8/16/2019 Tema _Enron
1/1
! #$%&'( )*+( *, -,. /* 0+*1,.&+(* 23+$3
"# $%&'( )*(+'&(*,+),% %+ -,,( -, &*%.,'), '%)/()%(
0%+(+-%(*( *,(1( 2 34+5/-,*,(
-46&(+%,% ( (1,' '( 0414',('-( 5%0,*%), ),7+-% '% 6,)45,
-4+)(8%1, &,+)*/ ( -*,,(
%+.,')%)4*%14* %6(9%+,( /+4* )*(+:(-)%% &*40%)(8%1, ; '% (
/+4* (0(-,*% -(*, (5/-
&*40%) *,(1 2 346&(+%( *(&4*)( (+/(1 &*40%)/*%
%6,',; &*%+ (-,'), 6,)45, -(*,
%+-(1-(/ &*%+-%&%% 5, 8(:( (1, -4+)(8%1%)()%% ;%+ ',+'/1
-( ,*(/ %+*,9%')*(), .,+%)/*%
&4'%8%1, .%%)4(*, < -(*, +/ (=/+9,(/ '( ', 6(),*%(1%:,:,
# '% +/ .,+%)/*%1, ,0,-)%.
48)%+/),2 >+ *,(1%)(), %+.,')%)%%1, -46&(+%,% +/ ,*(/
5,14- &*40%)(8%1, ; ,1,
%+*,9%')*(+5 &%,*5,*% -414'(1, -(*, ,*(/ 6/'(6(1%:(),
+,0%%+5 &*,:,+)(), %+
'%)/()%%1, 0%+(+-%(*, (1, -46&(+%,% 2
?# @*44A,*%% ,*(/ %+-/*(=()% B&(*%,:, B '/6, -() 6(% 6(*%
5,4(*,-, ,C%')(
&4'%8%1%)(),( 48)%+,*%% /+4* -(')%9/*% 6/1) 6(% 6(*% -7%(*
5(-( (-,'),( %6&1%-(/
*%'-/*% /*%(', 2
D# 34+5/-,*,( -46&(+%,% )*,-,( -/ .,5,*,( 0/*)/*%1,
(+9(=()%14* ; '% +/ &/+,(
(--,+) &, 64*(1%)(),2 E-,')% (+9(=()% 0%%+5 %+ -4+)%+/(*,
(--,&)()% %+ -(5*/1
-46&(+%,% 54(* &,+)*/ -( (5/-,(/ .,+%)/*% %(* 0(&)/1
-( %'% 4&*,(/ &,+)*/ ,% 4
&(*), 5%+ (-,'), .,+%)/*% 5, 5*,&) (1, %+.,')%4*%14* +/
,*( 4 &*481,6( ; -() )%6&
(=/)(/ 1( 6,+)%+,*,( %6(9%+%% /+,% -46&(+%% -/ 4 -*,'),*,
')(8%1( '% '/'),+(8%1(2
F# G*(5/1 5, %+5()4*(*, *%5%-() (1 -46&(+%,% ; -(*, ( 04')
)%+/) ('-/+' 2 346&(+%(
( *,(1%:() %6&*/6/)/*% 8(+-(*, 5, 6%1%(*5, 5, 541(*% ; 0%,
5%*,-) 0%, &*%+ '4-%,)()%
'&,-%(1 -*,(), %+ (-,') '-4&; -(*, (/ 04') %+.,')%)% %+
(-)%., +,&*40%)(8%1, '%+9/*/1
'-4& (1 -46&(+%,% 0%%+5 (-,1( 5, ( 6,+)%+, 4 -4)()%,
*%5%-()( ( (-)%/+%14* '(1,2
H# >+-,*-(*,( 5, ( 6(+%&/1( &%()( ,+,*9,)%-( 5%+
3(1%04*+%( ; &,+)*/ 48)%+,*,(
/+4* &*40%)/*% 5%+ )*(+:(-)%4+(*,( &, (-,(')( &%()(
2 346&(+%( ( 5,),*6%+() %+*,&,)(*, *(+5/*% '-(5,*,(
&*45/-)%,% 5, ,+,*9%, ,1,-*%-( %+ -(1%04*+%( &,+)*/ (
&*40%)( 5, &, /*6( -*,'),*%% &*,)/1/% ,+,*9%,% ;
&, -(*, (-,')%( 4 )*(+:(-)%+(/ 1(
.(14*% 5, I 4*% 6(% 6(*, 5,-() -,1, *,(1,2 E-,'), &*,)/*%
-(*, (0,-)(/ %+ 645
5%*,-) &4&/1()%( ; &*,-/6 '% &*,'/&/',1,
%6&1%-()%% &41%)%-, (/ ()*(' (),+)%(
('/&*( -46&(+%,% 2
