[E–pub/E–book] Power Failure

  • Hardcover
  • 400
  • Power Failure
  • Mimi Swartz
  • English
  • 15 January 2020
  • 9780385507875

Mimi Swartz º 2 Read

Summary ✓ Power Failure 102 Mimi Swartz º 2 Read Characters Power Failure The late 1990s At the dawn of the new century Ken Lay’s and Jeff Skilling's faces graced the covers of business magazines and Enron’s money oiled the political machinery behind George W Bush’s election campaign But as Wall Street analysts sang Enron’s praises and its stock spiraled dizzyingly into the stratosphere the company’s leaders were madly scrambling to manufacture illusory profits hide its ballooning debt and bully Wall Street into buying its fictional accounting and off balance sheet investment vehicles The story of Enron’s fall is a morality tale writ large performed on a stage with an unforgettable array of props and side plots from parking lots overflowing with Boxsters and BMWs to hot house office affairs and executive tantrums Among the cast of characters Mimi Swartz and Sherron Watkins observe with shrewd Texas eyes and an insider’s perspective are CEO Ken Lay Enron’s “outside face” who was interested in playing diplomat and paving the road to a political career. Given that Power Failure was written with Sherron Watkins a player of sorts in the situation I expected it to have some uniue insights but to be very agenda driven While Watkins comes out of it looking good the book s strength actually turns out to be its relatively straight recounting of the events One can t pretend to be unbiased about the figures involved in the Enron scandal but Power Failure does not aggressively push any particular theory about why things went wrong compared to for example Kurt Eichenwald s Conspiracy of Fools Since it manages to that without being completely boring it s a worthwhile book to have in the mix of books about Enron

Characters Power FailurePower Failure

Summary ✓ Power Failure 102 Mimi Swartz º 2 Read Characters Power Failure “They’re still trying to hide the weenie” thought Sherron Watkins as she read a newspaper clipping about Enron two weeks before Christmas 2001 It uoted CFO Jeff McMahon addressing the company’s creditors and cautioning them against a rash judgment “Don’t assume that there is a smoking gun”Sherron knew Enron well enough to know that the company was in extreme spin modePower Failure is the electrifying behind the scenes story of the collapse of Enron the high flying gas and energy company touted as the poster child of the New Economy that in its hubris had aspired to be “The World’s Leading Company” and had briefly been the seventh largest corporation in AmericaWritten by prizewinning journalist Mimi Swartz and substantially based on the never before published revelations of former Enron vice president Sherron Watkins as well as hundreds of other interviews Power Failure shows the human face beyond the greed arrogance and raw ambition that fueled the company’s meteoric rise in. Update My wife and I just finished watching Enron The Smartest Guys in the Room an excellent documentary made in 2005 I recommend it highly especially as many of the seeds of the current economic crisis were apparent in the machinations of the Enron boys The parallels are uncannyKen Lay was the product of a very religious background in a small Midwestern town During work on his PhD in economics he became enad of the world of stocks He parlayed InterNorth a small energy company into Enron He was a rich man having made 4 million in stock value increases from the merger of Houston Gas into InterNorth later renamed Enron He was also the highest paid CEO in the United States The company s strengths were also its weakness the constant risk taking the high debt load to ward off potential takeovers impassioned embrace of deregulation constant reorganization and instant adoption of the hottest new business ideas They were soon struggling for cashIn the meantime Lay had created a new culture at Enron It was his belief that all one had to do was hire the best and the brightest provide a free environment and things would take care of themselves He also had trouble saying no to anyone He hired an old friend to be the bad guy but it soon became apparent to all that if you made money for the company you could get whatever you wantedWatkins was hailed in 2001 following the collapse of Enron as a heroine for her whistle blowing Whether her actions actually constitute that appellation is open to uestion Certainly she was an insider and her account reveals a great deal of the financial shenanigans in greater detail than the previous book I reviewed Anatomy of Greed She interacted constantly with Lay Skilling and Fastow and if she got really nervous about what she was seeing perhaps whistle blowing was just a way of protecting her posteriorWhat started out as a new paradigm a different way of delivering energy soon became a case of the blind leading the blind or a corporate version of Dumb and Dumber as the board and Enron employees began creating numerous new ways of hiding losses even making losses look like revenue It was a huge ever increasing house of cardsWatkins is an accountant and naturally had a strong sense of the financial improprieties the company had embarked upon but the impending doom she warned of in her now famous memo to Lay should have been obvious to everyone Enron s own head of research said presciently Every era gets the clowns it deservesIf they ever make a movie of this book it will have to be a comedy It is astonishing how stupid many of the best and brightest graduates of American business schools were as they bellied up to the trough of corporate greed Sherron made an attempt to meet with Ken Lay but first she had to convince his personal secretary to arrange a meeting The secretary informed Watkins that Ken gravitates toward good news It did not bode well for the meeting Another insider told her to make the presentation as simple as possible and eliminate any accounting jargon She obliged and reworked her presentation so that her two year old daughter could understand it The meeting was a flop and it was clear to her that Lay could not understand or perhaps did not want to understand a thing she was talking about Ironically Osama Bin Laden s exploits barely dented the US economy Lay s machinations and the subseuent stock free fall provided a vicious slambang

