Enron - The Biggest Fraud in History
7,644,116
Published 2019-08-30
#enron #fraud #skilling #jeffrey
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Script by Fil Zivko
Sources:
www.cbsnews.com/news/ex-enron-ceo-gets-24-years-in…
www.reuters.com/article/us-people-skilling/former-…
www.bloomberg.com/news/articles/2019-04-08/enron-s…
www.telegraph.co.uk/business/2019/05/06/jail-enron…
www.nytimes.com/2006/07/06/business/06lay.html
www.zerohedge.com/news/2019-03-22/enron-20-jeff-sk…
edition.cnn.com/2009/LIVING/wayoflife/09/14/mf.get…
www.latimes.com/archives/la-xpm-2002-jun-18-fi-enr…
Enron the smartest guys in the room (2005)
www.wsj.com/articles/ex-enron-ceo-skilling-plots-s…
www.bloomberg.com/research/stocks/private/person.a…
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Producer: Dagogo Altraide
All Comments (21)
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Had a boss who went to work for Enron. He wanted me to join him. But Enron's policy was that you had to transfer 100% of all retirement into their retirement plan which was invested in Enron stock. I did not want to do this. I was very uncomfortable about this so I said no. Then this happened and a lot of people lost all of their retirement. One of the best decisions I ever made !!
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The biggest scam in the world is YouTube putting 3 to 4 ads in between videos.
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"He was motivated by two things, money and strippers" It's always the same with these guys
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I worked for Arthur Andersen at this time. A 100 year old accounting company with an excellent reputation was brought down by a handful of unscrupulous AA people in Houston who cooked Enron's books. Causing 25,000 plus AA employees to lose their jobs. A shame.
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Jeffrey Skilling out of prison early 2019 and starting up a new energy company backed by a former Enron executive, what a wonderful world
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The only surprising thing about the Enron scandal was that people were held accountable and jailed for it.
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A manager I knew at AT&T retired after over 30 years, took around $500,000.00 lump sum retirement, and then went to work at Enron. He was told that loyal Enron managers were expected to put their retirement funds in Enron stock, so he did, ALL of it. One year later Enron folded, and he lost ALL of his retirement money. Nice fellas those Enron upper management guys.
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I remember reading the book about Enron, and the saddest thing was a small electrical company (think it was West Virginia oil and gas) were brought out by Enron, and some of the workers had been paying into their 401's for 40 yrs, all the W Virginia shares were converted to Enron shares and they lost everything through no fault of their own
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Here's my favourite line from the movie about this. "It had taken Enron 16 years to go from $10 billion in assets to $65 billion in assets. It took them 24 days to go bankrupt."
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Fun fact: Enron is the reason that publicly traded companies are now required to 1) make all their financial statements publicly available, and 2) submit to annual audits by independent auditors (not in-house auditors). The Sarbanes-Oxley Act was a direct result of the Enron collapse and you spend a lot of time talking about it in accounting school nowadays.
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I managed to dodge two bullets over my adult life. First was to not buy any Enron stock, and second (and more recently) not buy any crypto.
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Reporter : How does Enron actually make money CEO: I don't know, talk to our accountants. How are you committing fraud and not even thinking of the most basic of coverups?
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Warren Buffet was asked one time why he never invested in Enron. "I could never figure out how they made money" was his answer. The fact that anyone would want Jeff Skilling involved in their business tells me all I need to know to stay away.
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I was in a power generation business group prior to my retirement. When the Enron guys were involved with a power purchase they came on very aggressively and confidently. It was clear that they always knew they were the smartest people on the room. My boss just refused to do business with them. He was criticized for it by some. Turns out he was right.
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It always astonishes me in these cases how many people have this idea that "if the line on the stocks goes up, it's real." It's amazing how greed takes hold and people will just invent value out of nothing if it brings them wealth, despite knowing that it's insanity to do so.
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My retirement account took a $10k hit when Enron went down. It amazes me how easy it still is to commit fraud.
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"If I could go back and redo things, I wouldn't" probably the only honest words out of Skilling's gob
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It’s amazing how little jail time these corporate thieves do yet a corner street weed dealer can get put away for life. It’s truly unbelievable
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Back then fraud was a big deal, people went to prison and lost their money and careers - it was scandalous - now it seems that it’s just part of doing business - SBF (FTX) and his cohorts happily continue living their lives like “oopsies - sorry everyone - we lost a bunch of money, we’re just kids after all - oh well, we’ll try better next time”
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I was working for Exxon-Mobile and Enron used to constantly try to recruit me. It was not unusual for someone like Duke Energy to occasionally try to throw me a bone. But Enron was all over me all the time. I was happy with my job and never took it cause they did not offer me much, just harassed me a lot. It was odd. Then about 4 years later the scandal broke.
