provides some immediate balance-sheet backstop for Enron."[113]

text: Credit issues were becoming more critical, however. Around the time the buyout was made public, Moody's and S&P both reduced Enron's rating to just one notch above junk status. Were the company's rating to fall below investment-grade, its ability to trade would be severely limited if there was a reduction or elimination of its credit lines with competitors.[112] In a conference call, S&P affirmed that, were Enron not to be bought, S&P would reduce its rating to low BB or high B, ratings noted as being within junk status.[114] Additionally, many traders had limited their involvement with Enron, or stopped doing business altogether, fearing more bad news. Watson again attempted to re-assure, attesting at a presentation to investors that there was "nothing wrong with Enron's business".[113] He also acknowledged that remunerative steps (in the form of more stock options) would have to be taken to redress the animosity of many Enron employees towards management after it was revealed that Lay and other officials had sold hundreds of millions of dollars' worth of stock during the months prior to the crisis.[113] The situation was not helped by the disclosure that Lay, his "reputation in tatters",[115] stood to receive a payment of $60 million as a change-of-control fee subsequent to the Dynegy acquisition, while many Enron employees had seen their retirement accounts, which were based largely on Enron stock, ravaged as the price decreased 90% in a year. An official at a company owned by Enron stated "We had some married couples who both worked who lost as much as $800,000 or $900,000. It pretty much wiped out every employee's savings plan."[116]

text: Watson assured investors that the true nature of Enron's business had been made apparent to him: "We have comfort there is not another shoe to drop. If there is no shoe, this is a phenomenally good transaction."[114] Watson further asserted that Enron's energy trading part alone was worth the price Dynegy was paying for the whole company.[117]

text: By mid-November, Enron announced it was planning to sell about $8 billion worth of underperforming assets, along with a general plan to reduce its scale for the sake of financial stability.[118] On November 19 Enron disclosed to the public further evidence of its critical state of affairs. Most pressingly that the company had debt repayment obligations in the range of $9 billion by the end of 2002. Such debts were "vastly in excess" of its available cash.[119] Also, the success of measures to preserve its solvency were not guaranteed, specifically as regarded asset sales and debt refinancing. In a statement, Enron revealed "An adverse outcome with respect to any of these matters would likely have a material adverse impact on Enron's ability to continue as a going concern."[119]

text: Two days later, on November 21, Wall Street expressed serious doubts that Dynegy would proceed with its deal at all, or would seek to radically renegotiate. Furthermore, Enron revealed in a 10-Q filing that almost all the money it had recently borrowed for purposes including buying its commercial paper, or about $5 billion, had been exhausted in just 50 days. Analysts were unnerved at the revelation, especially since Dynegy was reported to have also been unaware of Enron's rate of cash use.[120] In order to end the proposed buyout, Dynegy would need to legally demonstrate a "material change" in the circumstances of the transaction; as late as November 22, sources close to Dynegy were skeptical that the latest revelations constituted sufficient grounds.[121]

text: The SEC announced it had filed civil fraud complaints against Andersen.[122] A few days later, sources claimed Enron and Dynegy were renegotiating the terms of their arrangement.[123] Dynegy now demanded Enron agree to be bought for $4 billion rather than the previous $8 billion. Observers were reporting difficulties in ascertaining which of Enron's operations, if any, were profitable. Reports described an en masse shift of business to Enron's competitors for the sake of risk exposure reduction.[123]

text: Bankruptcy[edit]

text: On November 28, 2001, Enron's two worst-possible outcomes came true: Dynegy Inc. unilaterally disengaged from the proposed acquisition of the company, and Enron's credit rating was reduced to junk status. Watson later said "At the end, you couldn't give it [Enron] to me."[124] The company had very little cash with which to operate, let alone satisfy enormous debts. Its stock price fell to $0.61 at the end of the day's trading. One editorial observer wrote that "Enron is now shorthand for the perfect financial storm."[125]

text: Systemic consequences were felt, as Enron's creditors and other energy trading companies suffered the loss of several percentage points. Some analysts felt Enron's failure indicated the risks of the post-September 11 economy, and encouraged traders to lock in profits where they could.[126] The question now became how to determine the total exposure of the markets and other traders to Enron's failure. Early calculations estimated $18.7 billion. One adviser stated, "We don't really know who is out there exposed to Enron's credit. I'm telling my clients to prepare for the worst."[127]

text: Enron was estimated to have about $23 billion in liabilities from both debt outstanding and guaranteed loans. Citigroup and JP Morgan Chase in particular appeared to have significant amounts to lose with Enron's bankruptcy. Additionally, many of Enron's major assets were pledged to lenders in order to secure loans, causing doubt about what, if anything, unsecured creditors and eventually stockholders might receive in bankruptcy proceedings.[128]

text: Enron's European operations filed for bankruptcy on November 30, 2001, and it sought Chapter 11 protection two days later on December 2. It became the largest bankruptcy in U.S. history, surpassing the 1970 bankruptcy of the Penn Central (WorldCom's bankruptcy the next year surpassed Enron's bankruptcy so the title was short held), and resulted in 4,000 lost jobs.[3][129] The day that Enron filed for bankruptcy, the employees were told to pack their belongings and were given 30 minutes to vacate the building.[130] Nearly 62% of 15,000 employees' savings plans relied on Enron stock that was purchased at $83 in early 2001 and was now practically worthless.[131]

