Enron - The Biggest Fraud in History
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4 жыл бұрынIn 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:
www.cbsnews.com/news/ex-enron...
www.reuters.com/article/us-pe...
www.bloomberg.com/news/articl...
www.telegraph.co.uk/business/...
www.nytimes.com/2006/07/06/bu...
www.zerohedge.com/news/2019-0...
edition.cnn.com/2009/LIVING/wa...
www.latimes.com/archives/la-x...
Enron the smartest guys in the room (2005)
www.wsj.com/articles/ex-enron...
www.bloomberg.com/research/st...
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@peterthepanda 4 жыл бұрын
The biggest scam in the world is KZfaq putting 3 to 4 ads in between videos.
@rohankumar-hb1tg 4 жыл бұрын
Peter the Panda 😂 yup agree
@Jimmy_Jones 4 жыл бұрын
KZfaq Vanced
@tzwacdastag8223 4 жыл бұрын
No, Enron: The biggest fraud in History. Theranos: Phew, At least I am not The Biggest Fraud In History
@LordGadwin 4 жыл бұрын
just get the addon adblock. its been years the last I seen an add for anything.
@omgturtlez9673 4 жыл бұрын
This is amazing content the least you can do is tolerate 4 5 sec ads in a 20 minute video.
@WACATX767882 2 жыл бұрын
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 !!
@Narrator1 Жыл бұрын
Holy Hell. You, Sir, dodged a bullet.
@Valkod23 Жыл бұрын
You did the smart thing. Transferring all of your retirement to a new company's retirement plan, no matter how great it might seem, just sets off every red flag I have in my brain.
@MagnusAnand Жыл бұрын
You understood basics of risk management
@WinS392 Жыл бұрын
Good on you. For anyone reading... don't hang onto a lot of stock in the company you work for. If it goes down, not only do you get laid off, you lose your savings too.
@jesuslovesyou-mattsmith1502 Жыл бұрын
How would they know what your retirement balance looked like at your old job? It's none of their business anyway
@awildsylveon9896 Жыл бұрын
"He was motivated by two things, money and strippers" It's always the same with these guys
@johnaustin209 Жыл бұрын
Work hard, play(scam) hard.
@rickylow1655 Жыл бұрын
I thought I heard wrong, but no, it was strippers. 😂😂😂
@lovejoy3347 Жыл бұрын
He could have meant chicken strippers.
@loginavoidence12 Жыл бұрын
you say that like it's abnormal
@kentjensen4504 Жыл бұрын
Nah it's AD 70 first, then strippers, then money.
@vcom2327 Жыл бұрын
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.
@Septimus_ii Жыл бұрын
At least there were lots of changes to accounting standards to try and prevent it happening again
@amazinglife1068 Жыл бұрын
Arthur Anderson, a corporate definition of greed and corruption. Destroyed many lives.
@jacobsweet7327 Жыл бұрын
Yah I work at an accounting firm in Houston, and one of the partners there was actually an associate at AA in Houston at the time. He's actually one of the more diligent partners in the office. They always scrutinize people when they don't question management assertions enough. I talked with them a little about it, and it seems to me that it was mainly people at the top at the AA office that were the problem. The scandal breaking was a big shock to them (associates, and senior associates in general), and then was pretty quickly laid off due to the office closing. Obviously they're doing all right, after all they're a partner at a big firm, but they struggled for a year trying to find work because no firm wanted to touch them with a 10 foot poll. Point being its a shame that a few dozen people at the top of the firm (in the offices across the nation) screwed over so many people. Not just Enron but the firm's employees as well. Also correct me If I'm wrong (I was 4 when all this went down) but wasn't AA folding not just due to Enron, but also Healthsouth, and Worldcom. It was just all three happening in a year or so within each other that caused a lot of companies to lose faith in AA?
@KatzenjammerKid61 Жыл бұрын
Closing their eyes all the way to the bank. AA existed to validate customers expectations, not oversee their financials as they were supposed to. The company tried to serve two masters and it killed them. You can be an accounting firm, or you can be a consulting firm, you can't do both.
@marcmcandrews6 7 ай бұрын
My dad worked at Arthur too! He has crazy stories about those times. Mike McAndrews!
@samdan8291 4 жыл бұрын
Jeffrey Skilling out of prison early 2019 and starting up a new energy company backed by a former Enron executive, what a wonderful world
@electroncommerce 4 жыл бұрын
One hand washes the other.
@whyalwaysme2522 4 жыл бұрын
These peoples have no morals
@ImperativeGames 4 жыл бұрын
Wonders of capitalism built every day ;)
@mkuc6951 4 жыл бұрын
Seems legit
@Relevance4life 4 жыл бұрын
Almost everything he was convicted of is legal under a different circumstance. If it was a privately held company, it's not a crime, as long as shareholders tolerate it. It's nobody's business
@uzaiyaro 3 жыл бұрын
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."
@jackyjiang3943 3 жыл бұрын
Once they bring in the bobcat to help with shredding papers, you know it’s time to look for a new job.
@pdorism 3 жыл бұрын
Yeah well, some people got 10 years of very good salaries out of it
@alexc4924 3 жыл бұрын
@@jackyjiang3943 Yeah, because they're stupid enough to think a bobcat can shred papers, and you don't want to work for someone that stupid.
@viccypress6292 3 жыл бұрын
@@jackyjiang3943 stolen comment
@zakbutz8226 3 жыл бұрын
@@viccypress6292 word for word lmao and it’s right below this comment hahah
@oldgysgt Жыл бұрын
A manager I knew at AT&T retired after over 30 years, took around $500,00.00 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.
@757millionaire Жыл бұрын
Goshomighty
@Blank-lp4fz Жыл бұрын
Is he alright now?
@oldgysgt Жыл бұрын
@@Blank-lp4fz; I know he was relying on Social Security for a time, but my wife's health failed and I became her full time care giver. I lost track of him after that.
@amazinglife1068 Жыл бұрын
I bet he committed suicide afterwards. I have zero (0)sympathy for greedy bastards!
@bsteph5019 Жыл бұрын
damn, that's fucked up smh. I know it shouldn't, but it baffles me how people can literally have no type of moral compass, like aren't you rich enough already?! It's one thing to scam regular consumers (still not ok) but to steal from the very people keeping your company intact?! Just plain ruthless.
@alypialpha2712 Жыл бұрын
What sickens me the most out of all of this was that Enron used California’s energy to extort money from businesses. I could only imagine how frustrating it would be to not be able to rely on your electricity.
@dumbasses_R_us 3 жыл бұрын
The only surprising thing about the Enron scandal was that people were held accountable and jailed for it.
@TheTravisTube 3 жыл бұрын
How is that surprising? There are countless examples of the SEC taking action against individuals and corporations...
@dumbasses_R_us 3 жыл бұрын
@@TheTravisTube true, but do you know how many bankers went to jail for causing the global financial crisis? It was one, just one and he didn't really do much. I believe the only reason people went to jail over the Enron scandal was because Bush and Cheney knew what was happening and and came down hard so no one looked at the real culprits. Also Bernie Madoff went to jail but what about the people who helped him engineer the fraud? There was literally an entire floor of the building it occurred in dedicated to it. None of them are in jail, in fact they're probably still ripping people off in other schemes. If you want to rob someone and get away with it use a pen, not a gun
@rajeshpandey2198 3 жыл бұрын
Well not really Yes they did get jail time But he still got money after paying his fines he got to keep the rest
@retpal2302 2 жыл бұрын
I agree, Highly doubt we will see that happen today.
