McLean and Elkind are credited as writers of the film alongside the director, Alex Gibney. it’s A 79 letters crossword puzzle definition. To ensure the best experience, please update your browser. Now we are looking on the crossword clue for: Company that’s the subject of “The Smartest Guys in the Room”. The notoriously corrupt company has been featured in numerous books and films, including ENRON: The Smartest Guys in the Room. Business Analysis, Enron. Retrouvez la galerie photos du film Enron: The Smartest Guys in the Room. Claims of over $100B revenues with 20,000 employees, Enron became the seventh largest corporation in America, and represented a new breed of business. 26 terms. The violation of corporate ethics, studies reveal, is not only detrimental for the company, but also for the corporate system. Enron scandal overview The Enron scandal was a financial scandal involving Enron Corporation and its accounting firm Arthur … compliance with an order, request, or law or submission to another's authority. 3.7 secs. From “Playing By the Rules: Ethics at Work” – Ask Why. The Enron story is one of money and politics, which are two areas that embody … Offered position from Duncan - mid-size pipeline company but had revenues of 3bb "hometown oil company" age 42- 1984, Long time chairman for HNG, just an all-around good dude (charitable, etc. ‘Enron: The Smartest Guys In The Room’ Frauds and financial scandals in the business world were before an Enron’s case and will be after it. Main focus, literally always was going up - "Should we invest all of our 401k into the stocks?" The company employed roughly 20,000 staff, dominated the electricity, natural gas and communications sectors of the business world, reported revenues over a hundred billion USD and was awarded America’s Most Innovative Company by … Once the world's most innovative company for six years running and boasting $100 billion in revenue during the year 2000, Enron appeared to be a corporation at the dawn of a new generation of firms built on innovation, technology, and an ambition to be the smartest guys in the room. This is "Enron The Smartest Guys in the Room" by yoannbazin on Vimeo, the home for high quality videos and the people who love them. 2012 The accounting firm that broke accounting rules and destroyed files for Enron. Flashcards. Company could be managed loosely bc of tight internal mechanism - compound by the .com boom - where strategies changed on the fly/ culture that he was establishing it made it an unpleasant work place/late 1990's money was the only thing that was important - the ones who stayed were the people who stabbed each other in the back and were "cooperate killers"/if you made money at the expense of others it was a sign of creativity and greatness/always trying to find deals for themselves/something that lingers is terrible - piss off everyone but it didn't matter - culture of excess - daredevil adventures etc. Learn. Made enron b's, Amanda Martin, a former executive said this - basically described Enron's full control of the gas market in the early days of Skilling's new idea - changed the gas industry to a basic wall-street like venture where you had derivatives on trades (swaps, puts, etc.) meals would be normally eaten on the deli paper wrap by top executives, but he had his meals served to him by assistants on nice silver china (personal entitlement), Econ professor at U of Missouri - Lay's first mentor "inevitable lay was going to be wealthy", Lay's first job (speech writer and economist) -->turned in to Exxon, Pinkey pulled strings so instead of serving abroad, he served in the pentagon - introduced him to DC - provided him a taste of life at the top, Ley got this job bc of Pinkney - key man in energy decisions and made good money, Florida Gas president, then Transco president and heir to head of company, Ken Ley -used ties with Bowen to snag job bc of "domestic issues", 1) Congress hiked prices paid to produces - increased supply (more exploration, "Take or pay" & Collapse of natural gas in 70's and early 80's, Bc second law passed by congress in 1979 made consumers switch to coal or fuel, forced pipeline companies to cut long term deals with producers to buy all the gas they could provide at the very moment when demand was dropping - they were obliged to pay for the gas at the new higher rates even if they didn't need it - some companies went bankrupt - lobbied, negotiated, litigated to congress - took many years but pipeline and natural gas was finally largely deregulated by early 1990s, Head of McKinsey & Company - global energy consulting firm- praised Lay's innovativeness, Helped put together Gulf & Western and was key board member of Houston Natural Gas (HNG) - knew lay when Transco held scare off "cooperate raider" and offered him, Ken Lay baby! 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Served as CEO from February to August - always believed that Enron was a great company/"fell victim to cabal of short sellers and scoop hungry reporters" homies with Baxter (cried through funeral) NEVER ADMITTED TO "F***ing with the numbers" TOOK HOME 70mm, Nelson Mandela won it (shows how highly esteemed the company was, also Henry Kissinger and James Baker were on lobbying payroll (famous DC bulls) AND ALLEN GREENSPAN, Failed and cost company 1 billion - Skilling would admit this shortcoming, "Little was as it seemed" - became symbol of greedy business people/shorthand for everything that was wrong with cooperate America and opened up more business scandals (Anderson, Tyco, WorldCome etc. Rich Kinder Hahahahah, Speaks tremendously to Skilling, but pretty much forced Ken Lay's hand to promote Skilling to president and CEO instead of of continuing on as CEO, Stock went down 4% and company earnings went down 80% - worst year in 12 years for Enron - J-Block disaster highlighted it - first actions done by Skilling to minimize hit - following year started to make changes, Trading electrical power (to compensate for the influx of competitors in the gas market) - but he had no special insight on electrical trading/ "dejavu again" - but enron was an outsider - but logistics of moving energy was much harder and states had more controller - also the utilities had much more information based on the prices - also more volatile - led by Lou Pai, The only utility that would agree to a buyout for Skilling - the rest literally would kick his executives out the door, Ran by Forrest Hoglund