text:
In its accounting work for Enron, Andersen had been sloppy and weak. But that's how Enron had always wanted it. In truth, even as they angrily pointed fingers, the two deserved each other.
—Bethany McLean and Peter Elkind in The Smartest Guys in the Room.[132]

text: On January 17, 2002, Enron dismissed Arthur Andersen as its auditor, citing its accounting advice and the destruction of documents. Andersen countered that it had already ended its relationship with the company when Enron became bankrupt.[133]

text: Trials[edit]

text: Enron[edit]

text: Fastow and his wife, Lea, both pleaded guilty to charges against them. Fastow was initially charged with 98 counts of fraud, money laundering, insider trading, and conspiracy, among other crimes.[134] Fastow pleaded guilty to two charges of conspiracy and was sentenced to ten years with no parole in a plea bargain to testify against Lay, Skilling, and Causey.[135] Lea was indicted on six felony counts, but prosecutors later dismissed them in favor of a single misdemeanor tax charge. Lea was sentenced to one year for helping her husband hide income from the government.[136]

text: Lay and Skilling went on trial for their part in the Enron scandal in January 2006. The 53-count, 65-page indictment covers a broad range of financial crimes, including bank fraud, making false statements to banks and auditors, securities fraud, wire fraud, money laundering, conspiracy, and insider trading. United States District Judge Sim Lake had previously denied motions by the defendants to have separate trials and to relocate the case out of Houston, where the defendants argued the negative publicity concerning Enron's demise would make it impossible to get a fair trial. On May 25, 2006, the jury in the Lay and Skilling trial returned its verdicts. Skilling was convicted of 19 of 28 counts of securities fraud and wire fraud and acquitted on the remaining nine, including charges of insider trading. He was sentenced to 24 years and 4 months in prison.[137] In 2013 the United States Department of Justice reached a deal with Skilling, which resulted in ten years being cut from his sentence.[138]

text: Lay pleaded not guilty to the eleven criminal charges, and claimed that he was misled by those around him. He attributed the main cause for the company's demise to Fastow.[139] Lay was convicted of all six counts of securities and wire fraud for which he had been tried, and he was subject to a maximum total sentence of 45 years in prison.[140] However, before sentencing was scheduled, Lay died on July 5, 2006. At the time of his death, the SEC had been seeking more than $90 million from Lay in addition to civil fines. The case of Lay's wife, Linda, is a difficult one. She sold roughly 500,000 shares of Enron ten minutes to thirty minutes before the information that Enron was collapsing went public on November 28, 2001.[141] Linda was never charged with any of the events related to Enron.[142]

text: Although Michael Kopper worked at Enron for more than seven years, Lay did not know of Kopper even after the company's bankruptcy. Kopper was able to keep his name anonymous in the entire affair.[143] Kopper was the first Enron executive to plead guilty.[144] Chief Accounting Officer Rick Causey was indicted with six felony charges for disguising Enron's financial condition during his tenure.[145] After pleading not guilty, he later switched to guilty and was sentenced to seven years in prison.[146]

text: All told, sixteen people pleaded guilty for crimes committed at the company, and five others, including four former Merrill Lynch employees, were found guilty. Eight former Enron executives testified—the main witness being Fastow—against Lay and Skilling, his former bosses.[129] Another was Kenneth Rice, the former chief of Enron Corp.'s high-speed Internet unit, who cooperated and whose testimony helped convict Skilling and Lay. In June 2007, he received a 27-month sentence.[147]

text: Michael W. Krautz, a former Enron accountant, was among the accused who was acquitted[148] of charges related to the scandal. Represented by Barry Pollack,[149] Krautz was acquitted of federal criminal fraud charges after a month-long jury trial.

text: Arthur Andersen[edit]

text: Arthur Andersen was charged with and found guilty of obstruction of justice for shredding the thousands of documents and deleting e-mails and company files that tied the firm to its audit of Enron.[150] Although only a small number of Arthur Andersen's employees were involved with the scandal, the firm was effectively put out of business; the SEC is not allowed to accept audits from convicted felons. The company surrendered its CPA license on August 31, 2002, and 85,000 employees lost their jobs.[151][152] The conviction was later overturned by the U.S. Supreme Court due to the jury not being properly instructed on the charge against Andersen.[153] The Supreme Court ruling theoretically left Andersen free to resume operations. However, the damage to the Andersen name has been so great that it has not returned as a viable business even on a limited scale.

