enron the smartest guys in the room book

Meaning they created OFF BALANCE SHEET vehicles that were filled with the debt of deals that Enron made.oh, and there were plenty! They then found investors to back buy the packages above Raptors, etc. Basically, Fastow and his henchman securitized the debt.

I'm not an accountant, so this chapter and how Fastow, Kopper, and Gilsan engineered this was mind numbing! However, after rereading this chapter and other chapter discussions I can parallel what and how when I compare it to the Mortgage Backed Security Meltdown in 2008. When that chapter rolls around you will learn about the SPE's, JEDI, CaLPERS, LJM, LJM1, LJM2, LJM3, Raptors, and more. You will learn in detail how the DEBT some $38 billion was hidden from Income Statements. The authors do a great job of outlining all the players (Lay, Skilling, Fastow, Mark, Whalley, Rice, Kopper, and more) with their bios, which helps the reader SEE WHY these individuals took the actions they did. Bottom line: Greed! From Everyone- Leadership, Executives, Bankers, Lawyers, Accountants. This story is really mind numbing! I cringed with every chapter on how in the world they (leadership, executives) could get away with what they did. To learn more about how and for what purposes Amazon uses personal information (such as Amazon Store order history), please visit our Privacy Notice.įirst, let me add that I knew about the Enron debacle, and I watched the video. You can change your choices at any time by visiting Cookie Preferences, as described in the Cookie Notice. Click ‘Customise Cookies’ to decline these cookies, make more detailed choices, or learn more. Third parties use cookies for their purposes of displaying and measuring personalised ads, generating audience insights, and developing and improving products. This includes using first- and third-party cookies, which store or access standard device information such as a unique identifier. If you agree, we’ll also use cookies to complement your shopping experience across the Amazon stores as described in our Cookie Notice. We also use these cookies to understand how customers use our services (for example, by measuring site visits) so we can make improvements. We use cookies and similar tools that are necessary to enable you to make purchases, to enhance your shopping experiences and to provide our services, as detailed in our Cookie Notice.

Enron the smartest guys in the room book