Enron : Smartetest Guys in the Room

Has anyone seen this movie?

Produced by Mark Cuban.

As I've always been suspect of what led to their demise, this film just shines new light on how f'd up the top execs of this company actually were.

I know we had a discussion regarding capitalism yesterday and how I said capitalism is great. Well after watching this movie I can see the pitfalls and side effects brought on by a capitalistic society.

It's true what they say that money can be empowering. And as a resulty greed and corruption facilitate one's desire to become empowered.

Jake and whoever was advocating a non-capitalistic society should've jumped on the Enron story as a perfect horror story.

Go Syracuse

Hmm.....I'm downloading it now. Better be good or I'm a gichoo boy.

Yeah that is an interestingmovie. Mcnamamra is ridiculous.

Could anybody send me a link...It seems interesting because I never did figure out what the whole controversy was over....

Did yall see what the Syracuse coach was saying to the people that called Mcnamera underrated, he was pissed like i've never seen....Then again it was Syracuse themselves calling him underrated....

[quotee31d26e438="theysayjump"]Hmm.....I'm downloading it now. Better be good or I'm a gichoo boy.[/quotee31d26e438]

Be careful I might just be the MPAA's mole on FIPG. wink

[quotee31d26e438="AbSoLuT_xXxEr0"]Could anybody send me a link...It seems interesting because I never did figure out what the whole controversy was over....

Did yall see what the Syracuse coach was saying to the people that called Mcnamera underrated, he was pissed like i've never seen....Then again it was Syracuse themselves calling him underrated....[/quotee31d26e438]

Got the link off of a private tracker.... Oh ya forgot about the mole. I rented a copy from blockbuster. Check minonova or one of the major public tracker sites for a link.

This Syr - Uconn game is crazy.

BigEast is the shiznit

[quote811b1aa087="good2speed"]
Jake and whoever was advocating a non-capitalistic society should've jumped on the Enron story as a perfect horror story.
[/quote811b1aa087]

Well, we were discussing capitalism from a more global perspective but Enron would be a good example.

The CEO and Chairman are crooks of the highest degree.

Their defense team is claiming that it was 'bad press' that led to the demise of the company and not their 'mark to market accounting.' BS.

I don't know about you guys, but I wouldn't account for money in my pocket until it actually makes it there. Enron liked to book the profits before they even existed and let that drive their stock price up.

We'll see how the trial unfolds.

Didn't the defense spend some insane amount of money on the case so far? I read somewhere that it's something to the tune of 30 million dollars.

[quote795859428d="Jake"][quote795859428d="good2speed"]
Jake and whoever was advocating a non-capitalistic society should've jumped on the Enron story as a perfect horror story.
[/quote795859428d]

Well, we were discussing capitalism from a more global perspective but Enron would be a good example.

The CEO and Chairman are crooks of the highest degree.

Their defense team is claiming that it was 'bad press' that led to the demise of the company and not their 'mark to market accounting.' BS.

I don't know about you guys, but I wouldn't account for money in my pocket until it actually makes it there. Enron liked to book the profits before they even existed and let that drive their stock price up.

We'll see how the trial unfolds.

Didn't the defense spend some insane amount of money on the case so far? I read somewhere that it's something to the tune of 30 million dollars.[/quote795859428d]

Mark to market is hilarious. Wish I could get loans based on my mark to market earnings.

The exact figures of the defense I'm unsure of but I do remember from the movie that either Lay or Skilling paid a 23 million dollar retainer for the trial.

These assholes should get life.

I loved how one of the companies credo was to ask why yet no one working for the company seemed to do so.

On a Big East toureny note. Jim Boeheim is a kick ass coach. Seems like he genuinely likes his players and wants to help them grow and will always stand behind them as if they were his own kids.

[quoted65392f5ff="good2speed"]
Mark to market is hilarious. Wish I could get loans based on my mark to market earnings.
[/quoted65392f5ff]

Hello Mr Banker, my projections tell me that I will earn 10 million dollars in my lifetime. Therefore, I feel I qualify for a 2 million dollar loan. K? Thx.

lol

Big Ten > Big East

What exactly is "Mark-to-Market" accounting? I saw the movie, but they didn't explain it very well.

Its a good movie, check it out...

[quote21dc8801b2="Nimh"]What exactly is "Mark-to-Market" accounting? I saw the movie, but they didn't explain it very well.[/quote21dc8801b2]

Basically...

Enron would start some project. Let's say a powerplant in India (I believe they did this). They would start construction on the plant all the while making projections of how much revenue it would generate. They would mark these projections into their ledgers as if they had [i21dc8801b2]already made the money[/i21dc8801b2] when in reality, the money didn't exist yet.

This way, their financial statements always looked rosy and the analysts would keep saying buy subsequently driving the stock price up.

[quote387f327c3a="good2speed"][quote387f327c3a="theysayjump"]Hmm.....I'm downloading it now. Better be good or I'm a gichoo boy.[/quote387f327c3a]

Be careful I might just be the MPAA's mole on FIPG. wink[/quote387f327c3a]

I didn't even think to check Blockbuster. shrug roll

I'm gonna go get it there.

They have it on Netflix...

[quote9689333588="Nimh"]What exactly is "Mark-to-Market" accounting? I saw the movie, but they didn't explain it very well.[/quote9689333588]

are you aware of the principles of accounting. Acc 101?

Basically as Jake explained Enron 'cooked' their accounting books to hide their debt. I believe the CFO Andy Fastow would hide Enron debt in other subsidized companies. Basically there's a video of Fastow meeting with a group from Merilll Lynch telling them to invest there money in the company.

Enron was able to show a profit when in reality it was losing a lot of money. As a result investors would drive the price stock up, since for some reason Enron showed incredible growth even at the time of the dot-com bust.

As for mark to market accounting. Basically Enron would use future earnings , which may or may not have existed. to show a healthy profit on their accounting books. For the following years Enron would show incredible profit even though many were suspicious that the numbers didn't add up. The execs basically traded in their stock options while at the same time encouraging there workers to invest their 401k's into the stock. Even when the 'ship was sinking' Enron execs froze the workers from selling their stock options until the stock price had fell rock bottom.

From here on Ken Lay Ceo claims he has been hit hardets by the fall of Enron. While in reality he banked close to 300 Mill in stock.

Hey, that's weird I just rented this movie a couple days ago from Netflix. It was pretty interesting to know the background info. on this co. I hadn't even heard of them before they went bankrupt and were on the news, etc. I hope those fuckers lose all their money twisted