Enron was a $100-billion-a-year company in October 2001--America's seventh-largest. The Houston-based energy firm enjoyed warm ties with newly installed President George W. Bush. Earnings were up 26 percent from the previous quarter,while
Tags: Conspiracy of Fools by Kurt Eichenwald Free download, epub, docs, New York Times, ppt, audio books, Bloomberg, #NYT, books to read, good books to read, cheap books, good books, online books, books online, book reviews, read booksonline, books to read online, online library, greatbooks to read, best books to read, top books to read Conspiracy of Fools by Kurt Eichenwald books to read online. Mar 17, 2011 Conspiracy of Fools (4760).pdf download at 2shared. Click on document Conspiracy of Fools (4760).pdf to start downloading. 2shared - Online file upload - unlimited free web space. File sharing network. File upload progressor. 6711915 documents available.Fortune magazine had named Enron the country's most innovative company six years in a row. Less than two months later, Enron filed for bankruptcy in the biggest corporate failure in history. Enron became synonymous with thegreed and fraud of the go-go high-tech stock bubble of the late 1990s--the worst of a series of spectacular corporate collapses that also took down WorldCom, Tyco, and Global Crossing.
What went wrong? Veteran New York Times financial journalist Kurt Eichenwald does an epic job of telling Enron's story in his 742-page tome Conspiracy of Fools. Eichenwald, a finalist for the Pulitzer Prize in 2000, alsoauthored The Informant, an acclaimed account of a vast international price-fixing scandal at Archer Daniels Midland. Conspiracy of Fools tells the Enron tale with a cinematic narrative style, relying almost exclusively onscene and dialogue to bring his account to vivid life. We see how federal regulators opened the doors for the Enron fraud early on when they let the company loosen up its accounting rules and essentially cook its books. We read howEnron bullied Wall Street firms into issuing favorable reports about its share price by threatening to take away lucrative banking fees. Eichenwald also reveals how Enron manipulated electricity prices during the California energycrisis of 2000. Eichenwald's book is less successful in situating the Enron debacle in its wider context--the cycle of market speculation that reached a historic summit in the dot-com bubble. Was Enron just a cautionary sign of thegreed and lack of ethics of a few bad apples, or was it more symptomatic of an entire market system? That may be a debate for another book. --Alex Roslin
Conspiracy of Fools by Kurt Eichenwald
This book gives sobering data, while reading like a best-selling mystery--a bona fide page-turner.
The book is particularly relevant when we put the story of Enron into perspective: Geo. W. Bush's longtime personal friendship with Enron head Ken Lay; Bush's own businesses in the 1980s--Arbusto and Spectrum 7--also collapsing shortlyafter HE sold out his personal stock; numerous other financial giants coincident with Enron (eg., Arthur Anderson, Tyco, Worldcom, etc.) demonstrating the same fiscal irresponsibility; this pattern repeated in the recent (2008) BearStearns debacle.
Do you want to know HOW greed and corruption flourish (one assumes you already know WHY)? This book gives a detailed view of the process. I was continually astonished as I read. But then, I always am. (People sometimes accuse me ofbeing cynical, but I can honestly reply every time: 'To the contrary--I'm constantly amazed!')
A great companion book to Pigs at the Trough How Corporate Greed and Political Corruption Are Undermining America. We can't say we weren't told..
Would YOU like to cause the biggest bankruptcy in American history? Sure you would! Well, Enron has already gone kablooey, losing billions of dollars, throwing more than 20,000 people out of work, and contributing to at least onesuicide. But you can use the Enron approach to management at your company by following these easy rules.
* Don't keep track of how much money is coming in.
* Don't keep track of when your bills are due. Petty details are boooooriiiiing.
* Reward people for getting a deal done.
* Don't reward people for getting a power plant built or for doing anything else that leads to actual, physical changes in the real world. Focus on the numbers that are on the paper.
