Enron: The Rise and Fall

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John Wiley & Sons, Jan 30, 2004 - Business & Economics - 384 pages
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"I'd say you were a carnival barker, except that wouldn't be fairtocarnival barkers. A carnie will at least tell you up front thathe's running a shell game. You, Mr. Lay, were running whatpurported to be the seventh largest corporation inAmerica."-Senator Peter Fitzgerald (R-IL) to Enron CEO Kenneth Lay,Senate Commerce Science & Transportation's Subcommittee,Hearing on Enron, 2/12/02
The speed of Enron's rise and fall is truly astonishing and perhapsthe single most important story of corporate failure in thetwenty-first century. In Enron investigative journalist Loren Foxpromises readers nothing short of the most compelling andinsightful investigation into Enron's meteoric ascent-regarded byWall Street and the media as the epitome of innovation-and itsspectacular fall from grace. In a lively and authoritative manner,Fox discusses how the biggest corporate bankruptcy in Americanbusiness history happened, why for so long no one (except for anenlightened few) saw it coming, and what its impact will be onfinancial markets, the U.S. economy, U.S. energy policy, and thepublic for years to come. With access to many company insiders,Fox's intriguing account of this corporate debacle also provides anoverview of the corporate culture and business model that led toEnron's high-flying success and disastrous failure. The story ofEnron is one that will reverberate in global financial and energymarkets as well as in criminal and civil courts for years to come.Rife with all the elements of a classic thriller-scandal, dishonestaccounting, personal greed, questionable campaign contributions,suicide-Enron captures the essence of a company that went too fartoo fast.
 

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Contents

1 Pipeline to Profit
1
2 Where the Money Is
22
3 Major Ambition
43
4 Electrifying Opportunity
59
5 Culture of Creativity?
77
6 The Energy Buffet
98
7 Taking the Plunge
122
8 Enron Gets Wired
143
11 Power Overload
221
12 Downward Spiral
247
13 Racing the Clock
267
14 Endgame
286
Epilogue
307
Authors Note
314
Notes
315
Index
357

9 Power and Glory
170
10 California Dreamin
196

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Page xix - Is there a way our accounting guru's can unwind these deals now? 1 have thought and thought about how to do this, but I keep bumping into one big problem - we booked the Condor and Raptor deals in 1999 and 2000. we enjoyed a wonderfully high stock...
Page xix - Raptor deals in 1999 and 2000, we enjoyed a wonderfully high stock price, many executives sold stock, we then try and reverse or fix the deals in 2001 and it's a bit like robbing the bank in one year and trying to pay it back 2 years later.
Page xix - I think that the valuation issues can be fixed and reported with other goodwill write-downs to occur in 2002. How do we fix the Raptor and Condor deals? They unwind in 2002 and 2003, we will have to pony up Enron stock and that won't go unnoticed.

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About the author (2004)

LOREN FOX is a former senior editor at Business 2.0, the award-winning business magazine, and a leading authority on business strategy. Previously, Fox was finance editor of Upside magazine. He also spent five and one-half years as editor and reporter for Dow Jones News Service, where he covered the energy industry and Enron. His work has appeared in The Wall Street Journal, Barron’s, Salon.com, and other media.

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