Download Pipe Dreams; Greed, Ego and the Death of Enron by Robert Bryce PDF

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By Robert Bryce

After the stunning cave in of Enron in fall, 2001 got here an both surprising sequence of disclosures approximately how America's seventh-largest corporation had destroyed itself. there have been unethical bargains, offshore money owed, and accounting irregularities. there have been Wall road analysts who appeared to were asleep at the activity. there have been the lies best executives instructed in order that they may line their very own wallet whereas employees and shareholders misplaced billions.

yet in any case those disclosures, the query continues to be: Why? Why did a thriving, cutting edge corporation with rock-solid money move and trustworthy gains by surprise flame out in a maelstrom of corruption, fraud and skulduggery? the reply, Texas company journalist Robert Bryce finds during this incisive and interesting booklet, is that undesirable enterprise practices start with humans. Pipe desires strains Enron's extraordinary transformation from a small nearby fuel pipeline corporation into an power Goliath...and then tracks step by step, company selection through enterprise selection, extra-marital affair by way of extra-marital affair, how, whilst and why the tradition of Enron started to cross rotten, and who was once liable.

the tale of Enron's fall is not only a narrative approximately accounting systems; it is a tale approximately humans. Bryce tells that tale with the entire character, ardour, humor, and within dope you would desire for, and the result's an un-putdownable learn within the culture of Barbarians on the Gate and The Predators' Ball.

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Extra info for Pipe Dreams; Greed, Ego and the Death of Enron

Sample text

Kirby Lumber would harvest and manufacture lumber from Houston Oil's land and pay the oil company for the wood it extracted. Houston Oil would then use those revenues to drill for oil. 6 But little more than a year after Kirby and Calhoun agreed on this symbiotic arrangement, the deal started falling apart. Part of the problem was that the two men had scant knowledge of the oil business. In addition, the contract terms were so favorable to Calhoun that Kirby JOHN HENRY KIRBY AND THE ROOTS OF ENRON 19 was forced to borrow to meet his contractual obligations.

Lay's new home would be just down the street from Wyatt's house. In fact, Wyatt was living in the home for the reigning king of Houston's Energy Alley. Wyatt owned the old Cullen Mansion, the house at 1620 River Oaks Boulevard that had been occupied for many years by conservative wildcatter Hugh Roy Cullen, who went on to become one of Houston's most revered philanthropists. The house was built in 1929 and was the most prestigious address in River Oaks. With his new home in River Oaks, Ken Lay was going to belong.

Houston was the place to be in the energy business. Lay had firm control of Enron, and he could see that Enron's businesses were looking pretty good. The exploration and production business was doing better than it ever had. The pipeline business, while growing slowly, was growing and profitable, and Enron was transporting about 15 percent of all the gas burned in the entire country. The company's forays into independent power generation were gearing up, which meant Enron could potentially make money in electricity and find new markets for its surplus natural gas.

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