Conspiracy of Fools

Conspiracy of Fools❰PDF / Epub❯ ☉ Conspiracy of Fools Author Kurt Eichenwald – Heartforum.co.uk From an award winning New York Times reporter comes the full, mind boggling story of the lies, crimes, and ineptitude behind the spectacular scandal that imperiled a presidency, destroyed a marketplac From an award winning New York Times reporter comes the full, mind boggling story of the lies, crimes, and ineptitude behind the spectacular scandal that imperiled a presidency, destroyed a marketplace, and changed Washington and Wall Street forever.

Is a well known author, some of his books are a fascination for readers like in the Conspiracy of Fools book, this is one of the most wanted Kurt Eichenwald author readers around the world.

Conspiracy of Fools ePUB Ç Conspiracy of  PDF \
  • Paperback
  • 784 pages
  • Conspiracy of Fools
  • Kurt Eichenwald
  • English
  • 22 November 2019
  • 0767911792

10 thoughts on “Conspiracy of Fools

  1. Kirsti says:

    Would YOU like to cause the biggest bankruptcy in American history Sure you would Well, Enron has already gone kablooey, losing billions of dollars, throwingthan 20,000 people out of work, and contributing to at least one suicide But you can use the Enron approach to management at your company by following these easy rules Don t keep track of how much money is coming in Don t keep track of when your bills are due Petty details are boooooriiiiing Reward people for getting a deal d Would YOU like to cause the biggest bankruptcy in American history Sure you would Well, Enron has already gone kablooey, losing billions of dollars, throwingthan 20,000 people out of work, and contributing to at least one suicide But you can use the Enron approach to management at your company by following these easy rules Don t keep track of how much money is coming in Don t keep track of when your bills are due Petty details are boooooriiiiing Reward people for getting a deal done Don t reward people for getting a power plant built or for doing anything else that leads to actual, physical changes in the real world Focus on the numbers that are on the paper When you make a deal, take credit for all the earnings that year, even if the deal is supposed to last 20 years When the deals don t make as much money as you thought they would, make secret deals to pump up the balance sheet and keep the stock price high Don t reward people for controlling costs Don t reward people for doing stuff like buying insurance for the company A monkey could do that For key positions, hire underqualified, incompetent people, plus a few thieves Trust them When someone asks you to sign a document, if other board members have already signed, don t bother to look too closely into what you are signing You can trust the others Leave 10 million in checks lying around uncashed You re at a Fortune 50 company, so don t sweat the small stuff When an accountant from an outside firm tries to find out specific information about your deals and about how the company works, complain to that person s supervisor that the person is too rules oriented and uncreative Threaten to take your business elsewhere unless that specific person is reassigned When reporters begin investigating your company, say, I don t care what you say about the company Just don t make me look bad Spend your time flying around the world in a corporate jet, shaking hands with presidents and business leaders.P.S This book is soon to be made into a movie starring Leonardo DiCaprio

  2. Donitello says:

    This book gives sobering data, while reading like a best selling mystery a bona fide page turner.The book is particularly relevant when we put the story of Enron into perspective Geo W Bush s longtime personal friendship with Enron head Ken Lay Bush s own businesses in the 1980s Arbusto and Spectrum 7 also collapsing shortly after HE sold out his personal stock numerous other financial giants coincident with Enron eg., Arthur Anderson, Tyco, Worldcom, etc demonstrating the same fiscal This book gives sobering data, while reading like a best selling mystery a bona fide page turner.The book is particularly relevant when we put the story of Enron into perspective Geo W Bush s longtime personal friendship with Enron head Ken Lay Bush s own businesses in the 1980s Arbusto and Spectrum 7 also collapsing shortly after HE sold out his personal stock numerous other financial giants coincident with Enron eg., Arthur Anderson, Tyco, Worldcom, etc demonstrating the same fiscal irresponsibility this pattern repeated in the recent 2008 Bear Stearns debacle Do you want to know HOW greed and corruption flourish one assumes you already know WHY This book gives a detailed view of the process I was continually astonished as I read But then, I always am People sometimes accuse me of being cynical, but I can honestly reply every time To the contrary I m constantly amazed A great companion book to Pigs at the Trough How Corporate Greed and Political Corruption Are Undermining America We can t say we weren t told