@tonelocrian 2 жыл бұрын
Except for Ken Lay. He escaped & is still alive.
@TheGuindo 2 жыл бұрын
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.
@Mugiwaraayaa Жыл бұрын
I decided to watch this video after hearing about Enron in literally every economics class I’ve had but it was like everyone else knew about it except me 😵💫
@maryebert5897 Жыл бұрын
Sarbanes Oxley act is a JOKE! I turned my company in for potential violations and the FBI never called me back! Just goes to show you how corrupt our corruption is. And it is pretty corrupt.
@maryebert5897 Жыл бұрын
Also why was Linda Long Duke Energy’s CEO? Wasn’t she part of the Enron scandal from Arthur Anderson? Well how do you become a CEO from this fraudulent accounting firm?
@dennisflynn4097 Жыл бұрын
this will also go the way of the glass -steagall act and it will be business as usual
@TheGuindo Жыл бұрын
@Frozen Adept No. Why would it? GAAP is the same regardless of the organization you're accounting for. 🙃
@sifridbassoon Жыл бұрын
I managed to dodge two bullets over my adult life. First was to not buy any Enron stock, and second (and more recently) not buy any crypto.
@Uchaydo Жыл бұрын
Are you going invest if crypto has a second wave ? Bc if that happens it’s going to be solidified
@mainely8007 Жыл бұрын
Smart people do not buy Cyrpto. People who think they are smart though do.
@jackli6592 Жыл бұрын
there always money to make even its bullets. u coulda got out before enron collapses and make million, or you could buy bitcoin at 10cent and make billions.
@cryptocorporal777 Жыл бұрын
Ignorant comment
@ProjectNemesis92 Жыл бұрын
@@cryptocorporal777 exactly 💯
@daviddundas4140 Жыл бұрын
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
@markweber1151 6 ай бұрын
That also happened to the Portland company. Very sad.
@WACATX767882 5 ай бұрын
I remember when that happened
@AYVYN 2 ай бұрын
The best way to judge your company’s stock is by asking for a promotion, I was denied and it fell over 50% after a few months.
@shanejobesmathew4395 2 ай бұрын
Do you mind sharing which book it was?
@user-jb5un4zv1f Ай бұрын
P
@notthatronjohnson1186 Жыл бұрын
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.
@orboakin8074 Жыл бұрын
This is one reason I really respect Warren Buffet. he is a great investor but also the epitome of simplicity. I think he said he doesn't invest in tech because it is too complicated and this quote about he felt about Enron is further proof. Most times the best answers and solutions are the simplest ones and gut feelings shouldn't be quickly discounted.
@itsvmmc Жыл бұрын
He has said he only invests in stuff he understands
@jonathansykes4986 Жыл бұрын
@@orboakin8074 the great investor barely out performs the S&P 500.
@elvinkoay1393 Жыл бұрын
I feel like your attempt at discrediting him, because of his seemingly low returns. Shows your lack of understanding on why everyone values his opinion.
@jonathansykes4986 Жыл бұрын
@@elvinkoay1393 He can barely beat an unmanaged SP500 and got his start with family funds and connections. If Buffett was actually a midwestern bumpkin and made his fortune, I'd have more respect but the fact of the matter is he is literally a US Senator's Son.
@standavison328 3 жыл бұрын
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.
@Puzzoozoo 2 жыл бұрын
No matter how smart a person is in a room, there is always someone a bit smarter then them i.e. there is always a bigger fish.
@BlGDaddyRob 2 жыл бұрын
@@Puzzoozoo no, I mean its basically a fact that someone has to be the smartest - but they aren't normally loudmouthed assholes whining about regulations "holding them back."
@joshuapatrick682 2 жыл бұрын
@@Puzzoozoo intelligence is somewhat subjective, some people suck at analytical intelligence but have amazing emotional intelligence and can get by on masterfully manipulating those around them.
@joshuapatrick682 2 жыл бұрын
Sounds like they were projecting confidence and intelligence to make up for the complete lack of anything substantive. The only thing they were smart about was cooking books and manipulating relationships with banks and regulators.
@hobomike6935 2 жыл бұрын
@@Puzzoozoo Qui-gon Jinn :D
@meesc3556 Жыл бұрын
Reporter : How does Enron actually make money CEO: I don't know, talk to our accountants. How are you committing fraud and not even thinking of the most basic of coverups?
@SerMattzio Жыл бұрын
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.
@stevenhull5025 Жыл бұрын
a bit like those US dollars you have in your wallet. In reality they are worthless.
@terryheisler3636 10 ай бұрын
Lithium Americas Corporations is interesting. I kept reading China is it's largest producer. Which made me think China was rich in lithium. This May 9, 2022 article agrees that China is the largest producer but identifies that China gets most it's lithium from Australia. China's lithium company is called Ganfeng Lithium (GNENF). GNENF is currently the largest stock holder in Lithium Americas Corporation (LAC). THIS APPEARS TO BE GLOBAL MONEY LAUNDERING. This company started up in 2007 and still as of 5/9/22 "Both these projects are still under development. LAC is not currently producing lithium or earning revenue." Yet is worth billions. LAC's 2 non-money makers are in Thacker Pass, Nevada and another in Argentina. Now I haven't looked up LAC or the Argintina company (which name is conveniently left out of this article) but how much do you want to bet BlackRock and Vanguard are involved???) www.forbes.com/advisor/investing/best-lithium-stocks/
@2nd3rd1st 4 жыл бұрын
12:26 Bush: Intervention in California will not solve anything. Also Bush: Intervening in Iraq will solve everything (that we made up).
@tomoluis_01 4 жыл бұрын
2nd3rd1st As a Californian, it’s true.
@TheSouthwestBoyz 4 жыл бұрын
It’s because they “had” dub-ya M Ds
@orusandornots1915 4 жыл бұрын
I was deployed twice. You know who sold the troops on that lie? The MSM. Then just like now, the MSM tells stories not facts. People act like it's a recent thing, the media being a pack of lying partisans, but no. It probably goes back far longer then we know. The press is supposed to be a check against the lies our government might want to tell us to further an agenda we the people might not agree with. Instead it turns out if the press likes your politics or your family then they just say whatever the hell you ask them to.
@JDWonders 4 жыл бұрын
Man, imagine if normal people could get away with that. "Help! My house is on fire!" Fire Department: "It's our belief that intervention will not solve anything."
@Tdisputations 4 жыл бұрын
Hindsight is 20/20. The Bush administration may not have been aware of the full extent of the problem.
@MaskHysteria 4 жыл бұрын
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.
@lokeeb1486 4 жыл бұрын
🤣🤣👍
@jamesedwards3923 4 жыл бұрын
Best decison ever.
@liesliar2227 4 жыл бұрын
Damn the shock value
@mrtoad1408 3 жыл бұрын
@@williamwu9244 watch The Big Short
@SantoshKumar.budithi 3 жыл бұрын
whats the company name?
