Boook Review

Boook Review - Xavier Baquero 10-0126 Financial Statement...

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Xavier Baquero 10-0126 Financial Statement Analysis Tuesday, June 14, 2011 Professor Shindell "Conspiracy of Fools” Book Review Enron in early 2000 was chosen by Fortune magazine as America's best- managed and most innovative company, the role model for everyone else. On August of that same year the company’s stock market valuation reached $73 billion. By March of next year Enron had announced that revenues have more than doubled, to $100 billion. Finally they would state that they were going to achieve the target profit for the year. These facts sound swell, but they become fishy at the time you learn that only $3 billion of the $100 billion earned came from Enron's gas pipelines, its original business. If this is not suspicious enough, on December 2, 2011 Enron’s lawyers filed for bankruptcy protection through the United States Bankruptcy Court in New York. Between August 2000 and December 2001, Enron’s share price dove from $90 to less than $0.50. “Conspiracy of Fools: A True Story” by Kurt Eichenwald is one of the many books that have covered Enron’s scandal. Nevertheless after having a look at other attempts of clearing the public’s doubts about the scandal, this book outshines the rest. The “Smartest Guys in the Room: The Amazing Rise and Scandalous Fall of Enron by Bethany McLean and Peter Elkind would be one of the most recognized, it was based on this book that the movie about the scandal
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Ken Lay’s lack of attention and on Fastow’s accounting maneuvers and shell entities. Another book that has been published on the topic is “Pipe Dreams: Greed, Ego and the Death of Enron by Robert Bryce. Even though the main issue is that most of the words written are placed by Bryce’s own criteria, it has a journalist perspective and discusses how greed grew into a group of geeks. In this book Kevin Lay and Jeffrey Skilling are the main characters, while CFO, Fastow does not have an important role. Bryce also made a significant emphasis on the political relationships Lay had with the Bush family.
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Boook Review - Xavier Baquero 10-0126 Financial Statement...

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