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enron - Criminology Thomas The Smartest Guys in the Room...

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Criminology Thomas 12/9/11 The Smartest Guys in the Room: The Amazing Rise and Scandalous Fall of Enron, by Bethany McLean and Peter Elkind takes a deeper look into the modern day tragedy of Enron Inc . The story of Enron, to the everyday person, is simply the base line for fraud and corruption in today’s corporate America . However, this book shows the true story behind Enron, and how one of America’s largest and seemingly most indestructible companies went bankrupt in a matter of days . The real story comes with the people that raised Enron into one of the world’s most powerful companies, and how they lost it all through greed, arrogance, and corruption . Ken Lay founded Enron in 1985 . Lay graduated from the University of Missouri with a degree in economics . He then went on to get his Ph . D . from the University of Houston . With his extensive background in economics Lay began to work for Exxon Mobil, and thus began his life in the energy business . He soon began to get involved in the natural gas market, which led him to propose the idea of the deregulating energy . With this, Enron began to grow at a rapid pace, having their assets grow by $50 billion in the matter of a short fifteen years . Enron led people to believe that their success came from their incredible innovative ideas on how to sell and use energy . However, the problem was that only the executives, traders, and large shareholders enjoyed the riches . Much of this “success”
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was due in large part to the team that Ken Lay had put together . The most important hire Lay made was in 1990 when he hired Jeffery Skilling . Skilling, a brilliant mind, earned his M . B . A . from Harvard and began working in the energy business in 1979 . After impressing Lay in 1990 with his consulting, it did not take long for Skilling to rapidly move up the Enron chain of command; eventually becoming the C . E . O . Skilling came in and really instilled his ideals throughout the entire company . Skilling had a very Darwinian way of looking at things, and believed that money was the sole driving force in business and life .
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