By early 1986, Enron reported a first-year loss of $14 million, and by January 1987 its credit rating was at junk status.Įnron had been engaging in dishonest business practices that had brought the company to the brink of bankruptcy, and a specific subdivision called Enron Oil was causing the most trouble. Unfortunately for Lay, it wasn’t long before Enron was in dire financial straits. An intelligent and ambitious man named Ken Lay assumed the role of CEO, and in 1986 the company was renamed Enron. In fact, in 1987, just two years after it was founded, Enron was already saddled with debt.Įnron was formed in 1985 through a merger between two pipeline companies, Houston Natural Gas (or HNG ) and InterNorth.
The company’s demise due to huge debts and fraudulent business practices mirrored problems they had experienced years earlier, when first starting out. Elkind, an award-winning investigative reporter, is now an editor-at-large for Fortune and lives in Fort Worth, Texas.Does it ever feel like history is repeating itself? It sure seemed that way in 2001 when the American energy colossus Enron filed for bankruptcy. McLean, a former investment banking analyst for Goldman Sachs, is now a contributing editor to Vanity Fair and lives in Chicago. Warren Buffett About the Author Bethany McLean and Peter Elkind collaborated on this book when they both were Fortune senior writers.
USA Today Well-reported and well-written. Their prose is effortless, like a sprinter floating down the track. BusinessWeek The authors write with power and finesse. Review Quotes The best book about the Enron debacle to date. They also reveal the fates of the key players in the scandal. For this tenth anniversary edition, McLean and Elkind have revisited the fall of Enron and its aftermath, in a new chapter that asks why Enron still matters. Countless books and articles were written about it, but only The Smartest Guys in the Room holds up a decade later as the definitive narrative. Book Synopsis The tenth-anniversary edition of the definitive account of the Enron scandal, updated with a new chapter The Enron scandal brought down one of the most admired companies of the 1990s.
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