A Classification of American Wealth
History and genealogy of the wealthy families of America - Sponsors


 Part 1 : Colonial and Mercantile America  Part 2 : America in the Gilded Age
 Part 2 : America in the Twentieth Century  Encyclopedia of American Wealth

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  Part III - Chapter 18 : CEOs  > The Enron Story  :  « Previous  1 - 2 - 3 - 4 - 5 - 6 - 7 - 8 - 9 - 10 - 11 - 12   Next »

     Enron : Climax of executive greed and deception 

Page entitled : The Valhalla disaster and Jeff Skilling coming along Enron

Content of this page is about :
How Enron almost went bankrupt because of an oil trading subsidiary and how Ken Lay came across Jeff Skilling, a bright McKinsey energy consultant.


Extract :
... the unit’s managing director, Louis Borget, in conjunction with his treasurer, Thomas Mastroeni, had accumulated liabilities (and losses) in the market but declared assets and profits in the company’s “cooked” books. Thanks to these (criminal) practices the traders had received bonuses totaling $3.1 million in 1985 and $9.4 million in 1986. The investigation, led by Mike Muckleroy, Lay’s trading specialist, also revealed that the situation was even worse, as Enron was actually short of 87 million barrels ...

 

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