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Summary ✓ Power Failure 102 Mimi Swartz º 2 Read Characters Power Failure Than in managing Enron’s high testosterone anything goes culture; Jeff Skilling the mastermind behind Enron’s mercenary trading culture who transformed himself from a nerdy executive into the personification of millennial cool; Rebecca Mark the savvy and seductive head of Enron’s international division who was Skilling’s sole rival to take over the company; and Andy Fastow whose childish pranks early in his career gave way to something far destructive Desperate to be a player in Enron’s deal making trader oriented culture Fastow transformed Enron’s finance department into a “profit center” creating a honeycomb of financial entities to bolster Enron’s “profits” while diverting tens of millions of dollars into his own pocketsAn unprecedented chronicle of Enron’s shocking collapse Power Failure should take its place alongside the classics of previous decades – Barbarians at the Gate and Liar’s Poker – as one of the cautionary tales of our times From the Hardcover edition. As the third Enron book I have read it added little to what I already knew about the company But if this is your first book on Enron then it will reveal everything about the Houston based company and its culture In any case the book was very pleasurable It also stayed away from being too technical A Quilt Block Every Day 2016 Wall Calendar: with 366 Blocks culture; Jeff Skilling the mastermind behind Enron’s mercenary trading L'apprenti tapissier culture who transformed himself from a nerdy executive into the personification of millennial SPIDER-MAN PAR J. M. STRACZYNSKI T03 cool; Rebecca Mark the savvy and seductive head of Enron’s international division who was Skilling’s sole rival to take over the Fields of Fire (Frontlines Book 5) company; and Andy Fastow whose Quilting Block & Pattern-a-Day 2019 Calendar childish pranks early in his Tengo un Whatsapp career gave way to something far destructive Desperate to be a player in Enron’s deal making trader oriented Fullmetal Alchemist: Fullmetal Edition, Vol. 3 culture Fastow transformed Enron’s finance department into a “profit Puzzle Baron's Logic Puzzles: Hours of brain-challenging fun! center” L'Image de la cité creating a honeycomb of financial entities to bolster Enron’s “profits” while diverting tens of millions of dollars into his own pocketsAn unprecedented Dragon Soul: Cobalt Dragons Book 3 (English Edition) chronicle of Enron’s shocking The God Code:The Secret of our Past, the Promise of our Future collapse Power Failure should take its place alongside the The Columbian Exchange: Biological and Cultural Consequences of 1492, 30th Anniversary Edition classics of previous decades – Barbarians at the Gate and Liar’s Poker – as one of the Josephine A life of the Empress cautionary tales of our times From the Hardcover edition. As the third Enron book I have read it added little to what I already knew about the Spare Parts: Four Undocumented Teenagers, One Ugly Robot, and the Battle for the American Dream company But if this is your first book on Enron then it will reveal everything about the Houston based Liar's Poker: Rising Through the Wreckage on Wall Street company and its Character Is Destiny culture In any Valérian - Tome 3 - Pays sans étoiles (Le) case the book was very pleasurable It also stayed away from being too technical