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by Alidaas on July 8th, 2007

Alidaas

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Can someone explain what actually happened at Enron and what was Enron all about?

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  • by Old School on September 21st, 2007

    Old School

    Yes, I can give you a "Reader's Digest" summary.

    Enron started out as a company that owned natural gas pipelines and gas storage facilities.

    Under the direction of Ken Lay and Jeff Skilling, they branched out into a variety of other businesses.

    To do this, they had to borrow huge amounts of money (about $40 billion in total). Most of this money was squandered on poor businesses that did not generate enough cash to pay back the debt.

    Enron was able to hide this behavior from most of the world by a variety of illegal and unethical behaviors. In particular, they took advantage of accounting rules to hide debt from public scrutiny by assigning it to 'special purpose entities' that were 97% owned by Enron.

    There are several excellent books about the company. In order of increasing technical complexity.....

    http://www.amazon.com/Pipe-Dreams-Greed-Death-Enron/dp/1586482017/

    http://www.amazon.com/Conspiracy-Fools-Story-Kurt-Eichenwald/dp/0767911792/

    http://www.amazon.com/Smartest-Guys-Room-Amazing-Scandalous/dp/1591840082/

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