Created on Friday, 17 April 2009 20:51

Created on Wednesday, 25 March 2009 18:44

The meteoric rise and stunning collapse of Enron caused many to question, why the corporate oversight system that was supposed to protect investors failed to sound any alarms about the company’s dubious finances.

But Enron and Arthur Andersen turn out to be merely the tip of the iceberg. In the 1990s, more than 700 U.S. companies were forced to correct misleading financial statements as a result of accounting failures, lapses and outright fraud. Together with Enron — the largest corporate bankruptcy in U.S. history — these failures have cost investors an estimated $200 billion.

Created on Thursday, 16 April 2009 19:49

Enron went from being the seventh largest US company to bankruptcy in less than a year and this is the story of the downfall. All major players are put under a magnifying glass – Ken Lay (with Falwellesque rectitude), Jeff Skilling (he of big ideas), Lou Pai (gone with $250 M) and Andy Fastow (the dark prince). 

Along the way we watch Enron game California's deregulated electricity market, get a free pass from Arthur Andersen (which okays the dubious mark-to-market accounting), use greed to manipulate banks and brokerages (Merrill Lynch fires the analyst who questions Enron's rise) and we hear from both former Presidents Bush "what great guys they are".

Created on Thursday, 16 April 2009 21:41