Enron: The Rise and Fall
"I'd say you were a carnival barker, except that wouldn't be fair tocarnival barkers. A carnie will at least tell you up front that he's running a shell game. You, Mr. Lay, were running what purported to be the seventh largest corporation in America."-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 perhaps the single most important story...
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"The Enron story, with all its moving parts, is a tale of genuine achievement, but also of arrogance, ambition, and deceit. It's the story of how so many people and agencies missed the cracks in Enron's facade, in part because the system was set up that way. In short, it's the story of how American capitalism worked at the close of the 20th century."-Excerpt from the bookIn the high-stakes casino that is the global energy market, Enron was the House. Its power was unrivaled, its reputation for innovation unquestioned, and its future as dynamic as the markets it dominated-until October 2001, when Enron began an implosion that ended in the most dramatic bankruptcy in U.S. history.Enron: The Rise and Fall is the first behind-the-scenes recounting of the day-to-day machinations that gave Enron its power and fueled its demise. Both an in-depth exploration of what actually happened behind the walls of Enron and a candid examination of the flaws in Enron's business plan and corporate culture, this unauthorized corporate biography paints a vivid portrait of what happens when a company is allowed-in fact, openly encouraged-to live far beyond its means.From the powerful executives whose hubris virtually guaranteed Enron's demise to the regulators and Wall Street professionals who turned a blind eye to Enron's excesses and red flags, seasoned business reporter and energy industry expert Loren Fox explains how Enron's bankruptcy happened, why so few saw it coming, and what its long-term impact will be. Interviews with former Enron insiders combine with information from public records and documents to discuss:* Enron executives' unprecedented access to the White House-and George W. Bush himself* Enron's instrumental role in precipitating California's electricity crisis* Fateful-and fatal-decisions made by auditing icon Arthur Andersen* Lessons managers in every industry can learn from the Enron debacleEnron: The Rise and Fall is a revealing portrait of the rewards that come from true innovation, and the disasters that can occur when that innovation is accompanied by unfettered recklessness and greed. As well researched as any investigative report and as entertaining as the latest Hollywood release, it provides a rarely seen glimpse into America's corridors of power-and depicts the ultimate example of how corporate responsibility failed investors.
\ 1\ PIPELINE TO PROFIT
PrefacevTime Linevii1Pipeline to Profit12Where the Money Is223Major Ambition434Electrifying Opportunity595Culture of Creativity?776The Energy Buffet987Taking the Plunge1228Enron Gets Wired1439Power and Glory17010California Dreamin'19611Power Overload22112Downward Spiral24713Racing the Clock26714Endgame286Epilogue307Author's Note314Notes315Index357
\ From Barnes & NobleLoren Fox's in-depth investigation into the American tragedy known as Enron takes us from the company's humble beginnings through its meteoric ascent and into its accounting abyss. This chronicle is not without moments of high irony. Fox relates with obvious relish, for instance, Wall Street's and the media's praise of industry frontrunner Enron as the epitome of innovation. Both anecdotal and analytical, Enron: The Rise and Fall is a cautionary yet thoroughly entertaining tale.\ \
