The collapse of Enron, the largest bankruptcy in U.S. history, led to thousands of employees losing their life savings in 401(k) plans tied to the energy company's stock. The reputation of Andersen, Enron's auditing firm, is damaged after company officials admitted that thousands of Enron documents were destroyed.

Those events led to a flurry of probes, including a criminal investigation by the U.S. Justice Department of Enron. The SEC and the Labor Department -- as well as six congressional committees -- are also investigating the company's collapse. Enron officials have donated millions of dollars to Republicans and Democrats alike.

At the heart of Enron's troubles were numerous outside partnerships, set up to keep debt off its books, which were reviewed by Andersen. In addition, it was revealed that Enron has paid no income taxes in four of the last five years, using almost 900 subsidiaries in tax-haven countries and other techniques.

A major issue brought to light b ...more