The Smartest Guys in the Room: The Amazing Rise and Scandalous Fall of Enron
by Bethany McLean, Peter Elkind
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Book Summary Information
Author: Bethany McLean, Peter ElkindEdition: Paperback
Published: 2004-09-28
ISBN: 1591840538
Number of pages: 464
Publisher: Portfolio Trade
Book Reviews of The Smartest Guys in the Room: The Amazing Rise and Scandalous Fall of Enron
Book Review: Advanced accounting shenanigans don't create value
Summary: 4 Stars
Very well researched account of the rise and downfall of Enron. It chronicles the start and the ultimate demise of this company, which never really had a great business model - (sorry Jeff Skilling). It is amazing that so many "smart" people did not understand basic business skills and the simple difference between economic and accounting gains. Jeff Skilling, a former McKinsey partner, should have stayed with the consulting firm where theory is safely differentiated from real world. Skillings' first mistake was not understanding his own limitations first and foremost. He breaks out a bottle of champagne to celebrate SEC's acceptance of a change in Enron's accounting system. Accounting does not create value - it does not appear that many Enron executives (especially Skillings who should have known better) understood this.
McLean and Elkind do a nice job presenting some of the schemes and scams that Enron executives used to make themselves look good to investors, analysts, bankers and the general public. There are some scams that I had a hard time following, but the reader will grasp the general idea behind them. In light of recent accounting scandals, this is an important book to read for any investors and the public in general. Unfortunately the book ends around summer of 2002 and we do not find out what happens to some of the key characters. My interest was sparked enough that I researched some of the more recent findings after reading the book. Despite its difficulty to read at times I highly recommend it.
Summary of The Smartest Guys in the Room: The Amazing Rise and Scandalous Fall of Enron
Like its subject, The Smartest Guys in the Room is ambitious, grand in scope, and ruthless in its dealings. Unlike Enron, the Texas-based energy giant that has come to represent the post-millennium collapse of 1990s go-go corporate culture, it's also ultimately successful. Penned by Fortune scribes Bethany McLean and Peter Elkind, the 400-page-plus chronicle of the scandal digs deep inside the numbers while, wisely, maintaining focus on the "smart guys" deep-frying the books. The likes of paternal but disengaged CEO Ken Lay (dubbed "Kenny Boy" by George W. Bush, one of many prominent public figures with whom he rubbed shoulders), cutthroat man-behind-the-curtain Jeff Skilling, and ethically blind numbers whiz Andy Fastow vividly come to life as they make a mockery of conventional accounting practices and grow increasingly arrogant and bind to their collective hubris. They're not a likable lot, and the writers find it difficult to suppress their astonishment and revulsion with the crew who rapidly went from golden boys and girls of the financial world to pariahs when the bill finally came due. The authors' unrepressed sarcasms are more than often unnecessarily given the scope of the outrage. Enron's leading lights were or a time celebrated for their ability to concoct nearly unfathomable business schemes to hide mounting shortfalls and keeping track on their machinations can be a chore, but, by sticking hard to the story behind the fall, McLean and Elkind have reported and written the definitive account of the Enron debacle. --Steven StolderJust as Watergate was the defining political story of its time, so Enron is the biggest business story of our time. And just as All the President?s Men was the one Watergate book that gave readers the full story, with all the drama and nuance, The Smartest Guys in the Room is the one book you have to read to understand this amazing business saga. And the critics agree:
?This book is right up there with Den of Thieves and Barbarians at the Gate. . . . Those who want to learn what happened here, you don?t have to read anything but this.? ?James Cramer, CNBC
?The best book about the Enron debacle to date. . . . Based on hundreds of interviews and fresh details, McLean and Elkind masterfully weave together the many strands of the Enron story. They shine in their characterizations of Enron?s often incompetent executives.? ?Wendy Zellner, BusinessWeek
?News junkies and mystery lovers who enjoy financial scandals will devour this multilayered book. . . . The Smartest Guys in the Room will rival other models of the genre, including James Stewart?s Den of Thieves. . . . The authors write with power and finesse. Their prose is effortless, like a sprinter floating down the track. . . . The character sketches of former chairman Kenneth Lay, former CEO Jeff Skilling and ex-chief financial officer Andrew Fastow are masterful.? ? Edward Iwata, USA Today
?Powerful and shocking. . . . succeed[s] in opening a disturbing window into both the company and the era . . . filled with fascinating characters and anecdotes.? ?Jonathan A. Knee, The New York Times Book Review
?The Smartest Guys in the Room is utterly professional, readable and?even though you know what?s coming?highly entertaining.? ?Daniel Gross, The Washington Post
?Meticulously reported and compelling . . . a cautionary tale about highfliers who weren?t as clever as they thought.? ?David Koeppel, Entertainment Weekly
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