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One employee, Charles Prestwood, lost $1.3 million in the Enron collapse. The Enron workers have suffered immensely and, in most cases, lost all that McLean and Elkind, “The Guiltiest,” had put in the company.
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The collapse destroyed more than $2 billion in pension plans. A $40 billion lawsuit followed the collapse, demanding compensation for the shareholders’ worthless stock. Consequently, the SEC and Congress worked swiftly to begin immediate restructuring to reduce losses like those experienced in the future. Those that had their pension funds financed in the company lost almost everything. Enron declared bankruptcy shortly afterĮnron’s shareholders did not benefit from the greed of the executives. The stock prices dropped to mere pennies and lost all consumer and financial buoyancy. The corporation was then required to recover profits back to 1997, which amounted to just $586 million, just 20% of the estimated earnings. It was forced to renounce earnings with multiple partnerships such as Chewco Investments and JEDI. He enabled the company to hide behind false information and comfortably take advantage of the system.Įnron, as a company, completely fell apart after the collapse. Fastow was the reason that Enron got away with the scandal for so long. He made it so that the stock price per share would continually increase, allowing it to continually hold a high investment rating. He used a technique common among energy corporations that used unique purpose entities to relocate liability away from Enron. Andy Fastow Enron’s CFOĪndy Fastow, Enron’s CFO, was a master at manipulating liabilities. Ultimately, it was Lay’s role that set in motion the collapse of Enron. Lay essentially began the craze for high earnings, an obsession that cost his company its life. An asset-free balance sheet meant that new resources could come in and trick the public into thinking that the company was hugely successful. He pushed employees to focus on rising rates of return by trading assets and borrowing more money.
Crooked e the unshredded truth about enron movie#
The author of the book and ex-Enron employee says that the strippers hired as secretaries have more exposure in the film than they did in his book and that the employee rallies were more dramatic in real life than in the film, but for the most part, the TV movie gets it right. The Crooked E was filmed in Winnipeg, Manitoba, Canada. Real-life executives are portrayed in the film, including Enron Chairman Ken Lay played by Mike Farrell, CEO Jeff Skilling played by Jon Ted Wynne, and whistleblower Sherron Watkins played by Jan Skene, while other characters are renamed (presumably to protect the innocent) such as senior executive Mr. When the company inevitably crashes in the fall of 2001, the film shows how shareholders and employees suffered the most. The extravagant company culture is shown through scenes of extreme office parties, over-the-top expense accounts, and sexy female employees. The film offers the perspective of Cruver, played by Christian Kane, depicted as a brilliant but naïve young salesman who was seduced by the company's "get rich quick" mantra. Synopsis īased on the first-person book by Brian Cruver, Anatomy of Greed, The Crooked E television movie chronicles the rise and fall of the Houston-based Enron Corporation. The film, which stars Brian Dennehy, Christian Kane and Mike Farrell, and was directed by Penelope Spheeris, was a ratings hit for the network. The Crooked E: The Unshredded Truth About Enron is an American television movie aired by CBS in January 2003, which was based on the book Anatomy of Greed by Brian Cruver.