Pipe Dreams: Greed, Ego, and the Death of Enron / Edition 1

Pipe Dreams: Greed, Ego, and the Death of Enron / Edition 1

by Robert Bryce
     
 

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ISBN-10: 1586482017

ISBN-13: 9781586482015

Pub. Date: 01/08/2004

Publisher: PublicAffairs

After the shocking collapse of Enron in fall, 2001 came an equally shocking series of disclosures about how America's seventh-largest company had destroyed itself. There were unethical deals, offshore accounts, and accounting irregularities. There were Wall Street analysts who seemed to have been asleep on the job. There were the lies top executives told so that

Overview

After the shocking collapse of Enron in fall, 2001 came an equally shocking series of disclosures about how America's seventh-largest company had destroyed itself. There were unethical deals, offshore accounts, and accounting irregularities. There were Wall Street analysts who seemed to have been asleep on the job. There were the lies top executives told so that they could line their own pockets while workers and shareholders lost billions.

But after all these disclosures, the question remains: Why? Why did a thriving, innovative company with rock-solid cash flow and reliable earnings suddenly flame out in a maelstrom of corruption, fraud and skulduggery? The answer, Texas business journalist Robert Bryce reveals in this incisive and entertaining book, is that bad business practices begin with human beings. Pipe Dreams traces Enron's astounding transformation from a small regional gas pipeline company into an energy Goliath...and then tracks step-by-step, business decision by business decision, extra-marital affair by extra-marital affair, how, when and why the culture of Enron began to go rotten, and who was responsible.

The story of Enron's fall isn't just a story about accounting procedures; it's a story about people. Bryce tells that story with all the personality, passion, humor, and inside dope you'd hope for, and the result is an un-putdownable read in the tradition of Barbarians at the Gate and The Predators' Ball.

Product Details

ISBN-13:
9781586482015
Publisher:
PublicAffairs
Publication date:
01/08/2004
Edition description:
Reprint
Pages:
440
Sales rank:
1,195,796
Product dimensions:
0.98(w) x 5.50(h) x 8.50(d)

Table of Contents

Author's NoteXI
IntroductionXV
1The Job Fair1
2John Henry Kirby and the Roots of Enron13
3Buy or Be Bought24
4The Merger31
5The Lays Move to River Oaks34
6The Valhalla Fiasco37
7"The Smartest Son of a Bitch I've Ever Met"44
8Banking on the Gas Bank52
9Mark-to-Market Account-a-Rama60
10Enron Goes International: Teesside69
11The Big Shot Buying Binge76
12"Kenny Boy"85
13The Dabhol Debacle93
14OPIC: Sweet Subsidies104
15A Kinder, Gentler Enron111
16The Reign of Skilling120
17"A Pit of Vipers"126
18Cash Flow Problems, Part I132
19Chewco: The 3-Percent Solution137
20Sexcapades144
21The Family Lay149
22LJM1155
23Buying Off the Board161
24The Deal Diva169
25Enron's Waterworld175
26Hyping the Bandwidth Bubble190
27Andy Fastow Arrives...in River Oaks199
28Strippers and Stock Options205
29Casino Enron: Cash Flow Problems, Part 2215
30LJM2223
31The Big Five Versus the SEC232
32Derivatives Hocus-Pocus240
33Ken Rice: Missing in Action245
34Analysts Who Think249
35Air Enron257
36Skilling Says a Bad Word267
37George W. to the Rescue, Part 1270
38Broadband Blues275
39Sleepless in Houston: Cash Flow Problems, Part 3284
40Sherron Watkins Saves Her Own Ass293
41George W. to the Rescue, Part 2300
42You Gotta Have Art305
43Revenge of the Raptors309
44"An Outstanding Job as CFO"313
45Fastow Goes Bye-Bye318
46Posh PJ's321
47Greenspan Gets the Enron Prize323
48One Restatement Too Many328
49The Downgrade334
50The Bankruptcy339
51Epilogue: "Salvation Armani"343
Notes363
Bibliography375
Index379

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