@legalcoffee5315 Жыл бұрын
Back then fraud was a big deal, people went to prison and lost their money and careers - it was scandalous - now it seems that it’s just part of doing business - SBF (FTX) and his cohorts happily continue living their lives like “oopsies - sorry everyone - we lost a bunch of money, we’re just kids after all - oh well, we’ll try better next time”
@swesleyc7 Жыл бұрын
Sbf was just charged and being extradited to the US
@albertp.3893 Жыл бұрын
Sometimes* they lost their money and their careers but RARELY did these fraudsters go to jail because the regulatory bodies were gutted by hardcore free market lobbyists and politicians who were busy chasing profits.
@AndrewBarsky Жыл бұрын
You can rip off the poor as it’s a cost of doing business. Try to rip off the rich?
@Arigator2 Жыл бұрын
SBF just scammed a bunch of rich idiots. I don't see the problem. Who would trust a vegan?
@jenniferclark9842 Жыл бұрын
@@swesleyc7 Now he’s free on bond (his parents posted their house as collateral), and his associates plead guilty and are going to spill at his trial.
@skyrangerbob Жыл бұрын
My retirement account took a $10k hit when Enron went down. It amazes me how easy it still is to commit fraud.
@rwberger6 Жыл бұрын
Because the government has little incentive to actually make serious and effective reform unless they were personally affected by it (like with Enron, a lot of politicians personally lost money on it which is why it wasn't allowed to slide.) The most you get otherwise is a dog and pony show where very little actually changes and congress uses it as an excuse to launder some tax payer money to themselves.
@caseymichel1113 2 жыл бұрын
It’s amazing how little jail time these corporate thieves do yet a corner street weed dealer can get put away for life. It’s truly unbelievable
@felicitatumfortunae Жыл бұрын
The US legal system is a joke
@cherry316316 Жыл бұрын
Capitalism at its best. For every street weed dealer, the jail and all its investors make money from tax dollars. More subscription members they have, more money they make and unlike Netflix those poor dealers cannot unsubscribe unless you have money to cancel subscription fee. 😥
@lukelang7781 Жыл бұрын
In what's states is there still life sentences on weed? Unless your referring to the 3rd strike laws
@noxious4630 Жыл бұрын
@@lukelang7781 Texas.
@iamthelaw69 Жыл бұрын
It helps if your skin is white.
@dr.quackenbacker5247 2 жыл бұрын
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.
@YourUncle8501 2 жыл бұрын
Better times really
@hobomike6935 2 жыл бұрын
Very early 2000s were pleasant. You felt like the world was in bad shape, but could still be fixed because there were still some good people in the world Dang…. How far we’ve fallen
@KB-ke3fi 2 жыл бұрын
I watched the mass exodus from my downtown window....briefcases and boxes everywhere.
@turkicnomad5632 Жыл бұрын
@@hobomike6935 as a Muslim immigrant, after 9/11 and the induction of the patriot act, which was the quintessential canary in the coal mine, I enjoyed the early 2000s like it would end at any moment. Because it did.
@donaldjohnson2038 Жыл бұрын
Ask Roger Stone what that was like. For nothing.
@TOMVUTHEPIMP Жыл бұрын
I was working for Exxon-Mobile and Enron used to constantly try to recruit me. It was not unusual for someone like Duke Energy to occasionally try to throw me a bone. But Enron was all over me all the time. I was happy with my job and never took it cause they did not offer me much, just harassed me a lot. It was odd. Then about 4 years later the scandal broke.
@GPS509 Жыл бұрын
From Kenny Boy of Enron To Elizabeth, Theranos Trevor Milton, Nikola 1 Sam Bankman Fried, FTX And Caroline Elisson. The conclusion is Having an idea and having connections
@SergyMilitaryRankings Жыл бұрын
Always has been
@siinxx7656 Жыл бұрын
Your list is like a 0.01% of all acts of fraud occurring daily. And yes, the rest 99.9% work in the same way.
@amazinglife1068 Жыл бұрын
Being white also helps. By the way, you forgot a few; Madoff, Rothstein, Robert Allen Stanford etc.
@evantambolang3052 Жыл бұрын
@@amazinglife1068 at least Madoff was imprisoned for life and died in prison
@riveness 11 ай бұрын
To Elon Musk
@retropunk24 3 жыл бұрын
"If you have a company and it can't explain in one sentence....what it does...it's illegal." - Lewis Black
@minecraftia7626 3 жыл бұрын
Describe Amazon.
@s.p.2494 3 жыл бұрын
@@minecraftia7626 online sales ?
@borisjohnson9741 3 жыл бұрын
Goran Marjev online market place, with competitive prices and shipping
@m_a_s6069 3 жыл бұрын
@@s.p.2494 Well, that is a horrible description for Amazon. Also, Amazon has physical stores now. Would you say Tesla is an online sales company, too?
@Nothing_._Here 3 жыл бұрын
@@m_a_s6069 Tesla is not a sales company, It's a brand and vehicular manufacturer. As for Amazon. It is a technological company operating in several nations that specializes in e-commerce and shipping.
@skeletontoes7692 2 жыл бұрын
"If I could go back and redo things, I wouldn't" probably the only honest words out of Skilling's gob
@tonelocrian 2 жыл бұрын
Skillings & 'honesty' don't even belong in the same paragraph
@carolinebrawn2171 2 жыл бұрын
I looked up this quote from him and it doesn't actually just cut off there. The whole quote is, “If I could go back and redo things, I would not, now have used the term that I used.” (Referring to calling someone an 'asshole,' I think.) Not implying that I support what he did, obviously. But the censorship is treacherous. Realizing that more and more these days. :)
@huepix Жыл бұрын
yeah, they would
@skeletontoes7692 Жыл бұрын
@@carolinebrawn2171 thanks for clarifying that.
@kennethcurtis1856 Жыл бұрын
Skilling is the brother of Tom Skilling, chief meteorologist at WGN TV in Chicago.
@KILLRAIN42 10 ай бұрын
I do have a theory. I've come to perceive our generation as the "party's over" generation. Since I was old enough to watch things in 2008 , albeit just barely at 16, I have watched things progressively get worse and worse and seen my generation and those after being more desperate with fewer prospects and a bleaker outlook. We watched the understood way the economy worked die in 2008 and saw our parents, grandparents, and the oldest of us made to pay the cost to kill it, and have since been made to play in its corpse all while being told that everything's fine even though you can just feel that it isn't. We've watched the world lose its mind in the last decade but everyone in charge who made sure to ruin our capacity to realistically handle things once they're gone tells us we're wrong. That kinda situation, where you're looking at getting away with millions or being taken care of in prison for the rest of your days by the government who's taken your predecessors ability to get ahead away from you while you weren't even old enough to be counted amongst them as people yet, why not shoot your shot? Your parents money and your future got spent saving the people who set everything up to fail, why should you play by those rules? Sorry for the doom and gloom but the deep dive into this topic I've done with this channel and others over the past year or two has really ruined my outlook on things these days. At this point I'm just happy I make just enough to afford my house for as long as I can, until someone finds out a way to make sure I can't have that either. The only sensible option I've found is to get as far from this madness as possible and be as self sufficient as possible before they try and take that too.
