Pipe Dreams; Greed, Ego and the Death of Enron by Robert Bryce

By Robert Bryce

After the stunning cave in of Enron in fall, 2001 got here an both surprising sequence of disclosures approximately how America's seventh-largest corporation had destroyed itself. there have been unethical offers, offshore debts, and accounting irregularities. there have been Wall road analysts who appeared to were asleep at the activity. there have been the lies best executives advised so they may well line their very own wallet whereas staff and shareholders misplaced billions.

yet finally those disclosures, the query continues to be: Why? Why did a thriving, cutting edge corporation with rock-solid money movement and trustworthy profits abruptly flame out in a maelstrom of corruption, fraud and skulduggery? the reply, Texas company journalist Robert Bryce finds during this incisive and unique booklet, is that undesirable company practices start with humans. Pipe goals lines Enron's awesome transformation from a small nearby fuel pipeline corporation into an power Goliath...and then tracks step by step, enterprise choice through company selection, extra-marital affair via extra-marital affair, how, while and why the tradition of Enron started to move rotten, and who was once accountable.

the tale of Enron's fall is not just a narrative approximately accounting techniques; it is a tale approximately humans. Bryce tells that tale with all of the character, ardour, humor, and within dope you would desire for, and the result's an un-putdownable learn within the culture of Barbarians on the Gate and The Predators' Ball.

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Extra resources for Pipe Dreams; Greed, Ego and the Death of Enron

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A Wall Street analyst said the sexual shenanigans of the top executives could not be discounted. It was well known that Enron president Jeff Skilling had cheated on his wife for years before divorcing her. Other top execs, including Ken Lay, Ken Rice, Lou Pai, and others, had also been involved in adulterous affairs. That raised a red flag among some observers on Wall Street, particularly those who loathed Skilling and his arrogance. "If character has become an issue, then these are important notes to make about a man.

Those questions sent me in search of people with insight, people who could answer those questions. One of my most instructive discussions was with a former Enron employee. I'll call him Joe. We'd met through mutual acquaintances and via a series of e-mails had agreed to meet at a dumpy central Houston saloon he selected. He drank beer. I drank Sprite. He had worked on some international energy projects for Enron in the Far East, then worked for a short while at Enron Broadband Services. He'd left the company in mid-zooo, apparently because he'd made enough money so he didn't need to work anymore.

And by an accident of geography, the magnificent home he built—and died in—is in Enron's neighborhood. Ken Lay's old office on the fiftieth floor of Enron's oval glass skyscraper in downtown Houston is less than five minutes by foot from the Kirby Mansion. Six blocks south of Enron, past the YMCA, past the world headquarters for Continental Airlines, and a few steps past the noisy Interstate 45 overpass sits Kirby's home, 2000 Smith Street, one of the oldest and most beautiful houses in Houston.

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