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Whitewing was the name of a special purpose entity used as a financing method by Enron.  In December 1997, with funding of $579 million provided by Enron and $500 million by an outside investor, Whitewing Associates . 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.  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. 
If there is one theme to rival terrorism for defining the last decade-and-a-half, it would have to be corporate greed and malfeasance. Many of the biggest corporate accounting scandals in history happened during that time. Here's a chronological look back at some of the worst examples.
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· Eingebettetes Video · The Enron scandal , revealed in October 2001, eventually led to the bankruptcy of the Enron Corporation , an American energy company based in ...