Today marks 20 years since Enron filed for bankruptcy. ScottCohnTV has a look at the company’s complex legacy.
"I would tell you it was probably one of the best jobs I ever had," he said. But looking back, Webster said, he does not regret the stress. "We were charging into new markets. We were doing new things."
In the 1990s, Enron transformed itself from a stodgy natural gas pipeline company to a corporate dynamo thanks to an innovation known as the Gas Bank, developed by a McKinsey consultant, Jeffrey Skilling. He would go on to become Enron's CEO, and he would later serve the longest prison term — 12 years — of any Enron executive.
While Enron's trading operation had little to do with the company's accounting scandal, the unit's successes created incentives for tricky accounting in the trading unit and elsewhere in the company, Hirs said.
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