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The real detail is saved for transactions like the deals that led to the California energy crisis and a 1986 scandal, mirroring the problems faced a decade later, that left the company "less than worthless" until a last-minute rescue. (Skilling seems to have cooperated extensively with the authors, though clearly not to universal advantage.) A companywide sense of entitlement, particularly at the top executive levels, comes under close scrutiny, although the extravagant habits of those like Ken Lay, while blatant, are presented without fanfare. Former CEO Jeff Skilling gets much of the blame for hiring people who constantly played by their own rules, creating a "deeply dysfunctional workplace" where "financial deception became almost inevitable," but specific accountability for the underhanded transactions is passed on to others, primarily chief financial officer Andrew Fastow, whose financial conflicts of interest are recounted in exacting detail. The tenth-anniversary edition of the definitive account of the Enron scandal, updated with a new chapter The Enron scandal brought down one of the most admired companies of the 1990s. &0183 &32 Enron: The Smartest Guys in the Room is available with a library card or university login on Kanopy and for rent for a small fee on various streaming platforms. The story of its plunge into bankruptcy (co-written with magazine colleague Elkind) barely touches upon the personal flamboyances highlighted in earlier Enron books, focusing instead on the shady finances and the corporate culture that made them possible. This is 'Enron Documentary - The Smartest Guys in the Room' by Bruce Gordon on Vimeo, the home for high quality videos and the people who love them.
#Enron the smartest guys in the room series
When all of the lineman’s buddies were throwing their entire 401k into the company stock, its no surprise that an uneducated investor followed the crowd - and got burned.Fortune reporter McLean's article in early 2001 questioning Enron's high valuation was cited by many as an early harbinger of the company's downfall, but she refrains from tooting her own horn, admitting that the article "barely scratched the surface" of what was wrong at America's seventh-largest corporation. Enron: The Smartest Guys in the Room JanuIn the documentary Enron: The Smartest Guys in the Room, Jeff Skilling, Ken Lay and other executives of Enron combined a series of unconventional and unethical business and accounting practices to inflate Enron’s worth and supposed revenues to an exaggerated amount throughout the 90’s.
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We live in a world with almost zero financial education. If something seems too good to be true, it is.īut at the same time, I can’t help but feel sorry for the guy. That’s why I think empowering people to make smart financial choices is crucial. Yes, the lineman’s 401k allocation is his own responsibility.
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By the time the company collapsed, his 401k dwindled to $1,200. Americas most innovative company (per Fortune), Enron was created. At its peak, his 401k was worth more than $300,000. Biography, Documentary, History 1h 47m 2005. Two weeks later, Merrill Lynch allegedly received two deals from Enron worth $50 million dollars.Īt other times, the documentary made me sad, particularly when the filmmakers interviewed an electrical lineman - a guy who hangs power lines - who placed his entire 401k in Enron stock. Merrill Lynch fired the analyst, according to the film. The film discussed one Merrill Lynch analyst who publicly questioned the “strong buy” recommendation that every other analyst was issuing.