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In November the same year, the company would also announce that its profits for the previous four years had been understated by as much as $568 million. Rather than reverse the declining fortunes of the company, this would fuel the shares' further descent south, and lower its credit rating in the market. As creditors pressed for their payments, lending to the company all but disappeared on the back of this diminished credibility and the company was suddenly confronted with a severe cash crunch (Fox, 2004, p.267).Its only lifeline seemed to lie with the anticipated merger that had been arranged between it and Dynergy, another energy company, but this too went down to the wire after its suitor bolted. On December 2 2001, the company formally applied for Chapter 11 bankruptcy protection (Fox, 2004, p.286). In the meantime, many red flags were being raised about the corporate governance of Enron, prompting the Securities and Exchange Commission (SEC) to step in and have a closer look at the firm. From its investigation, at least four corporate governance issues emerged which were primarily responsible for the company's collapse.Firstly, the company had for five straight years used special entity vehicles to mask losses and report false profits in complete disregard of Generally Accepted Accounting Principles (GAAP), which amounted to fraud. Secondly, internal and external oversight bodies such as accounting firms, credit rating agencies and stock analysts either failed to detect or deliberately shut their eyes to the financial reporting malpractices.Thirdly, aware of the extent of the company's problems, Enron's managers had sold or retired their stock before the company's imminent collapse (i.e. had engaged in insider trading) and paid themselves emoluments running into millions of dollars. Politics was also found to be a contributor to the scandal (Sterling, 2002, p.63).

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