Given that the purpose of accounting analysis is to evaluate the degree to which a firm's accounting system captures its underlying economic reality, we attempt to assess the degree of distortion in Enron's reported numbers, based on our comfort level with management's choice of accounting policies and estimates. The purpose of our financial analysis is to assess the performance of the firm after its efforts to negate the effects of perceived distortions in the reported numbers. We ask, and attempt to answer, the question of whether financial analysts should have seen warning signs of Enron's collapse and should have warned investors of the firm's precarious financial situation long before the unfortunate event surprised stockholders and creditors alike.

Our detailed analyses show that from 1997 onward there was evidence of reporting and performance problems. We highlight areas of major concern about profitability and debt levels.

Although Enron management makes an abundance of information available to analysts, the language is not always clear; it is confusing even to accounting experts. The vast amount of information makes the analyst's job time consuming and tedious, yet essential information, such as separate disclosures of unrealized gains on trading activities, is not available. This does not, however, excuse analysts who overwhelmingly would not see the woods for the trees, and who continued recommending to clients that they buy or hold Enron stock.

Our investigation shows that the red flags were plentiful and that the situation was aggravated by the incidents of apparent disdain (reported in the news media) with which Enron's top management dealt with financial analysts. The results of our accounting and financial analyses raise issues about the competence, independence, and objectivity of analysts who continued to recommend this stock.

The central goal of this campaign was to influence students to think about their actions and change their behaviors to be more eco-friendly. The recycling opportunities at Cal Poly are plentiful. Students, staff, and faculty members each have two containers in their dorm room or office, one for recycling and one for trash. Trash cans and recycling bins are found side by side across the campus. The means to recycle were available, but people were not consistently using them. On a typical day trash cans were overflowing with recyclables such as soda bottles, newspapers, and plastic juice containers. Beside the full trash containers stood half-empty recycling bins. Why were students not recycling, especially when it required no extra effort? Surveys and personal interviews during the summer quarter of 2002 revealed that many students were unaware of the importance of recycling or were confused about what could be recycled. The survey results also showed that many students perceived energy and water conservation solely as a way to save money. The campaign sought to combat this lack of understanding by educating students about the importance of recycling, teaching them what could and could not be recycled, and convincing them that water and energy conservation are more than just financially motivated. By uniting the entire campus behind the "Think Before" ideas, students would not be able to ignore the message.