The Enron Corporate Jet and the Sarbanes Oxley Act

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President Bush signed into law the Sarbanes Oxley Act six plus months after Enron's bankruptcy. It was pushed very quickly and almost unanimously through both houses of Congress. The biggest thing is top management, the CEO has to certify the accuracy of financial information. That actually kicked off state private longer or you could argue that it was a huge impact in the early 2010s of companies staying private forever.

The FTX fraud has dominated headlines now for weeks, during which we’ve debated if and how Acquired could uniquely add to the conversation. Then we realized there was an angle so perfect that we had to drop everything and enter Acquired research overdrive: Enron. Travel back with us to the granddaddy fraud of them all, 2001’s then-largest bankruptcy in US history and the impetus for the famous Sarbanes-Oxley Act. So much of Enron’s history parallels FTX that the uncanniness is almost unbelievable — right down to the same CEO running the two bankruptcies. Sit back and enjoy this crazy tale of villainy, greed, and the nature of humans and money. Maybe just don’t take notes on this one…

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