PLAY. Flashcards. This is "Enron- The Smartest Guys In The Room" by ivor cummins on Vimeo, the home for high quality videos and the people who love them. What are they hiding?-low angle of Enron building It took 16 years to go from 10 billion to 65 billion dollars worth of assets and 24 days to got back. ), Lay's theory to get real deregulation really quickly/let the market dictate prices so the best company can rise to the top, CEO of InterNorth - pipeline company in Omaha - Called John Wing and informed him of his idea of buying HNG/bad dude and also screwed over InterNorth by wanting to get bigger and more in debt, Deputy of Lay's at Florida Gas and chief strategy officer at HNG (initially) - became head of Enron International and was a "get it done type guy" who could be both nice and aggressive - FIRST PRIMA DONA - first guy to get genuinely rich and get money for a project that he developed - first guy to take advantage of Lay and the company and only say Enron as a place to get rich and peace (greatest friend and biggest enemy) - "everyone who he hired turned to be millionaire" but working for him was rough - ppl would be fired 10 times a day - never knew where they stood/finally given job as Chairman of Enron's Power Corporation, Largest pipeline company in America after merger of 2.3 B - Lay would be CEO only after 18 months of deal (ended up being much faster bc the Internorth directors said cya mike to Segnar) - Lay also converted his stock options into 3million - Lay became CEO and IN brought back Strauss only for him to leave which made Lay the chairmen as well (shortly lay takes control of board and purgers Omaha sector), Pinky's brother - Lay hired him to be a director on the board/DC lobbyist, Former pentagon official/director for HNG-IN and then Enron, First named chosen to replace HNG-IN, but wound up being a name for a canal in one's digestive system - switched it to ENRON in 1986. The Smartest Guys in the Room. Pushpak Mundhada 30 th March, 2020 Enron: The Smartest Guys in the Room Enron, once ranked as the 7 th largest company on the fortune 500 and ranked as the 6 th largest energy company in the world, on December 2 nd, 2001, filed for bankruptcy in the United States. ), Would blame everyone but himself (scrutinize media, politicians, aggressive tactics of gov), "Smart people who believed their next gamble would cover their last", Skilling (destroyed relationship, never hung out with kids, took depression pills), Homes to Exxon, Conoco, Pennzoil (had petroleum plants, gas plants, tank farms, etc.) STUDY. having or showing a cautious distrust of someone or something. Business, Economics, Movies / 8 Comments At this writing in early 2006, the principal players in the sordid drama of Enron — believed by some accusers to be the most egregious corporate malefactors in American history — are about to go on trial for pillaging their company and … Enron was an energy company based out of Texas that was formed in 1985. a slight or indirect indication or suggestion. But eventually left and provided another hole for Enron to try to cover up, Impossible to answer - it was a build up of habits and stay accumulation of pushing things to the future that lead to a spectacular collapse - Every move enron made under Skilling was to disguise the underlying economics/All of the moves though, were legal! The movie entitled “ENRON: Smartest Guys in The Room is based on a book with the same title written by Bethany Mclean and Peter Elkind. The line between who worked for Enron and who worked or LJM 2, People believed that Skilling and Fastow made a secret agreement that LJM2 could never lose money, Thought they were the beating hearts of Enron instead of Fastow's finance team/Trading profits was huge - "Zealotry to greed to arrogance to demise"/They were arrogant to all of earn/Impossible to control - "Hearding ducks" - dealing with traders - justify making money no matter what - no morales/failure of top management, The true leader of the traders - personified the traders viewed - split second trades - believed in the culture that maximized the ability of individuals to take their own his and make their own rewards/meritocracy/very smart/"people would run though walls for him" - COO IN 2000 - DAY TO DAY OVERSIGHT OF ALL ENRON'S BUSINESSES, Aided Whaley on the trading block and really had no morales-would take huge risks - was charged for white collar in Canada but got away with it, The greatest two things to traders - the culture breeded type A's - betting was everything - competition was everything/if you were "pure" it was a great compliment - economics no sense - you suck/taking huge gambles, Robot that traded autonomously and set up by Whaley/lost a million, What Skilling would say to the Street - very much a lie but to cover the fact that all they did was trade so their stock price could stay high, Looked at macro economic changes (even sent people in disguise to gather information) gave Enron traders a leg up in the market, "Created enron online" - even though the idea was made by Lou Pai most likely/brilliant innovation - but would increase capital requirements, Gave enron a ton of power in the market - only the Enron traders could see the details behind deals - made Enron part of almost 50% of all gas deals in the company - made Enron workers think they can make markets anywhere - trade hogs, grains, sugars, - BELIEVED NOTHING THEY COULD OD - MARK TO MARK EARNINGS WAS NOT CASH - no one cared. 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