@me0101001000 7 ай бұрын
When I was an undergrad, one of my accounting professors told us how he worked at Enron towards the start of his career. When talking about bad accounting practices in class, he sometimes brought up things he saw happen at Enron and why those kinds of practices are frowned upon, if not straight up illegal. And during office hours, if you asked him about it, he'll tell you so many shady stories down to the more minute details. If you ever meet someone who worked at these companies with scandalous stories, I'm sure they'll have stories to tell.
@thekiller7994 2 ай бұрын
What illegal activities occurred during office hours?
@nougat7891 4 жыл бұрын
Their logo looks like E-corp from Mr Robot...
@bobjoe8131 4 жыл бұрын
Seems like the Director of Mr Robot was inspired by Enron.
@nougat7891 4 жыл бұрын
@@bobjoe8131 Yeah that would make a lot of sense
@austinjorgensen5158 4 жыл бұрын
Enron was the inspiration for Evil Corp.
@mvj6619 4 жыл бұрын
✌✌✌✌
@3398halofreak 4 жыл бұрын
thats what its supose to look like in mr. robot.
@WillNelson73 3 жыл бұрын
"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
@sergiisoshka9481 3 жыл бұрын
Apple never said it?
@DanksterPaws 3 жыл бұрын
@@sergiisoshka9481 Because Apple *did* change the world?
@commanderguy2935 3 жыл бұрын
They did change the world, but for the worst
@sergiisoshka9481 3 жыл бұрын
Dankster big time
@jonathanwieringa8808 3 жыл бұрын
Hasn't musk said it too? But let's not talk about that, or you're fired.
@PeterStanton Жыл бұрын
Thanks for making this video for us Millennials who heard about Enron on the news but were too young to understand what happened.
@TheLegendaryBillCipher Жыл бұрын
FTX: "Hold my beer."
@zac6832 4 жыл бұрын
You only get "caught" if someone doesn't get their cut.
@devanshkamdar8244 4 жыл бұрын
Yeah, important lesson. They've portrayed it well in War Dogs.
@keith5801 4 жыл бұрын
Exactly
@hermosaflor10 3 жыл бұрын
Exactly play the game or get played
@theorex8621 3 жыл бұрын
🤣🤣🤣🤣
@Itried20takennames 3 жыл бұрын
Or the whole market tanks, or reporters get wind of a story, or the general public starts protesting, or another company gets caught doing the same trick, or a disgruntled fired employee decides to get revenge, or a million other things as well. All scams fail, except for absolute miracles making them true
@TheAschwittek 3 жыл бұрын
Its amazing how children are taught not to lie, when you're an adult, its almost expected...
@notmenotme614 3 жыл бұрын
I was thinking the exact same thing yesterday when I was in a supermarket. Some young toddler walked past me, all happy, friendly and inquisitive. Shame when people get older they turn into selfish assholes that screw other people over.
@TheNefastor 3 жыл бұрын
The thinking is : don't lie until you're good at it.
@MB-sj2yu 3 жыл бұрын
@@TheNefastor I know a 4 year old who’s a masterful manipulator and lair
@MB-sj2yu 3 жыл бұрын
Children are tought not to lie to us that’s it but when u want your child to lie when it’s convient for you they will lie for u
@cassino9399 3 жыл бұрын
We should teach kids to lie .. but not to their loved ones and people weaker then them.
@UDONTCME111 Жыл бұрын
8:20 Did you catch that? Enron was a major part of the reason Blockbuster went under. That's the reason they were too late to the streaming game. Crazy!
@bonbonbonbons 8 ай бұрын
They were too late because they were too early.
@tdolz 6 ай бұрын
Enronism: You have two cows. You sell three of them to your publicly listed company, using letters of credit opened by your brother-in-law at the bank, then execute a debt/equity swap with an associated general offer so that you get all four cows back, with a tax exemption for five cows. The milk rights of the six cows are transferred via an intermediary to a Cayman Island company secretly owned by your CFO who sells the rights to all seven cows back to your listed company. The annual report says the company owns eight cows, with an option on six more.
@myfavoritecolorisrage Жыл бұрын
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 KZfaq sensations if it existed back then. Oh what was the class you ask? Business Law and Ethics!!!!!
@OrangeDurito Жыл бұрын
Well talk about the irony and cognitive dissonance that follows.
@peggyremos Жыл бұрын
"Fast talking excitable and positive." Always walkway.
@stardust0075 Жыл бұрын
Interesting.
@jonnyc429 Жыл бұрын
I love these sorts of stories. Must feel funny looking back and thinking all of the things mentioned in this video were going on but, at the time, nobody would have known
@PrincessSharifa434 Жыл бұрын
This is totally the thesis of a NYT best-seller (akin to a Malcolm Gladwell-type of book). You should consider it!
@waltuhwhite9975 2 жыл бұрын
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!
@p_nk7279 Жыл бұрын
OMG! Ur a survivor - so is your dad! I worked for a couple of the Big Four and big Consulting firms… I think Enron was unique in its few baddies at the top who actually meant to do harm, but other firms did grueling stuff like the ‘Rank and Yank’ performance review process. Learning and history are fun!
@charlesmartiniii1405 Жыл бұрын
Just entering the industry and all I hear is horror stories from the big 4
@dawood121derful Жыл бұрын
Lol, great story!
@joeyboedeker2047 Жыл бұрын
I was working for an office furniture installation company that was working on an Arthur Anderson complex in tempe, AZ. the Arthur Anderson people were arrogant and rude. glad it crashed and burned.
@bitboi6541 Жыл бұрын
sorry to say your dad's a criminal doesn't matter if it wasn't on purpose or not he helped them he is a criminal
@Bynggo Ай бұрын
Just discovered Coldfusiontv. Congratulations on a great coverage. It’s great to hear an Australian accent and an unbiased coverage. Thank you. G’day from Brisbane.
@garcia83viz Жыл бұрын
Great channel! I remember the Enron thing .. I was a junior in HS, and kinda laughed at it.. a year later was 9/11... A few years later I was in the 2007 recession as a college grad.. . History is history. The Greeks said no civilization stays on top forever...
@adalwolf12 3 жыл бұрын
15:26 ... He paid fines with money he stole... So can I just rob a bank, go to jail, then pay a fraction of what I stole and keep the rest?
@Pax_Veritas 3 жыл бұрын
ya pretty much. You could even be the driver, rat on your friends, plant some cash on them, steal the rest and get a short sentence or none at all. Walk away with most of the cash and none of the jail time. Or you could just get a degree, work for Goldman Sachs, steal stuff in a way that makes parents proud and friends jealous. Third option is be happy as a common man
@chaptap8376 3 жыл бұрын
Clearly somebody doesn’t know how the economy works. “The common man” by that definition can be anything from a middle class halfwit to a hobo who can’t keep a job to save his life.
@Pax_Veritas 3 жыл бұрын
@@chaptap8376 shutup ya pleb
@leovang3425 3 жыл бұрын
@@Pax_Veritas 1st option works but snitches get stiches and someone is gonna want your ass on a silver plater.
@kiuk_kiks 3 жыл бұрын
Fines are for the poor. Imagine if you a parking ticket costs $10 but the parking fine costs $1. They’re basically saying that you should park however you want and never pay up.
@Pparker99 4 жыл бұрын
My mom, RIP, lost many tens of thousands of dollars at the hands of these f'in crooks. I think our judicial system is totally broken. Ken Lay had a home in Boca Raton, FL filled with millions in art - because in Florida, your home can't be taken, so you fill it up with valuable assets. My mom, and the millions of other stockholders that lost fortunes, should have gotten every penny from these bastards. They should have been penniless.