* When you make a deal, take credit for all the earnings that year, even if the deal is supposed to last 20 years.
* When the deals don't make as much money as you thought they would, make secret deals to pump up the balance sheet and keep the stock price high.
* Don't reward people for controlling costs.
* Don't reward people for doing stuff like buying insurance for the company. A monkey could do that.
* For key positions, hire underqualified, incompetent people, plus a few thieves. Trust them.
* When someone asks you to sign a document, if other board members have already signed, don't bother to look too closely into what you are signing. You can trust the others.
* Leave $10 million in checks lying around uncashed. You're at a Fortune 50 company, so don't sweat the small stuff.
* When an accountant from an outside firm tries to find out specific information about your deals and about how the company works, complain to that person's supervisor that the person is 'too rules-oriented' and 'uncreative.' Threatento take your business elsewhere unless that specific person is reassigned.
* When reporters begin investigating your company, say, 'I don't care what you say about the company. Just don't make me look bad.'
* Spend your time flying around the world in a corporate jet, shaking hands with presidents and business leaders.
P.S. This book is soon to be made into a movie starring Leonardo DiCaprio.
Conspiracy of Fools is the fourth Enron-related tale I've read (Smartest Guys in the Room, Enron: The Rise and Fall, and Anatomy of Greed being the other three). In it, Eichenwald does a decent job of combining the best of the threeothers, as if he poached some from each. Conspiracy reads as a novel, combining facts and details with (presumably) fictional conversations. The sometimes outrageous discussions between characters left me feeling that Eichenwaldembellished a little too much, and at 600+ pages, the embellishment could be great. He often leaves out the nitty gritty details best described by Smartest Guys in the Room, and relies too much on dramatics, like in Anatomy of Greed.And unlike Smartest Guys (by far the most well written and complete chronicle of the rise and fall of Enron), Eichenwald has a definite bent to his story, almost insisting that Andrew Fastow was entirely to blame, while painting JeffSkilling as a basket case whose emotional baggage blinded him to any wrongdoing, and Ken Lay as a social and political juggernaut with blinders on. Other former Enron executives, like Richard Causey and Rick Buy, take far too littleblame for their roles in the special purpose entities that ultimately drove Enron under. Conspiracy of Fools is a fairly entertaining, however one-sided it may be, read despite dragging on..and on..and on. Smartest Guys in the Room,and the documentary based on the book, are much more highly recommended.
Tags: Conspiracy of Fools by Kurt Eichenwald Free download, epub, docs, New York Times, ppt, audio books, Bloomberg, #NYT, books to read, good books to read, cheap books, good books, online books, books online, book reviews, read booksonline, books to read online, online library, greatbooks to read, best books to read, top books to read Conspiracy of Fools by Kurt Eichenwald books to read online.2005-03-19T19:59:18-05:00https://images.c-span.org/Files/46f/185977-m.jpgMr. Eichenwald talked about his book Conspiracy of Fools: A True Story, published by Broadway Books. It tells the story of the events leading up to and following the collapse of former energy giant Enron, and details the day to day actions of the principle players. The author also explained the roles former chairman Kenneth Lay, former CEO Jeffrey Skilling, and former CFO Andrew Fastow each played during the corporation’s misrepresentation of its financial situation. Following his remarks he answered questions from the audience.
Mr. Eichenwald talked about his book Conspiracy of Fools: A True Story, published by Broadway Books. It tells the story of the events leading up… read more
Mr. Eichenwald talked about his book Conspiracy of Fools: A True Story, published by Broadway Books. It tells the story of the events leading up to and following the collapse of former energy giant Enron, and details the day to day actions of the principle players. The author also explained the roles former chairman Kenneth Lay, former CEO Jeffrey Skilling, and former CFO Andrew Fastow each played during the corporation’s misrepresentation of its financial situation. Following his remarks he answered questions from the audience. closeReport Video Issue
*This text was compiled from uncorrected Closed Captioning.
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