  3. Brian says:

    Conspiracy of Fools is the fourth Enron related tale I ve read Smartest Guys in the Room, Enron The Rise and Fall, and Anatomy of Greed being the other three In it, Eichenwald does a decent job of combining the best of the three others, as if he poached some from each Conspiracy reads as a novel, combining facts and details with presumably fictional conversations The sometimes outrageous discussions between characters left me feeling that Eichenwald embellished a little too much, and at Conspiracy of Fools is the fourth Enron related tale I ve read Smartest Guys in the Room, Enron The Rise and Fall, and Anatomy of Greed being the other three In it, Eichenwald does a decent job of combining the best of the three others, as if he poached some from each Conspiracy reads as a novel, combining facts and details with presumably fictional conversations The sometimes outrageous discussions between characters left me feeling that Eichenwald embellished a little too much, and at 600 pages, the embellishment could be great He often leaves out the nitty gritty details best described by Smartest Guys in the Room, and relies too much on dramatics, like in Anatomy of Greed And unlike Smartest Guys by far the most well written and complete chronicle of the rise and fall of Enron , Eichenwald has a definite bent to his story, almost insisting that Andrew Fastow was entirely to blame, while painting Jeff Skilling as a basket case whose emotional baggage blinded him to any wrongdoing, and Ken Lay as a social and political juggernaut with blinders on Other former Enron executives, like Richard Causey and Rick Buy, take far too little blame for their roles in the special purpose entities that ultimately drove Enron under Conspiracy of Fools is a fairly entertaining, however one sided it may be, read despite dragging onand onand on Smartest Guys in the Room, and the documentary based on the book, are muchhighly recommended

  4. Ericka Clouther says:

    Very thorough and interesting account of all the myriad of things that went wrong at Enron and Arthur Anderson The culture is very familiar to me from my days in big law.

  5. James says:

    675 pages, but the writer has a talent for telling stories,and there are hundreds of stories here Very pleasant and interesting to read But is it all true The author makes it sound like the slimey ratfink Andy Fastow was 90% to blame,and that Skilling and Lay barely knew what was going on I find that hard to believe In any case, Skilling is still in prison And CEO s are still looting companies with excessive pay and outrageous stock options.

  6. Valerie says:

    It is very rare for me to give a book a 5 so the fact that I gave this one 5 stars should give a hint how much I liked it I m not sure what I found so compelling about this book but I was up late several nights reading it Even though I knew how it was going to end it was sort of like watching a disaster movie, you know it is going to turn out ugly but you still have to watch or read in this case Once things started unravelling, Eichenwald kept up the tension through devices like after an eve It is very rare for me to give a book a 5 so the fact that I gave this one 5 stars should give a hint how much I liked it I m not sure what I found so compelling about this book but I was up late several nights reading it Even though I knew how it was going to end it was sort of like watching a disaster movie, you know it is going to turn out ugly but you still have to watch or read in this case Once things started unravelling, Eichenwald kept up the tension through devices like after an event saying this deal would only be in place for two weeks Really it has an obvious villain, an obvious dupe, and an out of touch king, all classic fiction types The one piece that I would have liked is an addendum to list who was tried for what crimes and how they fared The book ended with Ken Lay at his arraignment

  7. Scott Hawkins says:

    There are occasions plane crashes, Chernobyl, Long Term Capital Management when smart, highly trained people fuck up in a way oops, my bad just won t cover I m not sure why, but I can read about that stuff endlessly I think my interest might have to do with the way it exposes gaps in our thinking Or maybe it s just prurient I don t know.Probably you re one of the 99.9% of the population that finds such things either too boring for words or slightly off putting But if you re nodding slig There are occasions plane crashes, Chernobyl, Long Term Capital Management when smart, highly trained people fuck up in a way oops, my bad just won t cover I m not sure why, but I can read about that stuff endlessly I think my interest might have to do with the way it exposes gaps in our thinking Or maybe it s just prurient I don t know.Probably you re one of the 99.9% of the population that finds such things either too boring for words or slightly off putting But if you re nodding slightly to yourself right now, pick up Conspiracy of Fools It s the good stuff

  8. Michael Chrobak says:

    By far the best behind the scenes look at what was a very public and heavily reported event Reading this was like watching a NASCAR race where you know there will be a wreck, you re just not sure when The early chapters set the stage perfectly A company that was farlucky than skilled, filled with executives who had farconfidence than talent, doing transactions they were never meant to do By the middle of the book, I was astonished at how deep the criminal activities and outrigh By far the best behind the scenes look at what was a very public and heavily reported event Reading this was like watching a NASCAR race where you know there will be a wreck, you re just not sure when The early chapters set the stage perfectly A company that was farlucky than skilled, filled with executives who had farconfidence than talent, doing transactions they were never meant to do By the middle of the book, I was astonished at how deep the criminal activities and outright arrogance had penetrated throughout the company By the final chapters, I was simply appalled at the blatant ignorance of leadership and the complete disregard for basic financial controls in a company that had already collapsed several months, perhaps even a few years, before anyone at the firm began to grasp that something was wrong A great example of the extent that corporations placed profits and growth above everything else during the turbulent years of the rise and fall of the dot com business world

