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  • Diapositiva: 1
  • Enron took 16 years to become a giant with $65 billion in assets……and only 24 days to go bankrupt.
  • “We will change the energy world!”
  • Politician
  • Ken Lay
  • Diapositiva: 2
  • The beginning
  • In 1985, Enron was born. The dream: become the biggest energy company in the world.
  • Ken Lay, the leader, had powerful friends in politics.He loved deregulation — removing rules so companies could make more money.
  • Diapositiva: 3
  • Cliff Baxter - The brain
  • He grew up in a humble house, his father was a minister
  • I want to be part of the business world
  • Diapositiva: 4
  • Cliff Baxter - The brain
  • He got a PhD in economics.He joins Enron and pushes for big growth. The company rises fast.
  • Diapositiva: 5
  • Jeff Skilling arrives with a crazy idea. Investors love it. Enron becomes famous.
  • Let’s trade natural gas like stocks. We don’t sell gas… we sell future gas!
  • Diapositiva: 6
  • Fake profits
  • Shhh. Put it in the books.
  • But the money isn’t real…
  • Employee
  • Skilling’s accounting tricks:Mark-to-Market: Count future money as if it’s already here.Hypothetical Value: Profit from ideas that don’t exist yet.
  • Diapositiva: 7
  • Lou Pai Joins the party
  • He makes millions, sells his Enron stock, and leaves early — before the disaster.
  • I love two things: money and strippers
  • Diapositiva: 8
  • Andy Fastow´s Tricks
  • Andy Fastow, CFO, builds a secret company: “LJM” to hide Enron’s debt —and secretly profits from both sides.
  • Investors will never know
  • Diapositiva: 9
  • Cheating California
  • Enron manipulated electricity — shutting down power to raise prices.Enron: profits UP People: suffering
  • Diapositiva: 10
  • Warning signs
  • If people discover the lies… Enron will collapse.
  • Diapositiva: 11
  • The fall
  • Blame Fastow!!
  • Diapositiva: 12
  • The tragedy
  • Cliff Baxter becomes depressed.The pressure is too big and he takes his own life.
  • Diapositiva: 13
  • Sherron Watkins, an Enron employee, warns the bosses…but Ken Lay ignores her memo.
  • Destroy the evidence
  • Arthur Andersen — the auditors —Destroy documents to hide fraud.Courts call it obstruction of justice.
  • Diapositiva: 14
  • The truth comes out.Debt. Lies. Fake profits.Stock price crashes.Fastow gets arrested.
  • In only 24 days… Enron went from world-class to bankrupt.Four months later — trials begin and executives face justice.
  • Diapositiva: 15
  • Final Lesson
  • Greed destroys.No company is too big to fall.