Wednesday, September 29, 2010

Everything Wrong With 'Enron: The Smartest Guys In The Room'

This post, via The Enron Blog by Cara Ellison, was one that caught me by surprise. Just to give you an idea of the overall view that Cara has on Enron, here is a snippet from her 'About The Enron Blog' tab:

"Enron executives are innocent. Their company was toppled by a run on the bank, exactly like we’ve seen with Bear Stearns, IndyMac, Lehman Brothers, and other companies. There was no fraud or conspiracy at Enron."

Never thought you'd ever hear anyone say that Enron is innocent? Neither did I. But anyway, take a look at The Enron Blog's most viewed post that discusses all that Cara believes is wrong with the Enron documentary, 'The Smartest Guys in the Room'. Enjoy.

-Fraud Girl

Interesting Excerpt:
Now this guy [Jim Chanos], he’s a piece of work. He says here, “Jeff Skilling was the critical component of creating the Enron illusion.” Consider the source. Jim Chanos is a notorious short seller. In other words, he makes his money when a company’s stock declines, and he made a mudslide of money on Enron’s failure. He is the person who fed Bethany McLean the first nibblets of suspicion that Enron wasn’t as strong as it appeared because he was attacking the stock. In February 2001 he had a meeting of a group called Bears in Hibernation, a group whose agenda is exclusively devoted to deciding which stocks to attack. Enron was the stock they chose. Jim Chanos is the last person whose opinion about Enron you should take at face value. Peripherally, like Lerach, his ethics are questionable, though for different reasons: Chanos was connected to the hooker that serviced Gov. Spitzer and eventually caused his political downfall.

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