@barbatvs8959 4 жыл бұрын
The US of AIDS rewards criminals with free stuff at taxpayers' expense. I hate the US, so I left it. :-) Nukes won't rain on me.
@dvlarry 4 жыл бұрын
These a holes need to be shot, not jailed.
@boreddude3508 4 жыл бұрын
Diversity in your stock portfolio is always the answer
@hellatze 4 жыл бұрын
blame stupidity first.
@Pparker99 4 жыл бұрын
@@hellatze FU you idiot. Did you forget that this was the largest swindle in history, and they were falsifying data to stockholders and investors? Of course not. You would have to know how to read. And you realize that the Chaiman committed suicide - right? You do know that top level people went to prison - right dumb shit. Boy are you ignorant if you don't know the history of
@OpticLureProductions Жыл бұрын
Great job with this video. The amount of info and the clarity in which is was presented along with the pacing is incredible. As someone who has attempted similar things I learned a lot watching your work. In 20 mins you explained a huge scandal ive never understood in a very entertaining video. Great job again....im so impressed.
@issacmba7671 10 ай бұрын
Great story. You should do a story on Chesapeake energy. It was once a high flying company, until illegal activity was investigated. Then the CEO committed apparent suicide. The company survived but later filed for bankruptcy. But it’s still in business today after restructuring
@samwise1790 4 ай бұрын
So in Enron, actually, in a sense. EOG resources is just enrons physical oil and gas production arm which was spun off of the company (I'll give you one guess what 'EOG' stands for, although, funnily, that abbreviation actually doesnt mean anything, legally). Worth north of 70 billion today, one of the largest north American shale drillers.
@termile510 3 жыл бұрын
So that’s where the EvilCorp logo came from...
@mikem4162 3 жыл бұрын
I was thinking the same thing...it had looked so familiar in the show.
@TheMockingjay74 3 жыл бұрын
Mmhmm
@yungfabio420 3 жыл бұрын
first thing i thought
@silentassassins47 3 жыл бұрын
Haha! Came here for that
@anwiseru9064 3 жыл бұрын
had to google it and sure enough baby
@furuzon12 4 жыл бұрын
Elizabeth Holmes' father was a VP for Enron. Lol.
@peterd788 4 жыл бұрын
Thank God she broke the cycle and grew up to be an honest, straight down the line leader of a company that changed the face of blood testing to the benefit of us all. Her voice oozes trust and her kind eyes reflect the beauty of her humanity.
@jujunita12345 4 жыл бұрын
@@peterd788 lmaoo
@hmartinspliff 4 жыл бұрын
@@peterd788 Sarcasm level over 9000!
@lro001 4 жыл бұрын
Peter D Savage comment, it needs to be a standalone.
@strangerdaysss 4 жыл бұрын
i wonder how no one caught that
@martinalther6661 Жыл бұрын
Great vid about a very fascinating saga. Fun fact: Skilling’s new business basically went nowhere and was declared “Inactive” late last year. He’s basically nobody now.
@bradleymcwilliams6348 Жыл бұрын
Rumor is SBF watched this a couple of years ago and said: "Oh yeah?"
@crosscategory 3 жыл бұрын
Apparently, accounting teachers love this case
@aadvani22 3 жыл бұрын
Can confirm
@ningningwonderpets4773 3 жыл бұрын
This is the company that we always talked about in our financial management subject
@FalconFlyer75 3 жыл бұрын
pretty much anyone who teaches business loves this case
@AldoScotia 3 жыл бұрын
Something similar is going to happen with crypto currency
@damienduff7471 3 жыл бұрын
@@AldoScotia why’s that my friend?
@epicnhoj5900 4 жыл бұрын
12:25 "George W Bush refused to step in, saying that his administration believed that intervention would not solve anything" HAHAHAHAHAHAHAHAHAHA
@Ludak021 4 жыл бұрын
well the man could barley read let alone count, what did people expect him to do? More cocaine?
@liesliar2227 4 жыл бұрын
Bush be like: Intervention? On a company? How about Iraqi invasion for dat oil?
@roamingdrifter5265 4 жыл бұрын
LOL, the irony.
@jordan5253 4 жыл бұрын
ikr its just to good literally an actual movie
@b.m.2738 4 жыл бұрын
Don't mind me... Just filling up my off shore back accounts....
@laurasmith9407 5 ай бұрын
You have such a soothing voice, I listen while I’m working, lowers my stress level. Thanks!!
@mmb811 6 ай бұрын
Not anymore FTX Fraud BLOWS this one OUT THE WATER
@jasonl7937 3 жыл бұрын
Once they bring in the bobcat to help with shredding papers, you know it’s time to look for a new job.
@Sergiuss555 3 жыл бұрын
*you know it was time to look for a new job a year ago.
@MrSp0iler 3 жыл бұрын
no death sentence no order
@virtualtools_3021 3 жыл бұрын
@@taqiyyaconcarne6908 yep, nothing to see here, uh huh *covertly shreds trump's pardon list*
@Palaelogus 3 жыл бұрын
The most distressing part of this story is just how intertwined with politics it is.
@pretzelstick320 3 жыл бұрын
And even more distressing is how common it is.
@Palaelogus 3 жыл бұрын
@@pretzelstick320 I'd say it's really not that common for such a big and prominent company to have that kind of personal relationship to a specific political dynasty (The Bushes) and so blatantly influence politics in such an overt way as in the California recall election. I mean, it's such an obvious corporate attack on an entire state, and of course, a Democratic stronghold. The fact that the whole company was just a huge scam just makes it even more tragic. Obviously I agree big companies in the US exert a lot of behind the scenes influence on politics, but in this case it's just so out in the open and clear and so directly tied to the Bush family and the Republican Party.
@samuelspencer5047 3 жыл бұрын
@@vincentgray870offer more details on your central banking recommendation, thanks
@None-zc5vg 3 жыл бұрын
@@pretzelstick320 It's not so much 'common' as 'de rigeur'
@freedapeeple4049 3 жыл бұрын
Of course it is. You didn't think "government for the people, by the people" was a real thing, did you? Never has been, never will be.
@NK-iw6rq Жыл бұрын
Love your videos Dagogo ! This one was awesome.
@Robbo1966 11 ай бұрын
Great video, this should be shared widely. To expose these excuses for human beings, regrettably this will probably happen again
@Slugbunny 2 жыл бұрын
What I'm learning from these videos is that when something seems too smart, too complex - too hard to understand or replicate - beware. Same with figures bigger than life.
@john_blackthorne 2 жыл бұрын
As Aldo Raine said: "Long story short, if something's too good to be true, it ain't". So true
@Mr_Bones. Жыл бұрын
“The entire cryptocurrency market disliked your comment” Followed by “The entire NFT market just blocked you for saying that”.
@scoremxcom Жыл бұрын
If you can't explain it to a six year old, you don't understand it yourself.
@SaturnineXTS Жыл бұрын
@@john_blackthorne the thing is, in that movie it actually was exactly that lol
@plasmicats2000 Жыл бұрын
@@scoremxcom Basically his logic lol
@ajantsmith6139 4 жыл бұрын
Selling weather as a commodity? Honestly I'm so impressed by these guys I feel like robbing my own house.
