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Smartest Guys in the Room: The Amazing Rise and Scandalous Fall of Enron | |||||||||
 
| 80% Recommended by our customers. Publisher: Portfolio Hardcover Catalog: Book Release date: 2003-10-13 Media: Hardcover Number of pages: 464 Ean: 9781591840084 Book Isbn: 1591840082  Tip: compare prices with similar booksAuthors:
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 Written on June 5, 2007 Summary: Case Study of Corruption on Steroids I purchased this book after having watched the movie of the same name. The book is a very detailed and meticulous recounting of the rampant greed and corruption that was Enron. What you come to discover is that through highly-technical accounting schemes and tricks Enron turned itself into a seeming juggernaut of a business from just a staid old pipeline company. Enron really thought that the free market enabled it to do anything and trade any kind of commodity from weather derivatives to paper pulp, oil, and broadband. What you come to find out in this book though is that they never really had a way to deliver what they kept promising Wall Street. Enron was a big house of cards all propped up by their stock price. Once that dropped, all hell broke loose. The company was obsessed with the stock price, posting it in elevators and encouraging employees to invest as much of their 401K monies into it as possible. They even created elaborate hedge funds that were based on the stock staying above certain levels. In order to keep the stock at lofty levels they lied and used "creative" accounting to fool Wall Street. The real reveal in reading this book however is that Jeff Skilling and Ken Lay really have a vast number of compatriots to join them as teh villians here. Andy Fastow, now the government stoolie, was arguably worse than both Lay and Skilling. And yet, thanks to his cooperation, he gets far less jail time. This book is a slow read, and not for the half-hearted. For the vast majority you are really better off watching the film.  Written on May 30, 2007 Summary: Five and a half years I worked for Enron Just cause you went to college and wear a suit people think you know what you are doing... Written on May 18, 2007 Summary: Candid and comprehensive insight into Enron Enron's fame and fall both were sensational. Although most of us have heard of this incredible tale of corporate greed and grandiose, our knowledge of Enron's story will remain incomplete without reading this astoundingly insightful book on the rise and fall of Enron Corp. Smartest Guys in the Room provides a chronological, comprehensive, consistent, clear and complete account of the way Ken Lay presided over the building of a company whose sole goal was to become the preeminent player in the field of energy regardless of which side of ethics was it on. His vision and dreams got a new boost with the advent of Jeffry Skilling who in no time took Enron up on the path of growth and glory - even though much or most of it was by the innovative use of mark-to- market accounting. Skilling's vision to build the most innovative company in the world was based on the strategy to hire the smartest guys and provide them all resources to make the target growth happen at any cost. The drive to achieve the goals at any cost more often than not relied upon less than fair means, and upon creative accounting duly supported by an accounting firm no less capable and reputed than Arthur Andersen. Every greedy rise has a generous fall and Enron's was as spectacular and scandalous as it gets. The insight and detail that Smartest Guys in the Room provides is almost breathtaking. It (sadly) stops as soon as Enron enters chapter 11 (that eventually became Chapter 7) bankruptcy. The untold story thereafter is much less exciting. Apart from that possible appendix Smartest Guys in the Room is indeed as comprehensive, and as candid as a book can be. A must read for any person who wishes to know about Enron. Written on March 22, 2007 Summary: Well writen and provides clear background on the case McLean and Elkind did a wonderful job in preparing this book. Using a chronological method, the reader is able to follow through the case from the beginning. The backgrounds of the situations, conditions and persons involved with the case are well explained. After reading this book I am now understand what is actualy the enron case all about, how did they do it and why it happened. This is really important to someone who has interest in the internal control - internal audit area. Written on March 9, 2007 Summary: Simply The Best This is one of the most interesting books I ever read. The writers did a great job presenting Enron's scandal as both a story and providing the reader with the economics and financial issues behind the fraud that took place. It is simple, easy to understand and very exciting. I was initially quite reluctant of buying the book because I had no idea what Enron was. I only knew it was an American energy related company that popped up once or twice on BBC back in 2001 with little details presented. The only comment I would like to state is related to the main concept of Market Markup Accounting practiced by Enron, it was not very easy to understand although the writers did try to simplify it those who are not Accountants would find it hard to understand. Another issue is Enron's practices were they compliant with the GAAP standards, the writers discussed this very briefly but didn't answer the main question, was the accounting method used accepted by GAAP? Setting that aside this is a lovely book full of information so simple and reading it was great fun I found it hard to put the book down. Yes buy it. |
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| Catalog | Book | Book | Book | Book | Book |
| Release date | 2003-10-13 | 2001-10-09 | 1990-10-01 | 2005-12-27 | 2008-10-28 |
| Media | Hardcover | Paperback | Paperback | Paperback | Hardcover |
| Number of pages | 464 | 288 | 256 | 784 | 592 |
| Ean | 9781591840084 | 9780375758256 | 9780140143454 | 9780767911795 | 9780061655548 |
| Book Isbn | 1591840082 | 0375758259 | 0140143459 | 0767911792 | 0061655546 |
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