Enron

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The FTX fraud has dominated headlines now for weeks, during which we’ve debated if and how Acquired could uniquely add to the conversation. Then we realized there was an angle so perfect that we had to drop everything and enter Acquired research overdrive: Enron. Travel back with us to the granddaddy fraud of them all, 2001’s then-largest bankruptcy in US history and the impetus for the famous Sarbanes-Oxley Act. So much of Enron’s history parallels FTX that the uncanniness is almost unbelievable - right down to the same CEO running the two bankruptcies. Sit back and enjoy this crazy tale of villainy, greed, and the nature of humans and money. Maybe just don’t take notes on this one…
If you want more Acquired, you can [follow our public LP Show feed here in the podcast player of your choice (including Spotify!):
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Sponsors:
Thank you to our presenting sponsor for all of Season 11, Fundrise. If you’re considering raising a growth round of capital in the next year, you should definitely explore raising some of it with the Fundrise Innovation Fund. Just email notvc@fundrise.com, and tell them Ben & David sent you. And if you’re an individual looking for exposure to private growth-stage technology companies, you can invest in the Innovation Fund here:
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Thank you as well to Vanta. Vanta is the leader in automated security compliance - making SOC 2, HIPAA, GDPR, and more a breeze for startups and organizations of all sizes. Everyone in the Acquired community can get 10% off using this link:
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And finally thank you also to Pilot!
bit.ly/acquiredpilot22
Links:
Book Andy Fastow as a speaker for your next corporate event!
www.bigspeak.com/speakers/and...
Episode sources:
docs.google.com/document/d/1W...
Carveouts!:
Enron: The Musical
www.broadway.com/shows/enron/
Andor
disneyplusoriginals.disney.co...
Brooks Addiction Walkers
www.brooksrunning.com/en_us/a...
Hoka Slides
www.hoka.com/en/us/all-gender...
JCal on the Tim Ferriss Show
tim.blog/2022/11/19/jason-cal...
New shirts are live in the ACQ Merch Store!
cottonbureau.com/people/acqui...
Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.

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27 ноя 2022

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Комментарии : 24

@peterolbrisch8970 11 месяцев назад

The water deal in south America went bad because the employees that already worked there learned they were being let go, so they destroyed all the customer information. They didn't know who to bill. Then there was that mall explosion in Puerto Rico that they were responsible for because the employees didn't know how to calibrate the gas detectors. Then that failed power plant in India. This company failed at everything, how could you work there and not wonder how the company stayed in business?

@MackaWhy Год назад

Very impressive and thorough review of events. I didn’t expect to finish this whole thing in one go but before I knew it it was coming to a close. I especially liked the description of the main folks in charge. Both in their public demeanor before and after Enron as well as education background. Incredibly underrated channel. This content should have substantially more views.

@GSery Год назад

This is one of the best podcasts, if not the best. so informative. i can't believe it has approx. 1.5k views, should be in hundreds of thousands, if not millions. so well done. both speakers are so well researched, knowledgeable and have a unique way of speaking. I am a fan for life. can't believe I didn't know this podcast existed just a week ago. so many peeps looking to get more info into what was going at FTX and this is a perfect idea to explain just that!!

@AcquiredFM Год назад

Thanks so much!

@james9872 Месяц назад

Fantastic review of the Enron case. Thank you for putting this together and allowing us to listen. I will say that I wish there were more photographs and footage of Enron and its executives -- especially Lay, Skilling, Fastow, et al. -- from before the Company’s collapse. 99% of what’s out there comprises photos and interviews from after the collapse, especially from the trial period. Anyway, side rant over. Best wishes.

@tjabramosr7885 2 месяца назад

The Fundrise scandal began with whistleblowers and concerned investors raising allegations of misconduct and questionable practices within the platform. These allegations ranged from misrepresentation of investment opportunities to potential conflicts of interest involving Fundrise executives.

@afterhours21711 6 месяцев назад

What's the difference between California and the Titanic? The Titanic had its lights on when it sank.😂

@andrewbrackin7375 Год назад

This is really well done - than you guys! I listened to the whole thing and it was captivating.

@AcquiredFM Год назад

Appreciate it, Andrew!

@furtsmagee1513 15 часов назад

High revenue growth, low free cash flow, low return on capital. Sounds like palantir.

@alexc2649 8 месяцев назад

Andersen Consulting Split from Arthur Andersen way before the enron bankruptcy. They began splitting in 1989. The final split happened in 2000. They rebranded in early 2001.

@neoibnid303 4 месяца назад

Love this channel, podcast. Would you do an ep about the big 4? 🎉

@cbbcbb6803 10 месяцев назад

Invest in the best companies, you say? There was a time when ENRON was a so-called "best" company. Oh. And, people generally do *not* learn from history. Ask questions? Ask what questions? Who knows what questions? The first question to ask is "what questions should we ask?"

@lindagalindo2524 8 месяцев назад

I haven't finished listening yet but hope you answer...Is mark to market accounting still legal / allowed?

@danielmurrell5285 Год назад

Really enjoyed this. Will be listening to your other content at work. Thoroughly recommend the book 'Smartest guys in the room' and the book by Brian Cruver - adapted to a TV film called "the crooked E" available on RU-vid. I'm fascinated by what makes otherwise smart founders, CEOs, and executives.cross the line either in terms of risk, morality or legality. When you're worth 10s of millions legitimately I don't see the upside from taking risks that will wipe you out, or worse ruin your reputation and end up with a trip to club fed.

@realbillmitchell Год назад

I think it is interesting to think if Enron had decided to offer dividends for shareholders, if Enron would still be around, or at least had been around longer than their 2001 demise. Because shareholders would act like some of the greedy executives of the company, they would turn a blind eye as long as the dividend check was good.

@peterolbrisch8970 11 месяцев назад

Back then, some people read newspapers.

@ddmilado Год назад

this should be fun😃

@wazzupinfantasyland 2 месяца назад

A few minor misses but overall a great podcast about a confluence of bad stuff. Get a bunch of people together who have bad intentions and zero moral compass and there you go.

@omarlash Год назад

No video?!

@aloufin Год назад

just play smartest guys in the room on mute, u dont need to see podcasters mouths moving do u lol

@TAB_123 9 месяцев назад

Your reluctance to use a “curse word”gave me the ick. Feels immature. I promise there are no 7 year olds watching this 3.5 hr long video on the fall of Enron.

@motherlessgoat72 5 месяцев назад

I think it's more so for the RU-vid algorithm. The timestamp of the video was fairly close to the beginning, which is when RU-vid's automated program usually gives a cursory sweep of the video to determine if there are demonetization worthy violations. I think they do the same to the end of the video. Unfortunately, even though no child is going to be listening to a podcast like this, if they were to come out of the gate swinging so to speak, they would be less likely to make money on their video. It's a stupid system, I know, but RU-vid bows to the advertising gods, and podcasters on RU-vid want to make a bit of income on their content. It's a bitter pill to swallow. 😔