@solomon6202 4 жыл бұрын
Lol
@catloverkitten10 4 жыл бұрын
It’s called engineering the weather. Look up the patents. If you can engineer a deluge you can sell futures on umbrellas.
@violinhunter2 4 жыл бұрын
It happens every day - it's called insurance fraud.....
@braddodesza1381 4 жыл бұрын
You actually could rob your own house and, if you do it right, get away with it ...
@HotBeeBumble 4 жыл бұрын
😂😂😂😂
@stefangabor5985 8 ай бұрын
I cannot believe that people are missing the hole point. The last statement by the CFO at the end should worry every single one of us. The old saying “You don’t hold it you don’t own it” seems to prevail once more. Whatever they promise you, you cannot simply make gold out of thin air.
@Productionandmixing Жыл бұрын
Super interesting stuff as always. Background music sometimes too loud tho. Thanks for all your great material!
@philc.9280 3 жыл бұрын
I actually met and befriended an older engineer that had his own engineering firm for many years. He told me the story on how his company partnered with Enron. He spend several million dollars on expanding his business and long story short was never paid what was due. When Enron fell so did his company along with many others that depended on Enron.
@evinchester7820 Жыл бұрын
They owed AT&T MILLIONS. And when AT&T tried to get Enron to pay, Enron got in their face. So when Enron went belly up, AT&T tried to make up the loss from it's clients. They tried that with us. And we told their to their faces that Enron owed you $100 Million when they went belly up. We paid out bills on time and if they didn't like that, there were other phone companies out there. AT&T backed off.
@Tom-jk3hy Жыл бұрын
You make your bed and you sleep in it !!
@bluwasabi7635 Жыл бұрын
I was a kid at the time this went down, but I recall the owner of a small restaurant my family frequented saying that their electricity bill had risen to $5000 a month. It closed after several months of this. My understanding is that those who overpaid for electricity during this time were never reimbursed.
@CoolioTheMonkey Жыл бұрын
That’s absurd this company caused so much harm
@kevinblatter2369 Жыл бұрын
@@CoolioTheMonkey I was one of those Californians paying outrageous electric bills. I could never understand that if California was electricity surplus why all of a sudden electricity went through the roof. I later heard that Skilling had a favorite joke, "What's the difference between California and the Titanic? - the Titanic had it's lights on when it was going down." What an arrogant asshole.
@loginavoidence12 Жыл бұрын
i was a teenager during that time. i remember my family's electric bill being $600 a month, and this was over 20 years ago. more than likely happened to that restaurant.
@danilecashin4126 6 ай бұрын
Bally total fitness was the enron of the fitness industry in 90s. I worked there and met some of the shadiest people that ive ever met in my life.
@lesflynn4455 Жыл бұрын
Thanks for explaining this scandal. I remember the brouhaha, but never understood how the money came from nowhere. ,
@LWWM 2 жыл бұрын
Funny thing: Jeff Skilling has a brother Tom who is a beloved meteorologist here is Chicago. These two couldn't be more opposite!!!
@TheCrazierz 2 жыл бұрын
Or so you think...
@winternow2242 2 жыл бұрын
Does he get to work on his own private chopper?
@jerrycallo 2 жыл бұрын
Wait, wasn't Enron trading the weather at one point. I'm alleging a connection.
@sympathy4thedevil88 2 жыл бұрын
Holy shit! I live in chicago and never realized the connection. BTW Tom had gastric bypass a year ago and lost almost a much weight as enron lost financially
@vanessadotson8067 2 жыл бұрын
Born and raised in Chicago for 46y and my favorite news channel is WGN and when I heard his name I immediately thought of the weather guy but I didn't make the connection until I read your comment wow bc he is a old loveable dork and I hope he's nothing like his brother
@redzoneoffical5418 4 жыл бұрын
That genius asian man cashed out just at the right time
@arc46789 4 жыл бұрын
Still a fraud
@S0L4RFlare 4 жыл бұрын
He did the maths...
@DoctorCyan 4 жыл бұрын
God Himself I don’t know how I feel about that...
@Kris108s 4 жыл бұрын
I feel its more about networking. It is no surprise that the "big guys" always have easier time getting away. Like they somehow already know when the shit will hit the fan.
@WiddlyScuds2909 4 жыл бұрын
@@dissturbbed oh look kids! A real life dickhead!
@stevemc01 3 ай бұрын
"How the aspirations and hopes of one man led to a Republican immigrant bodybuilder movie star becoming the governor of California" -- the best spin/summary someone suggested on the worst fraud in US history
@ShamileII Жыл бұрын
What a great video! So well done and researched!
@jonny5777 4 жыл бұрын
I love how America really hasn't changed in a century. Instead of outlaws on horseback robbing stagecoaches they now wear business suits and a smile.
@cragerzz 4 жыл бұрын
You cant be serious. There is zero similarity
@paladin1147 4 жыл бұрын
@@cragerzz K
@nintexoo 4 жыл бұрын
and while you let your emotions give you tunnel vision to find "snakes in suits" the real criminals are siphoning off you on mainstreet
@johngta7172 4 жыл бұрын
the large smile with all teeth showing - thats how to spot the urban wolf
@MrPrush-ji4gs 4 жыл бұрын
Ummm a century ago the biggest fraud occurred by people in suits, the federal reserve.
@matthewkagan6921 4 жыл бұрын
In my mind I am trying to picture how those employees felt when they got laid off. They must have looked back at all those 18 hour days, and lamented time they lost, and the sacrifice to their health. Those years they lived in fear of being rated a 5. All those times they invested that hard earned money into 401k. To give so much of your life to a company with the hope of having stability and to retire obe day, and in just one day is all gone.
@ralphpal 4 жыл бұрын
like now
@campkira 4 жыл бұрын
most of them come to work and do nothing all day anyhow.. so is it surpising?
@icvetz 4 жыл бұрын
It baffles me that in America those responsible only serve 5-12 years lmao. Skilling served 12. How is that even possible? People do much longer for less damaging crimes.
@kensurrency2564 4 жыл бұрын
icvetz Financial crimes are in a different category than peasant crimes. And he probably served in a country club prison too.
@bhoqeem1975 4 жыл бұрын
@@icvetz Money & influence. That's how.
@slayr399 Жыл бұрын
I've got a book about the Enron scandal. The diagrams showing how the money/assets/debt was moved about alone are fascinating.
@regiirecords8829 4 жыл бұрын
I'd love to see an Enron movie in the style of "Wolf of Wall Street"- with dirt bike riding and a cameo from George W. Bush in his coke boy days.
@FinnishCarGuys 4 жыл бұрын
This, with a highly satisfying "alternate reality ending" by Tarantino.
@maythesciencebewithyou 4 жыл бұрын
Simon Pegg would make a great Jeffrey Skilling
@camerontaylor7471 4 жыл бұрын
REGII RECORDS are you serious? How is that entertaining? That’s why these people do this... so they can be in the news and on tv and talked about when there dead... all while the zombies watch the spectacle... your just feeding into the entire system of HARM
@eddixon2015 4 жыл бұрын
REGII RECORDS lmao, I’ll write you a treatment for that if you want
@illuminocalypse5210 4 жыл бұрын
Hell yeah - I'd even have a title for it. I'd call "The Smartest Guys in the Room" (a sardonic title, of course). It's taken from part of the title of a documentary about Enron that was made shortly after the scandal called "Enron: the Smartest Guys in the Room".
