Pipe Dreams: Greed, Ego, and the Death of Enron

Robert Bryce

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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, humour, 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.

What will you learn from this book

  1. Corporate Culture and Greed:

    • Exploration of the corporate culture at Enron, highlighting how unchecked greed and a focus on short-term financial gains contributed to the company's downfall.
  2. Financial Shenanigans:

    • Details on the financial engineering and accounting practices employed by Enron, such as the use of special-purpose entities, to manipulate financial statements and project a misleading image of the company's health.
  3. Leadership Failures:

    • Examination of the leadership failures at Enron, including the role of key executives such as Jeffrey Skilling and Kenneth Lay in promoting unethical practices and ignoring warning signs.
  4. Ego and Hubris:

    • Discussion on the role of ego and hubris in the decision-making process at Enron, leading to a disregard for ethical considerations and regulatory compliance.
  5. Impact on Employees and Investors:

    • Insight into the devastating impact of Enron's collapse on its employees and investors, who suffered significant financial losses.
  6. Regulatory Oversight:

    • Analysis of the regulatory oversight and corporate governance failures that allowed Enron's fraudulent activities to persist for an extended period.
  7. Legal Ramifications:

    • Exploration of the legal consequences faced by key Enron executives and the legal battles that ensued in the aftermath of the scandal.
  8. Lessons for Corporate Governance:

    • Drawing lessons for the broader corporate governance landscape, highlighting the importance of transparency, accountability, and ethical leadership.
  9. Market Confidence and Investor Trust:

    • Reflection on how Enron's collapse shook investor confidence in financial markets and prompted a reevaluation of trust in corporate entities.
  10. Long-Term Impact on Business Ethics:

    • Discussion on the lasting impact of the Enron scandal on business ethics and the subsequent reforms implemented to prevent similar corporate fraud in the future.
Language English
ISBN-10 1586482017
ISBN-13 9781586482015
No of pages 410
Font Size Medium
Book Publisher PublicAffairs
Published Date 08 Jan 2004

About Author

Author : Robert Bryce

2 Books

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