Enron - The Biggest Fraud in History

In this video we take a look at the Enron story. At over $60 billion being scammed away from the public, they were the biggest fraud in history. Yes, even bigger than Theranos.
#enron #fraud #skilling #jeffrey

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Script by Fil Zivko

Sources:

Enron the smartest guys in the room (2005)

//Soundtrack//

Vesky - With You

Buck UK - Once

David Keno - Golden Ticket

Tom Day - Future Holds

Synkro - Midnight Sun

Tangerine Dream - Love on a Real

Nova Nova - See

Paji - Lacerta

Nova Nova - Tones

Anathema - Violence

Producer: Dagogo Altraide

[WACATX]

Had a boss who went to work for Enron. He wanted me to join him. But Enron's policy was that you had to transfer 100% of all retirement into their retirement plan which was invested in Enron stock. I did not want to do this. I was very uncomfortable about this so I said no. Then this happened and a lot of people lost all of their retirement. One of the best decisions I ever made !!

[samdan]

Jeffrey Skilling out of prison early 2019 and starting up a new energy company backed by a former Enron executive, what a wonderful world

[uzaiyaro]

Here's my favourite line from the movie about this. "It had taken Enron 16 years to go from $10 billion in assets to $65 billion in assets. It took them 24 days to go bankrupt."

[awildsylveon]

"He was motivated by two things, money and strippers"

It's always the same with these guys

[TheGuindo]

Fun fact: Enron is the reason that publicly traded companies are now required to 1) make all their financial statements publicly available, and 2) submit to annual audits by independent auditors (not in-house auditors). The Sarbanes-Oxley Act was a direct result of the Enron collapse and you spend a _lot_ of time talking about it in accounting school nowadays.

[notthatronjohnson]

Warren Buffet was asked one time why he never invested in Enron. "I could never figure out how they made money" was his answer. The fact that anyone would want Jeff Skilling involved in their business tells me all I need to know to stay away.

[standavison]

I was in a power generation business group prior to my retirement. When the Enron guys were involved with a power purchase they came on very aggressively and confidently. It was clear that they always knew they were the smartest people on the room. My boss just refused to do business with them. He was criticized for it by some. Turns out he was right.

[vcom]

I worked for Arthur Andersen at this time.
A 100 year old accounting company with an excellent reputation was brought down by a handful of unscrupulous AA people in Houston who cooked Enron's books. Causing 25, 000 plus AA employees to lose their jobs. A shame.

[MaskHysteria]

I, briefly, worked as a software developer for a subprime mortgage company in 2006. It was my first and only time working in subprime and I didn't understand the market going into it. When I found out my supervisor and his buddy, the chief applications architect, had previously worked for Enron I found another job as quickly as I could.

[dr.quackenbacker]

Ah, the good old days of the early 2000's. VHS tapes, lunchables and capri suns, and the FBI busting through your door cause your Dad had done some Enron stuff.

[peterthepanda]

The biggest scam in the world is YouTube putting 3 to 4 ads in between videos.

[oldgysgt]

A manager I knew at AT&T retired after over 30 years, took around $500, 000.00 lump sum retirement, and then went to work at Enron. He was told that loyal Enron managers were expected to put their retirement funds in Enron stock, so he did, ALL of it. One year later Enron folded, and he lost ALL of his retirement money. Nice fellas those Enron upper management guys.

[ndrdst]

12:26
Bush: Intervention in California will not solve anything.
Also Bush: Intervening in Iraq will solve everything (that we made up).

[skeletontoes]

"If I could go back and redo things, I wouldn't" probably the only honest words out of Skilling's gob

[WillNelson]

"We're trying to change the world" - that Enron slogan was also stated by Elizabeth Holmes of Theranos. If a business says that, run for the hills

[daviddundas]

I remember reading the book about Enron, and the saddest thing was a small electrical company (think it was West Virginia oil and gas) were brought out by Enron, and some of the workers had been paying into their 401's for 40 yrs, all the W Virginia shares were converted to Enron shares and they lost everything through no fault of their own

[retropunk]

"If you have a company and it can't explain in one sentence....what it does...it's illegal." - Lewis Black

[myfavoritecolorisrage]

Ironically, in my second semester in college, we had an Enron board member come to class to speak for the day about the future of business. I don't recall who it was, (its been a few moons since then) but this was still about 6 years before their collapse. I recall he wore a brown business suit which he opened up to reveal an Enron t-shirt underneath. I remember he seemed to spend more time talking about his shirt being an earlier logo than the final one, and joked how it would be valuable one day. He was just a fast talking, positive, and excitable fellow. And obviously he had more wealth in the bank than everyone in that room combined and multipled by 100. He also talked about how great the company was and invited everyone to apply. And I'm sure folks did follow that advice.

There is a term for cult recruitment, its called love-bombing. You literally have so many people giving you attention, you fall for the cult's message. Enron engaged in what I'd call positive-bombing. They were so excited and smooth...so positive and upbeat. Banks couldn't wait to throw money at them. Enron execs would have been massive Youtube sensations if it existed back then. Oh what was the class you ask? Business Law and

[waltuhwhite]

My dad was a consultant for Arthur Andersen back in the day, but absolutely DESPISED working there. It was one of the “big 5” accounting firms back in the day, and they just worked him to the ground. When he told his bosses that he was quitting, before everything went down, and was going to a smaller consulting firm, they laughed in his face.

When the Enron stuff went down, and AA got shut down, they all went to him asking for a job. It wasn’t till years later that he’d even tell people he worked for Arthur Andersen! I was a young when it all happened, but I love hearing about it from this vid!

[SerMattzio]

It always astonishes me in these cases how many people have this idea that "if the line on the stocks goes up, it's real."
It's amazing how greed takes hold and people will just invent value out of nothing if it brings them wealth, despite knowing that it's insanity to do so.