[J907.Ebook] Free PDF The Smartest Guys in the Room: The Amazing Rise and Scandalous Fall of Enron, by Bethany McLean
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The Smartest Guys in the Room: The Amazing Rise and Scandalous Fall of Enron, by Bethany McLean
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What went wrong with American business at the end of the 20th century? Until the spring of 2001, Enron epitomized the triumph of the New Economy. Feared by rivals, worshipped by investors, Enron seemingly could do no wrong. Its profits rose every year; its stock price surged ever upward; its leaders were hailed as visionaries. Then a young Fortune writer, Bethany McLean, wrote an article posing a simple question - how, exactly, does Enron make its money? Within a year Enron was facing humiliation and bankruptcy, the largest in US history, which caused Americans to lose faith in a system that rewarded top insiders with millions of dollars, while small investors lost everything. It was revealed that Enron was a company whose business was an illusion, an illusion that Wall Street was willing to accept even though they knew what the real truth was. This book - fully updated for the paperback - tells the extraordinary story of Enron's fall.
- Sales Rank: #2608640 in Books
- Brand: Brand: Penguin
- Published on: 2004-09-30
- Original language: English
- Number of items: 1
- Dimensions: 8.23" h x 1.18" w x 6.38" l, .77 pounds
- Binding: Paperback
- 480 pages
- Used Book in Good Condition
Amazon.com Review
Like its subject, The Smartest Guys in the Room is ambitious, grand in scope, and ruthless in its dealings. Unlike Enron, the Texas-based energy giant that has come to represent the post-millennium collapse of 1990s go-go corporate culture, it's also ultimately successful. Penned by Fortune scribes Bethany McLean and Peter Elkind, the 400-page-plus chronicle of the scandal digs deep inside the numbers while, wisely, maintaining focus on the "smart guys" deep-frying the books. The likes of paternal but disengaged CEO Ken Lay (dubbed "Kenny Boy" by George W. Bush, one of many prominent public figures with whom he rubbed shoulders), cutthroat man-behind-the-curtain Jeff Skilling, and ethically blind numbers whiz Andy Fastow vividly come to life as they make a mockery of conventional accounting practices and grow increasingly arrogant and bind to their collective hubris. They're not a likable lot, and the writers find it difficult to suppress their astonishment and revulsion with the crew who rapidly went from golden boys and girls of the financial world to pariahs when the bill finally came due. The authors' unrepressed sarcasms are more than often unnecessarily given the scope of the outrage. Enron's leading lights were or a time celebrated for their ability to concoct nearly unfathomable business schemes to hide mounting shortfalls and keeping track on their machinations can be a chore, but, by sticking hard to the story behind the fall, McLean and Elkind have reported and written the definitive account of the Enron debacle. --Steven Stolder
From Publishers Weekly
Fortune reporter McLean's article in early 2001 questioning Enron's high valuation was cited by many as an early harbinger of the company's downfall, but she refrains from tooting her own horn, admitting that the article "barely scratched the surface" of what was wrong at America's seventh-largest corporation. The story of its plunge into bankruptcy (co-written with magazine colleague Elkind) barely touches upon the personal flamboyances highlighted in earlier Enron books, focusing instead on the shady finances and the corporate culture that made them possible. Former CEO Jeff Skilling gets much of the blame for hiring people who constantly played by their own rules, creating a "deeply dysfunctional workplace" where "financial deception became almost inevitable," but specific accountability for the underhanded transactions is passed on to others, primarily chief financial officer Andrew Fastow, whose financial conflicts of interest are recounted in exacting detail. (Skilling seems to have cooperated extensively with the authors, though clearly not to universal advantage.) A companywide sense of entitlement, particularly at the top executive levels, comes under close scrutiny, although the extravagant habits of those like Ken Lay, while blatant, are presented without fanfare. The real detail is saved for transactions like the deals that led to the California energy crisis and a 1986 scandal, mirroring the problems faced a decade later, that left the company "less than worthless" until a last-minute rescue. The book's sober financial analysis supplements that of Mimi Swartz's Power Failure, while offering additional perspectives that flesh out the details of the Enron story.
Copyright 2003 Reed Business Information, Inc.
From Booklist
More than any other company, Enron has become synonymous with the outrageous levels of corporate greed and hubris that lie at the root of our economic woes. But the web of accounting procedures, puffed up-revenue, and complex derivatives trading was not a deliberate scheme to defraud investors; it happened through a pattern of activity that resulted from the obsession of keeping the stock price rising at any cost. This is the most thorough examination of Enron to date, based on hundreds of interviews and the examination of thousands of documents over a year and a half by two Fortune magazine reporters. Ultimately, this is a story about the personal shortcomings of the individual players, epitomized by Jeffery Skilling, the man who would rise briefly to CEO and then resign during the chaotic months before Enron's collapse. With a brilliant intelligence matched by an enormous ego, he could never admit, even to himself, that something was terribly wrong with the company he helped create. The Enron death spiral took on a life of its own, with many of the worst sins committed by employees who believed they were simply doing what they were told. Laying extensive groundwork, the authors ably convey the multidimensional nature of this story. David Siegfried
Copyright � American Library Association. All rights reserved
Most helpful customer reviews
1 of 1 people found the following review helpful.
