The movie as well as ENRON and key players are covered well in Wikipedia. Many pension funds lost vast amounts of money when Enron collapsed, and many Enron employees and former employees lost their retirement savings which were invested in Enron stock. The scandal also dragged down the Arthur Anderson accounting firm. Many people lost their jobs when Enron went bankrupt. There were real consequences of that corruption. Essentially, Enron extorted vast amounts of money from electricity customers in California to improve the bottom line. streaming cb01 Enron: The Smartest Guys in the Room (2005) : altadefinizione A documentary about the Enron corporation, its faulty and corrupt business practices, and how they led to its fall. One interesting segment of the movie covers the use of blatant manipulation of the electricity market to blackmail utilities and the state of California. Visionary in the late 1980s - saw the ways natural gas business molded other commodity business - helped revolutionize entire gas industry/'smartest man I ever met' - process info very fast/Blindspots - management behavior was appalling/thought people always act rationally/'designer of ditches' - thought he was the 'smartest guy in the room' - gambler - most dangerous blind spot/Workaholic. The press believed the hype about Enron's supposed new business model. Government regulators were more concerned with supporting a dynamic business that they failed to look at it critically. The film, based on the book by Fortune Magazine reporters Bethany McLean and Peter Elkind, opens with a reenactment of the suicide of Enron executive Cliff. Outside accountants were making so much money as consultants that they were apparently willing to overlook glaring problems. Based on the book by Fortune Magazine reporters Bethany McLean and Peter Elkind, the film explores the lengths to which the company went in order to appear incredibly profitable, and reveals how Lay, Skilling, and other execs managed to keep their riches, while thousands of lower-level employees saw their loyalty. The officers and the board failed to guarantee sound business practices because they were corrupt or deluded. Alex Gibney examines the rise and fall of an infamous corporate juggernaut.
However, the mechanisms that are supposed to protect investors and the public failed.
This is a shocking tale of business gone bad.
The filmmaker posits the Enron scandal not as an anomaly, but as a natural outgrowth of free-market capitalism.This is a documentary film based on the best-selling 2003 book The Smartest Guys in the Room (Love HD 9502.U54E5763) by Fortune reporters Bethany McLean and Peter Elkind. Gibney's film reveals how Lay, Skilling, and other execs managed to keep their riches, while thousands of lower-level employees saw their loyalty repaid with the loss of their jobs and their retirement funds. It is known that Enron has been the seventh largest company to declare the bankruptcy in the year 2001. Their win-at-all-costs strategy included suborning financial analysts with huge contracts for their firms, hiding debts by essentially having the company loan money to itself, and using California's deregulation of the electricity market to manipulate the state's energy supply. Enron Case Introduction After watching the video Enron: The Smartest Guys in the Room, (Youtube), several issues came into light. The Smartest Guys in the Room explores the lengths to which the company went in order to appear incredibly profitable. It tells the story of how Enron rose to become the seventh largest. But it wasn't until eventual CEO Jeff Skilling arrived at Enron that the company's "aggressive accounting" philosophy truly took hold. No matter what your politics, Enron: The Smartest Guys in the Room will make you mad. The film points out that the culture of financial malfeasance at Enron was evident as far back as 1987, when Lay apparently encouraged the outrageous risk taking and profit skimming of two oil traders in Enron's Valhalla office because they were bringing a lot of money into the company. The film, based on the book by Fortune Magazine reporters Bethany McLean and Peter Elkind, opens with a reenactment of the suicide of Enron executive Cliff Baxter, then travels back in time, describing Enron chairman Kenneth Lay's humble beginnings as the son of a preacher, his ascent in the corporate world as an "apostle of deregulation," his fortuitous friendship with the Bush family, and the development of his business strategies in natural gas futures. Alex Gibney, who wrote and produced Eugene Jarecki's The Trials of Henry Kissinger, examines the rise and fall of an infamous corporate juggernaut in Enron: The Smartest Guys in the Room, which he wrote and directed.
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