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And thirty years later, if you're going to read only one book on Watergate, that's still the one. There were dozens of books about Watergate, but only All the President's Men gave readers the full story, with all the drama and nuance and exclusive reporting. Countless books and articles were written about it, but only The Smartest Guys in the Room holds up a. Book Summary :The tenth-anniversary edition of the definitive account of the Enron scandal, updated with a new chapter The Enron scandal brought down one of the most admired companies of the 1990s.
The Smartest Guys In The Room Download PdfEnron The
Enron: The Smartest Guys in the Room is a 2005 American documentary film based on the best-selling 2003 book of the same name by Fortune reporters Bethany McLean and Peter Elkind, a study of one of the largest. Enron the smartest guys in. The Amazing Rise and Scandalous Fall of Enron Peter Elkind free download pdfEnron the smartest guys in the room pdf free download: The Smartest Guys in the Room top economics books. Today, Enron is the biggest business story of our time, and Fortune senior writers Bethany McLean and Peter Elkind are the new Woodward and Bernstein.Read Online The Smartest Guys in the Room: The Amazing Rise and Scandalous. And thirty years later, if you're going to read only one book on Watergate, that's still the one.
The Smartest Guys In The Room Download Free Books
But that was before Fortune published an article by McLean that asked a seemingly innocent question: How exactly does Enron make money? From that point on, Enron's house of cards began to crumble. Hows RosieRemarkably, it was just two years ago that Enron was thought to epitomize a great New Economy company, with its skyrocketing profits and share price. Alright guys, here we are. Download free books in PDF format.
Jeff Skilling, a former McKinsey colleague of mine, was the 'vector' by which the infectious scourge of financial theory found its wa Great ExpectationsThis is the definitive case history of the demise of the most admired company in America. What it demonstrates is that the failure of Enron, although facilitated by the greed and moral indifference that is typical in corporate life, was at root down to its excellence in precisely that set of skills for which it was most admired: corporate finance. Above all, it's a fascinating human drama that will prove to be the authoritative account of the Enron scandal.moreGreat Expectations This is the definitive case history of the demise of the most admired company in America. Smartest Guys in the Room is a story of greed, arrogance, and deceit—a microcosm of all that is wrong with American business today. It reveals as never before major characters such as Ken Lay, Jeff Skilling, and Andy Fastow, as well as lesser known players like Cliff Baxter and Rebecca Mark. Drawing on a wide range of unique sources, the book follows Enron's rise from obscurity to the top of the business world to its disastrous demise.
He merely had to push on the door that had been unlocked by years of academic indoctrination of the young MBA's in all these institutions who were eager to show just how savvy they were in the theory of corporate finance. He also sold this ethos to the people who provided finance to Enron, the investment banks, analysts and advisors who set the fashion for business rationality.Skilling did not have to sell very hard. He established it as the pervasive ethos of the company. Widespread corporate organ failure was triggered by an almost insignificant mutation in a rather insignificant limb.What McLean and Elkins show is that Skilling, who received top honours from the Harvard Business School and rose to an exceptionally young partnership at McKinsey, had a devotion to corporate finance of religious intensity. Corporate finance is what passed, and still passes, for intelligent business practice and spread like a cancer to every level of the company.
Value is a function of expectations, of what is expected to come about because of our business plans. That is, it doesn't have to do with whats in the bank, or in the warehouse, or, in general, what's been achieved those things are matters for the stodgy accountants. Those who can't can be ignored as relics of business-past.But in truth the modern theory of finance is based on a very simple, and as it turns out, a very stupid idea: value is prospective. But this is of course is part of its charm: only the insiders, the experts, can understand it.
And the house of cards grows and grows. If you pay people down the line based on the expected value of what they do, they too hold most of the cards. They bought it.But what goes around comes around. At this Skilling was a pro. All the managers have to do is convince the banks and analysts and advisors that their numbers are credible. It is they, after all, who make the decisions and have access to the detailed information on things like operating costs and likely sales, etc.
Until it was seen to be what it actually was, an irrational game of chicken which could only have one outcome. At one go the entire facade of valuation based on management expectations became visible and all came tumbling down.Without doubt, Skilling had created the boldest experiment in corporate finance ever seen. This is the snowflake that caused the avalanche of disaster.
One wonders what company or companies maybe doing the same thing right now. I have always hated the corporate world and the people of Enron are a great example of all there is to hate about it.But the book goes into great detail about exactly what happened and it is chilling. And not in a good way I am afraid.So one might ask why read a book about a bunch of sociopaths who cheated their employees out of millions? Well first off, I am into psychology and found the book fascinating from that perspective. I am sure most people have heard of Enron. This book tells the story of Enr “The tale of Enron is a story of human weakness, of hubris and greed and rampant self-delusion of ambition run amok of a grand experiment in the deregulated world of a business model that didn’t work and of smart people who believed their next gamble would cover their last disaster—and who couldn’t admit they were wrong.”― Bethany McLean, The Smartest Guys in the Room: The Amazing Rise and Scandalous Fall of EnronMan, if this book does not get you outraged.This book tells the story of Enron. This is proof to me that human beings can rationalise even the most damaging and stupid behaviour.more“The tale of Enron is a story of human weakness, of hubris and greed and rampant self-delusion of ambition run amok of a grand experiment in the deregulated world of a business model that didn’t work and of smart people who believed their next gamble would cover their last disaster—and who couldn’t admit they were wrong.” ― Bethany McLean, The Smartest Guys in the Room: The Amazing Rise and Scandalous Fall of Enron Man, if this book does not get you outraged.
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