Pretty Damn Good
By Robert B. Lamm
I've had this book on my shelf for about 10 years, but for some reason I'd never gotten around to reading it. Perhaps it was because I'd read Kurt Eichenwald's "Conspiracy of Fools" and may have felt that nothing could surpass that. Given the passage of time I can't say which is better, but this is an amazing book, possibly made even more amazing by the passage of time itself and the fact that I didn't replace this copy with the 10th anniversary edition.
If this had been fiction, it likely would have been criticized for lacking credibility -- how could any company become the "evil empire" that seems to have been Enron? Of course, it's not fiction, and even if one assumes that the authors may have exaggerated or left out some facts that might have made the villains look less evil, it's still a "credibly incredible" book.
The book demonstrates the authors' intelligence, diligence and writing ability. There are a few passages that one might argue are too detailed, but for the most part I felt that the detailed explanations were helpful and even if they hadn't been the book is eminently readable and compelling. If you like this sort of book, this is a must-read; even if you don't, it's pretty damn good.
0 of 0 people found the following review helpful.
Corruption & and Corruptibility
By Mr. D. H. Lipschitz
If you want an insider view of how corruption works, and how to ensure that it doesn't happen to you, read this book.
If one didn't know better, one would think one was reading a John Grisham or Clive Cussler fiction novel! I couldn't put the book down! It is fast paced, full of action and suspense, and the interrelationships between the people in the company, the bankers, the investment bankers, the traders, the SEC, the government, the press, the auditors, the analysts, are often beyond belief. So many people at so many levels were corrupted by the opportunity to make BIG money by corrupting the system, i.e. by obeying the letter of the accounting law (at least at first), rather than the ethical reasons for those laws.
The book also shows that one cannot judge a book by its cover. The analysts and auditors, who should have done their jobs, but weren't because of the lure of extremely high fees for their companies, were part of the problem. It is my firm belief that if you are an investor, you need to find your own reliable research, that you can trust, and where the researcher isn't being paid, directly or indirectly, by the company you wish to invest in. You also need to be able to read accounts, especially footnotes!
Lastly I really feel for the millions of small investors and their pension funds who invested in Enron and other similar companies. Enron directors and their top employees effectively stole $38 billion from someone. This someone ends up being millions of employees, who trust that their investments are being managed properly, but really have no idea if this is happening.
And the book shows how one can follow Generally Accepted Accounting Principles, whilst behaving completely unethically and against the spirit of the law.
I learnt so much about the system and as someone who is pro-deregulation, I now understand why 100% deregulation is not a good idea, although I would wish that the regulator remains impartial and independent, and if this is the case, who pays this person's salary?
Enjoy the read, and at least for part of it, imagine that it was John Grisham or Clive Cussler who wrote it. Well done to the authors for an incredible book.
0 of 0 people found the following review helpful.
Enron: Before the Wolf of Wall Street...If you desire to know what happened to Enron, this is The Big Enchilada!
By Hawkeye
This long read is a comprehensive history of the Enron debacle that shook the investment, accounting, and energy world at the turn of the 21st Century. It took the authors' McLean and Elkind over three years to process what had occurred at the company. This book now is updated to include the Enron trial and the death of Ken Lay. It is very interesting to view how the Harvard MBA, Jeff Skilling, impacted Enron from his "start-up" Darwinian Enron Finance and brought down the entire company.
The authors have performed an outstanding feat of investigating, uncovering, understanding and then explaining in simple terms the "Creative Accounting Practices" Fastov and colleagues conceived for "out of the box" shell games that made Enron appear to be growing. As a former Enron stock holder I am quite disturbed at this revelation for I could not detect this gaming practice by viewing their annual reports. I also learned from Chapter 18 Enron was responsible for my Blockbuster investment going south at that time.
These accounting duplicity practices were created due to the obsessiveness with Enron executives making Wall Street Quarterly estimates. The financial chicanery included: Mark to Market Accounting, revisiting contracts, delayed recording losses, tax avoidance schemes, Mariner Energy "piggy back fair" market accounting, and prepays which obtains money that gives cash flow but does not show up on the books as debt. The end result---Enron was using the value of its own stock through conflict of interest to buy hedges in outside shadow companies and limited partnerships (LP) it created. Additionally, Fastov was recruiting and coercing banks he hired for Enron to invest in these off balance sheet vehicles. Enron was finally brought down by its broadband venture EBS and through EBS and grossly outrageous accounting duplicity of Project Braveheart. They tried very hard to pump blood into this patient, but it was all for naught.
To fully understand this book one needs to read it several times along with a course of irregular accounting principles. I am also impressed at how the authors tracked the devices Enron created and the complexity of the account structures is overwhelming and difficult to track. Enron did all of this through a dizzying complex series of derivative transactions by applying the value of its own shares that had been fraudulently driven up by its executives continuous boastful arrogance. Fascinatingly complicated Enron is the biggest story of my time.
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