  9. Kurtbg says:

    This book presents Andy Fastow, Enron CFO, as the principal architect behind the fall of Enron, diminishing the legitimacy of the US financial institution, feeding the CA energy crisis and international problems, specifically in India and Latin America.Fastow created accounting entities which were used to hide Enron debt He initially named himself the owner of these entities and got the board to dismiss any conflicts of interest He then played loose with accounting rules and received required This book presents Andy Fastow, Enron CFO, as the principal architect behind the fall of Enron, diminishing the legitimacy of the US financial institution, feeding the CA energy crisis and international problems, specifically in India and Latin America.Fastow created accounting entities which were used to hide Enron debt He initially named himself the owner of these entities and got the board to dismiss any conflicts of interest He then played loose with accounting rules and received required 3% investment from a third part a non executive co worker Why wouldn t you trust your CFO, right Fastow takes fees for running these entities which ultimately end up being recognize as Enron years later Basically he embezzled and gave others a piece of the pie to go along with it Skilling, Lay and the board don t go into details so they think it s all on the up hey, Fastow is reducing expense and increasing profit Gotta love it.He s creating an trading loan office within an oil delivery company.Enron s profits are huge They re the big guy on the block Well, how do you get this by the external accounting review arthur andersen and the ratings companies Moody Well, both those companies receive money from Enron for other business If you don t sign off, maybe that business will go somewhere else You re numbers will be down, then you re job will be on the block It s a soft approach to a strong arm tactic Politics uses a version of this too Ask the wrong question of the president and you re access to the white house is cut off You can t be a WH correspondent and not have access.You get the SEC to sign off by describing partially what you are doing.Seems good, and hey, the company gave money to Bush Sr, Bush Jr and Ashcroft Lay s a big Bush family friend This is obviously a trustworthy company.Now, packed with your CYA from the SEC and Anderson the board is assured that nothing can go wrong.All during this Enron has a number of other shady things going on It sales is eager to book deals a multi billion facility in India but without any review of what actual costs are They also get creative and create an energy market in CA which they then manipulate to shakedown a state by holding them as captive consumers.The snowball effect happens no, not Warren Buffett , things start to leek The culture of loyalty and pettiness internal starts to crumble Deals fall through, economic triggers are hit.The hidden debt s ugly head appears and the company is actually 2 3 billion in debt Just as a deal for Enron to be bought by Dynergy, the 2 company always made fun of by Enron, an economic trigger hits, an additional 690 millions is owed, and the final nail is driven into the Enron casket.Really, this story is about greed That greed drove Fastow, Skilling, Lay, the Enron Board, Moody s, and Arthur Anderson There needed to be regulations and review in place that were completely third party, without conflict of interest or influence Every system, ultimately, is as good as its people In a culture of greed and unfettered profiteering this is what happens, and will happen again.There s a saying about Texas businessman and how they take pride in your great losses as much as your great wins The cost those losses are to everyone else never seem to make it to the balance sheet.So Fastow, the inflection point in this crime, created multi billion debt, destroyed a company Enron would have rebounded from their other problems if Fastow didn t do what he did, and perhaps they never would have engaged in those endeavors without his presence , damaged the world economy, contributed to the destruction of an accounting firm, destroyed peoples livelihood, retirements, jobs, andand received just six years in jail That s all Skilling received 14 years and Lay died before his sentencing The issue with an unregulated capitalism is that you only know that you shouldn t have done something after the fact By then, all the potential destruction has already been done Case in point the dodo Market forces drove the extinction of an animal because immediate profits were greater than preserving regulating protecting them and creating a sustainable market that could have lasted a hundred years or .The book should really have been titled Conspiracy for Greed as they weren t fools just greedy businessmen

  10. kareem says:

    A corporate culture of greed, a focus on fast profits, a few bad eggs, and a ridiculous lack of board, executive, and accounting oversight combined to turn Enron into a catastrophic failure.The most interesting thing for me was that a few Enron employees were aware of what was happening, but either didn t want to speak up, or spoke up and were ignored sometimes repeatedly While I was reading, I wondered whether the shenanigans would have been exposed earlier if data was made available to all A corporate culture of greed, a focus on fast profits, a few bad eggs, and a ridiculous lack of board, executive, and accounting oversight combined to turn Enron into a catastrophic failure.The most interesting thing for me was that a few Enron employees were aware of what was happening, but either didn t want to speak up, or spoke up and were ignored sometimes repeatedly While I was reading, I wondered whether the shenanigans would have been exposed earlier if data was made available to all Enron employees for scrutiny, and a process was in place for employees to take up concerns The alternative structure which led to Enron s downfall was a system of trust between Enron and Andersen who audited but also consulted for Enron , and Enron s execs and board The Andersen guys faced pressure to let some of Enron s accounting misdeeds slip by for fear of jeopardizing huge consulting revenue And the board would rubber stamp crooked deals because the execs had signed off on them.All in all, a worthwhile read the first two or three hundred pages were interesting, and at times dry, but the last two hundred pages flew by

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