@AnalystManIssac 2 жыл бұрын
For everyone who is curious if Enron would not have been found out. They still would have gone bankrupt. The reason is because the debt never actually went away so eventually creditors would’ve wanted their money when the loans were due and since they did not really have the money this would’ve happened anyway
@pogtuber5146 Жыл бұрын
True, but during that time the executives at the top would have been living the dream for much longer than they ever deserved. This way, they went to jail and/or shot themselves years earlier.
@ronelz999 Жыл бұрын
If all their business investments were successful would they have gone under? ie the gas one in india.
@Ronin11111111 Жыл бұрын
@@ronelz999 Honestly? I think yes. All that would've changed is they'd have pushed things EVEN FURTHER, far beyond any reason.
@MindBlowerWTF 4 ай бұрын
they would probably fund the debt with their stock or borrow more money against their stock and cover it that way?
@DaveC2729 7 ай бұрын
I wouldn't have lasted ten minutes sweeping the floors in a company like that. They would've fired me then collapsed, and I would've lmao'ed at them.
@ultraali453 Жыл бұрын
Thank you so much for making this. I hope we can all learn form this and practice due diligence before sticking our neck out for a company or entity. If everyone does this, then we can minimize exploitation in this world.
@virginiamoss7045 Жыл бұрын
Nice thought, but that's not how humans work. It's a fantasy dream.
@FixedFace 4 жыл бұрын
“they were working on a streaming service with blockbuster” wait, what?
@Redbird-dh7mu 4 жыл бұрын
Ok, basically, Blockbuster was competing with Netflix, they wanted to blow Netflix out of the water with streaming movies to your home like a good 6 years before it became decent. However, not only was the technology not really ready, Enron’s bankruptcy more or less killed any hope for this project to work.
@eddiew2325 4 жыл бұрын
Redbird7311 am I the only one who actually likes netflix
@vengefulavenger1510 4 жыл бұрын
Ricardo Montanía hey buddy calm down i hate netflix
@asmodeusasteroth7137 4 жыл бұрын
@@RicardoMontania easy there snapper Calm down Netflix sux and everyone knows
@johncate9541 4 жыл бұрын
The technology wasn't good enough to make it happen at the time. They weren't the only ones who tried to cash in on streaming before it was technologically possible. Look up "Pixelon" sometime. They tried to claim they could do it as early as 1999.
@Prettyfunny40 3 жыл бұрын
When I was in school Enron came to recruit. All of their executives came across as extremely arrogant and cocky. They seemed high on their own hype. They claimed to pick the best of the best: smart, self starters and risk takers to work in their company. Unfortunately not all that shines is gold. In this case, as it turned out, underneath they were just a big scam.
@hobomike6935 2 жыл бұрын
"What would it be like?....to have everything, and then to lose it? would it have been better to never have had it at all?" -Michael Morton
@jasonu3741 2 жыл бұрын
Same they came to my highschool in Canada for our advanced business admin course this was sept of 2000.
@alfonsopena4421 Жыл бұрын
FTX surpassed the amount of money scammed.
@wolfthemandalorian3328 Жыл бұрын
FTX says hold my beer.
@zxKAOS1 3 жыл бұрын
Skillings is out and at it again. Sheesh. You'd think they'd have some kind of Financial Offender Registry or something, like they do with sex offenders.
@likemysnopp 3 жыл бұрын
I think they do. Here most are on a list for 10 years after their sentence is up. And now days, due to some people understanding our laws, anybody can google your name and find out if you are a criminal (or well, if you have been caught that is..). This includes driving too fast etc so you need to pay like 12 bucks to know what z person did.
@eliastalks7411 2 жыл бұрын
Average person can be barred from applying for a job in the financial sector for having bad credit, let alone fraud. Meanwhile, CEOs can do fraud and just return to post when they get out of jail? Modern society is not free or equal.
@user-se7wf9dv6r 2 жыл бұрын
I heard that he's found Christ and will donate all his earnings to Mother Theresa's foundation in Calcutta...so please all you naysayers give the guy another chance! /S
@azynkron 2 жыл бұрын
In more developed countries he would be prohibited from owning or doing business for about 10 years on top of the jail sentence.
@azynkron 2 жыл бұрын
Involved in another pyramid scheme then.. nice.
@looooop5989 2 жыл бұрын
it's just sad to see that every time a big company does fraud or collapses its the normal people who get affected the most
@staydismantling9354 2 жыл бұрын
just like wars. fuck the system
@MrJamberee Жыл бұрын
Wait until this Pfizer vaccine fraud unravels. It will make Enron look like child’s play.
@elizaforrester9440 8 ай бұрын
Imagine trading the weather "I'll buy raindrops at £12 a drop"
@Chris-qc6mx Жыл бұрын
SBF/FTX: "Hold my beer"
@plunder1956 3 жыл бұрын
I once played a very small part in building an exhibition set for Enron. It was held on the week the scandal was unfolding in London. These super rich millionaire execs were full of fun, but by the last day were busted & jobless. It was a weird situation.
@mobilegameclips5628 2 жыл бұрын
Of all the things I doubt on the internet… I think this is authentic and honestly that’s an awesome life experience. Seeing people so high brought so low is a very grounding experience.
@jsteganius6969 Жыл бұрын
Good. Greedy bastards.
@sarahberkner Жыл бұрын
Sounds similar to when events were shut down in March 2020 due to Covid. I was working at an event that ended on the first day even though it was sunny and there was no visible threat, it was weird.
@Daniel-nt5gh Жыл бұрын
And yet neocons still insisting that no regulation at all is he best possible way to go.
@Anthsytar 3 жыл бұрын
That "social credit score" the CEO pushed reminds me of something similar tried in Orange, a telecomms company in France after it was privatised. Executives were ranked according to the profit and revenues they gave to the company. However, in France it is very hard to actually fire someone for no reason (and if it's found out that you fired someone wrongly, they can sue for plenty of damage), and therefore they used other tricks to push them out, including depriving them of meaningful work, moving them across the country, refusing to listen to their reports, etc. It ended up with a wave of suicides and the CEO of Orange at the time is now facing criminal charges.
@udittlamba 2 жыл бұрын
same thing they do in japan
@God-ch8lq Жыл бұрын
@@udittlamba afaik its more of a cultural thing there, as they are workaholics so ofc they'd use this method
@konradnicholasnel262 7 ай бұрын
Love this channel and this vid is used in my Masters in Finance course, that's wild!
@GuttersMN 11 ай бұрын
At the time of this disaster I worked for a company that had as one line of business a "virtual dealroom" where lawyers could get together online and review documents and negotiate terms of mergers. We were handling the Enron-Dynegy merger. One day that all ground to a halt, and we were instructed to preserve the data. A few months later, we spun them up into our other line of business- the sale of assets (what one co-worker described as "the E-Bay of companies"). We literally hosted the online auction for the big "E" logo sculpture. Lesson: when there is a gold rush, don't dig for gold- sell shovels. That way you get paid no matter what.