text: NatWest Three[edit]

text: Giles Darby, David Bermingham, and Gary Mulgrew worked for Greenwich NatWest. The three British men had worked with Fastow on a special purpose entity he had started called Swap Sub. When Fastow was being investigated by the SEC, the three men met with the British Financial Services Authority (FSA) in November 2001 to discuss their interactions with Fastow.[154] In June 2002, the U.S. issued warrants for their arrest on seven counts of wire fraud, and they were then extradited. On July 12, a potential Enron witness scheduled to be extradited to the U.S., Neil Coulbeck, was found dead in a park in north-east London.[155] Coulbeck's death was eventually ruled to have been a suicide.[156] The U.S. case alleged that Coulbeck and others conspired with Fastow.[157] In a plea bargain in November 2007, the trio plead guilty to one count of wire fraud while the other six counts were dismissed.[158] Darby, Bermingham, and Mulgrew were each sentenced to 37 months in prison.[159] In August 2010, Bermingham and Mulgrew retracted their confessions.[160]

text: Aftermath[edit]

text: Employees and shareholders[edit]

text: Enron's shareholders lost $74 billion in the four years before the company's bankruptcy ($40 to $45 billion was attributed to fraud).[162] As Enron had nearly $67 billion that it owed creditors, employees and shareholders received limited, if any, assistance aside from severance from Enron.[163] To pay its creditors, Enron held auctions to sell assets including art, photographs, logo signs, and its pipelines.[164][165][166]

text: In May 2004, more than 20,000 of Enron's former employees won a suit of $85 million for compensation of $2 billion that was lost from their pensions. From the settlement, the employees each received about $3,100.[167] The next year, investors received another settlement from several banks of $4.2 billion.[162] In September 2008, a $7.2-billion settlement from a $40-billion lawsuit, was reached on behalf of the shareholders. The settlement was distributed among the main plaintiff, University of California (UC), and 1.5 million individuals and groups. UC's law firm Coughlin Stoia Geller Rudman and Robbins, received $688 million in fees, the highest in a U.S. securities fraud case.[168] At the distribution, UC announced in a press release "We are extremely pleased to be returning these funds to the members of the class. Getting here has required a long, challenging effort, but the results for Enron investors are unprecedented."[169]

text: Sarbanes-Oxley Act[edit]

text:
In the Titanic, the captain went down with the ship. And Enron looks to me like the captain first gave himself and his friends a bonus, then lowered himself and the top folks down the lifeboat and then hollered up and said, 'By the way, everything is going to be just fine.'
—U.S. Senator Byron Dorgan.[170]

text: Between December 2001 and April 2002, the Senate Committee on Banking, Housing, and Urban Affairs and the House Committee on Financial Services held multiple hearings about the Enron scandal and related accounting and investor protection issues. These hearings and the corporate scandals that followed Enron led to the passage of the Sarbanes-Oxley Act on July 30, 2002.[171] The Act is nearly "a mirror image of Enron: the company's perceived corporate governance failings are matched virtually point for point in the principal provisions of the Act."[172]

text: The main provisions of the Sarbanes-Oxley Act included the establishment of the Public Company Accounting Oversight Board to develop standards for the preparation of audit reports; the restriction of public accounting companies from providing any non-auditing services when auditing; provisions for the independence of audit committee members, executives being required to sign off on financial reports, and relinquishment of certain executives' bonuses in case of financial restatements; and expanded financial disclosure of companies' relationships with unconsolidated entities.[171]

text: On February 13, 2002, due to the instances of corporate malfeasances and accounting violations, the SEC recommended changes of the stock exchanges' regulations. In June 2002, the New York Stock Exchange announced a new governance proposal, which was approved by the SEC in November 2003. The main provisions of the final NYSE proposal include:[171]

text:
All companies must have a majority of independent directors.
Independent directors must comply with an elaborate definition of independent directors.
The compensation committee, nominating committee, and audit committee shall consist of independent directors.
All audit committee members should be financially literate. In addition, at least one member of the audit committee is required to have accounting or related financial management expertise.
In addition to its regular sessions, the board should hold additional sessions without management.

text: Criticism of the Bush Administration[edit]

text: Kenneth Lay was a longtime supporter of U.S. president George W. Bush and a donor to his various political campaigns, including his successful bid for the presidency in 2000.  As such, critics of Bush and his administration attempted to link them to the scandal.  A January 2002 article in The Economist claimed that Lay had been a close personal friend of Bush's family and had backed him financially since his unsuccessful campaign for Congress in 1978.  Allegedly, Lay was even rumored at one point to be in the running to serve as Secretary of Energy for Bush.[173]

text: In an article that same month, Time magazine accused the Bush administration of making desperate attempts to distance themselves from the scandal.  According to author Frank Pellegrini, various Bush appointments held connections to Enron, including deputy White House Chief of Staff Karl Rove as a stockholder, Secretary of the Army Thomas White Jr. as a former executive, and SEC chairman Harvey Pitt, a former employee of Arthur Andersen.  Former Montana governor Marc Racicot, whom Bush considered for appointment for Secretary of the Interior, briefly served as a lobbyist for the company after leaving office.  After opening a criminal investigation into the scandal, Attorney General John Ashcroft recused himself and his chief of staff from the case when Democratic Congressman Henry Waxman accused Ashcroft of receiving $25,000 from Enron for his failed reelection campaign to the Senate in 2000.  As Pellegrini wrote, "The Democrats will have the company-he-keeps, guilt-by-association thing on their side, and with all the ... general whiff of rich man's cover-up about the whole affair, they'll have a class warfare card to play this spring." [174]