Enron would become a kind of stock market for natural gas ... Transform energy into financial instruments that could be traded like stocks and bonds. ibid.
Market to market accounting allowed Enron to book future potential profits on the very day the deal was signed. ibid.
‘The insiders had sold off a billion dollars of their stock in the preceding several months.’ ibid. Bill Lerach, attorney for shareholders
Though Lou Pai flew away from Enron with $250 million the divisions he left behind lost a total of nearly $1 billion but Enron managed to disguise that fact. ibid.
Enron mounted a campaign to capture the hearts and minds of stock analysts. ibid.
The game was called Pump and Dump. Top execs would push the stock price up and then cash in their multi-million dollar options. ibid.
Enron had vast natural gas operations all over the world. They had cost billions to build and most were performing terribly. ibid.
The analysts weren’t analysing at all; they were willing to believe virtually anything Enron told them. ibid.
‘Enron has created the market to buy and sell bandwidth like a commodity. Ask why.’ ibid. Enron advert
Enron’s stock soared 34% in two days. ibid.
When Enron announced its latest plan to trade weather, people wondered whether it was good science or science fiction. ibid.
[Andrew] Fastow had to figure out a way to keep the stock price up by hiding the fact that Enron was $30 billion in debt. ibid.
Traders soon discovered that by shutting down power plants they could create artificial shortages that would push prices even higher. ibid.
The year-long energy crisis would cost the state of California $30 billion. ibid.
Ken Lay did have easy access to the Bush administration. ibid.
Jeff Skilling abruptly resigns. ibid.
The SEC launched an investigation when the Wall Street Journal published articles revealing Fastow’s murky deals. Enron announced massive financial restatements. ibid.
Enron’s accounting firm Arthur Anderson had begun destroying its Enron files. On October 23rd Anderson shredded more than one ton of paper. ibid.
Enron declared bankruptcy. ibid.
What I loathe is the multinational conglomerates who must take responsibility for the degradation and pollution of so much of our landscape with their factory farming and greed. Fay Godwin
The grabbing hands grab all that they can
All for themselves, after all
It’s a competitive world,
Everything counts in large amounts. Depeche Mode, Everything Counts
This Government seems to think that the only thing that can possibly motivate people is greed. And if not greed, then fear. The concept of pride in public service for its own sake is utterly beyond the understanding of this Tory government. But we know there is a different set of values. John Smith