@rtwice93555 4 жыл бұрын
Wow. Enron nearly bankrupted the utility i work for. It was at that time California deregulated the electric utilities meaning they could not generate their own power they sell and must purchase it through other suppliers. Enter Enron. Enron was selling electricity for nearly 10 times what the utilities were generating it for. Nearly bankrupted all of California utilities. While I am only a mechanic for the utility, it nearly cost all of us our jobs.
@Roshan_420 4 жыл бұрын
Glad that it didn’t cost your job
@Roughrideyy45 4 жыл бұрын
Luckily they didn’t make you lose your job
@ABandG 4 жыл бұрын
It’s crazy how I can’t see how a government could let that happen but then it’s the government who allowed it to happen
@camerontaylor7471 4 жыл бұрын
ABandG because there is no government genius! It’s a big gigantic fat lie! You really think they care about us? They believe we are nothing but stupid selfish greedy walking bacteria pit monkeys, and their job is to prove it! They want to play god on earth! It’s literally all just for show, they like to see how insane and despicable they can be and get away with it, while we still beg and plead for the system because we can’t imagine a reality without money! They want to make it so terrible that we go to the streets and scream and beg and fight for the system all because we can’t make our own food? Or have no local communities to support each other for FREE? Humanity has dug its own grave... if you can’t see evil when it’s right in front of you then your gone... if you can’t see goodness when it’s right in front of you then your gone... if you can’t comprehend the bigger picture that you are a slave not an employee or a citizen then your gone...
@Dunkaroos248 4 жыл бұрын
Fuck pg&e
@mackenzie9712 3 жыл бұрын
I NOW UNDERSTAND THE REFERENCE IN THE BEE MOVIE WHEN THEY SAID “HONRON”
@mghq-mobilegamerzhq2533 3 жыл бұрын
Wow you just made me realise that!
@kyratompsett4409 3 жыл бұрын
I'm seriously watching all of these to fill in random references I've heard
@jaydmorales23 3 жыл бұрын
Fun With Duck and Jane (the new one) is about Enron
@EKNice 3 жыл бұрын
🤣🤣🤣
@ferretman6790 Жыл бұрын
“Planned to make a streaming service with blockbuster” Introducing: Enron plus
@petermoore7796 3 жыл бұрын
The selfish gene is one of the most misunderstood books. While Dawkins mentions our 'selfish gene' he goes on to say that humans are unique in that we are better suited when working together as opposed to also being selfish
@EmVeeBeen 3 жыл бұрын
He definitely didn't read the biggest footnote which is the book. Smh
@eddixon2015 3 жыл бұрын
Peter Moore I mean given the people in this story, that seems totally realistic
@samcavanagh7993 3 жыл бұрын
@@eddixon2015 the point is that humans always progress more when we work together vs oppose eachother, which history shows to be true.
@eddixon2015 3 жыл бұрын
Sam Cavanagh I’m with you. I just think that it’s pretty stupid that a guy who built company ethos around a book didn’t understand what the book was saying.
@samcavanagh7993 3 жыл бұрын
@@eddixon2015 yeah true. I don't think he was very smart
@MarijnLangejan 3 жыл бұрын
"It was his administration to believe, that intervention, wouldn't solve anything." As he intervened in Iraqi politics and invaded.
@frostywasp1743 3 жыл бұрын
This shit I so funny bruh
@TheTravisTube 3 жыл бұрын
Obama preferred Syria 🇸🇾
@KaloKross 3 жыл бұрын
@@TheTravisTube obama prefers remote drone strikes on civilians
@tonyarana3847 Жыл бұрын
What I have learned living in the US is that for whatever "LAW" there is there's always a loophole around it! 🤷♂️
@javaman7199 Жыл бұрын
"Enron - The Biggest Fraud in History" FTX - hold my beer.
@amazinglife1068 Жыл бұрын
That was before Bernie Madoff dropped his bomb.
@pauline3815 Жыл бұрын
@@amazinglife1068 yep I think we can say Madoff was even worse…
@kylewitte8747 3 жыл бұрын
My aunt worked at Enron in the UK, (Even though she is American) After all of corruption she was one of the final employees and was put in charge of trying to get Enron out of bankruptcy. She tells me so many stories about her time there and how bad it really was.
@Saifullah.Q 2 жыл бұрын
evidence please
@jbdbibbaerman8071 2 жыл бұрын
She should write about it, honestly seems super interesting
@Pomme843 2 жыл бұрын
This would be very interesting to hear about for many people. She could write a blog about it, doesn't even have to be that long :)
@jayz4evr 2 жыл бұрын
Wow what a marvelous story
@hobomike6935 2 жыл бұрын
Interesting if it’s true, but this kinda feels like an r/thathappened comment
@DavidKeithWilliams 2 жыл бұрын
Jeffrey Skilling and Andy Fastow, even with cooperating with federal authorities, should have both served at least 20 years in prison.
@mrcliff3709 Жыл бұрын
More like have a date with ol'sparky
@jonathancaverly6477 Жыл бұрын
Sam Bankman-Fried "Hold my beer"
@chrisparkes 3 жыл бұрын
I'll never forget the part of the "The Smartest Guy In The Room" when Enron employees are organising rolling blackouts to increase stock prices and senior citizens are dying as a result.
@waltershattenkirk3087 3 жыл бұрын
Yea, there’s no guilt in greed. I sold a couple luxury cars to a family here in Houston. Husband was a trader for Enron on assignment in California. Husband was a co-sign on the first purchase. “Mrs. X, what is your husband’s annual income?”. “Just put down $400,000k, it’s something like that”. I made $90,000k that year working 2 jobs, needless to say I was a bit shocked considering I lived in the same neighborhood as them.
@Bustermachine 3 жыл бұрын
@Insert Name Here I was too young to really know if Davis screwed up elsewhere, but he definitely got the blame for the Enron backlash which looks increasingly unfair in restrospect. The most I can say for the Governator is . . . He was not a good governor but he did and still does genuinely believe that elections should fairly reflect the will of the people. So, more admirable than anyone who was making decisions for Enron.
@skilifavas4016 3 жыл бұрын
Oh yeah and all those people who needed power to survive. Like in a surgery or attached to a ventilator
@blankshaliburton277 3 жыл бұрын
The most distressing part of this story is just how intertwined with politics it is.
@None-zc5vg 3 жыл бұрын
@@blankshaliburton277 You can't have one (politics) without the other (corruption).
@diannemaloney5501 3 жыл бұрын
"One reporter would soon start asking questions..." It only takes one person to make a huge difference, to stop a huge machine, to end a huge wrong.
@goliathsteinbeisser3547 3 жыл бұрын
Provided that there is rule of law and working institutions. That is why, despite all the complaining, democracy is so damn important.
@dlwatib 3 жыл бұрын
Enron wouldn't be caught today because journalism is dead in the USA.
@Bustermachine 3 жыл бұрын
@@dlwatib They would actually have ended up getting caught as their maneuvers gradually ended up with Enron divesting itself of its actual energy assets. So, people would notice when the power went out and just never came back on. I mentioned in another comment that Enron is fascinating because all of these people should have known where the game was eventually going to end. They just thought they could outrunning the day when the bill would come due.
@TahtahmesDiary 3 жыл бұрын
Isn't that also similar to how Elizabeth Holmes was taken down?
@tenthousanddays2103 Жыл бұрын
FTX... Hold my beer.
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