and was highly successful branch of Enron - in house gas supplier - but Skilling saw this as an area that was unnecessary even though it brought in profits for Enron and got rid of it - also bc there was not smoothly earnings/Skilling lost over a billion dollars bc of this sale, After sidelining Mark (Bc skilling hated her autonomy) she proposed to the board that Enron invest in water--an extremely risky venture considering low profit margins that water produced and the complicate politics/but Skilling simply wanted her out of the way and gave her his blessing but still two board members voted against - shocking bc board votes had always been unanimous - but nevertheless she got what she wanted - but it was Enron's first crack int its facade - THIS FAILED - Rebecca Mark believed she was set up to fail, but honestly just ran it poorly and water is a very tough business to succeed in, "It is utterly beyond question that in reshaping Enron after he was named president, skilling turned it into a placer where financial deception became almost inevitable", Created a freewheeling culture that he touted as innovative, but never reigned in the excess that came with it/give smart people freedom, but looked away when things were bad/swept away sure bets for more sky betts/made enron out to wallstreet that wasn't/It wasn't reality/made it seem that enron was a well oiled machine, Enron simply couldn't manage risk - RAC was a center piece for investors - prevent Enron's stupidness - on paper it sounds dope (independence, DASH - summarized the deal and risks where it approves or says cya mike) - BUT HAD NO POWER - would just be run over, literally forced to sign off on deals so company can reach goals - originators sat on the PRC WHICH MEANT THEY RATED THE RAC members - gave incentive to RAC members to comply, Head of RAC and was considered the "top cop" - could portray itself as a company that could take on more risk - "we move fast" - made RAC look magical - BUT in reality it was not a serious force and everyone in the company new it - a "hurdle" in the deal - RAC were taken as a joke - didn't approve "shit" - to keep the story alive, Skilling thought people with good ideas are allowed to fail - Skilling didn't want people to focus on costs and the sense of entitlement escalated - no requirement to wait for vendor - anyone could buy anything and higher as many consultants - people gave up on trying to oversee things - did what they wanted/didnt matter how much it cost to make a deal - if you are told to make 25 mil it doesn't matter how much it costs you to get there, Movement of employees - Skilling believed that experience didn't matter as long as you were smart - didn't matter if they stayed in one job long enough to learn it - job assignments could change from month to month/"Intellectual business" - terribly disruptive/plenty of new troops - top students but these people just ended up being a wash - workers could move themselves, Employees went wherever they thought the action was- which was defined by Skilling - so wherever Jeff went, so did the talent - "constant job search" - intensified the rank and yank process - "Ill vote for my guy and you'll vote for mine". Enron: The Smartest Guys in the Room Landon Crafton After viewing the documentary about the Enron corporation, I learned many things. In contrast, historical cost accounting, based on the past transactions, is simpler, more stable, and easier to perform, but does not represent current market value. ), Lay's theory to get real deregulation really quickly/let the market dictate prices so the best company can rise to the top, CEO of InterNorth - pipeline company in Omaha - Called John Wing and informed him of his idea of buying HNG/bad dude and also screwed over InterNorth by wanting to get bigger and more in debt, Deputy of Lay's at Florida Gas and chief strategy officer at HNG (initially) - became head of Enron International and was a "get it done type guy" who could be both nice and aggressive - FIRST PRIMA DONA - first guy to get genuinely rich and get money for a project that he developed - first guy to take advantage of Lay and the company and only say Enron as a place to get rich and peace (greatest friend and biggest enemy) - "everyone who he hired turned to be millionaire" but working for him was rough - ppl would be fired 10 times a day - never knew where they stood/finally given job as Chairman of Enron's Power Corporation, Largest pipeline company in America after merger of 2.3 B - Lay would be CEO only after 18 months of deal (ended up being much faster bc the Internorth directors said cya mike to Segnar) - Lay also converted his stock options into 3million - Lay became CEO and IN brought back Strauss only for him to leave which made Lay the chairmen as well (shortly lay takes control of board and purgers Omaha sector), Pinky's brother - Lay hired him to be a director on the board/DC lobbyist, Former pentagon official/director for HNG-IN and then Enron, First named chosen to replace HNG-IN, but wound up being a name for a canal in one's digestive system - switched it to ENRON in 1986. Business, Economics, Movies / 8 Comments At this writing in early 2006, the principal players in the sordid drama of Enron — believed by some accusers to be the most egregious corporate malefactors in American history — are about to go on trial for pillaging their company and … The Major Players. Enron : the smartest guys in the room. Business. Created Enron Oil, but stayed away from Houston and constantly told people at Enron that everything was "fine" - smart dude - started at Texaco/kept making money while the main company was taking loses/had expectations to keep on making money/sketchy profit shifting, 1983 NY mercantile's standardized contracts on Oil, Exploded oil trading in the mid-1980s/trading encourages trading - Wall street firms jumped into business - make quick profits/limitless opportunity to make money/became more liquid, "Nervous yes man" who was treasure of Enron Oil/Apple bank account was "legitimate" and shifted profits - STOLE FROM ENRON (3.8 million), Burgos's and Mastroeni's Shifting of Profits, Set up prearranged deals with names like Isla, etc. Étude d'un des plus importants scandales du milieu des affaires de l'histoire américaine green house effect and files... Ruling an empire: Wiley & Sons, 2003 ) than $ 1 by November 2001 photos parfaites... 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