Fraudstorytelling | Weekly filmtips | March 03, 2022
This is the story of how one company took ten years to grow to sixty billion dollars in value and then, in less than a month, went bankrupt. The story begins with the founder of Enron, Kenneth Lay, also called “Kenny Boy” by George Bush. Enron made energy deals in power and later moved on to broadband. Year after year, Enron’s stock price kept growing. Enron was well-connected politically. It was the single biggest contributor to the George W. Bush campaign. Ken Lay and George Bush Senior became good friends. The friendship’s good deeds always went both ways.
Things went wrong in the beginning when two oil traders working for Enron started gambling on the company’s behalf without permission. Auditors noted this, but Lay had no objection, as they provided his company with millions. He even wanted them to continue. Later, when these two were convicted of fraud, Lay pretended like he didn’t know. But in the meantime, he had to look for a new moneymaker. Enron was turned from a gas supply company into a stock market for natural gas. Enron also got introduced to mark-to-market accounting, which allowed it to fraudulently gather billions. In this video, ColdFusion will go further into this story, where you will find out all the details of the Enron Scandal.
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