What Are We Going to Do Tonight?

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I think it kind of does end at like pipelines were good for customers and the creation of a market. And then once you get into- Well, what about that blockbuster video on demand? I think as soon as the business became the derivatives trading as an end rather than aslike a means of hedging or as a means of cash flow stabilization and price predictability, I think that's sort of where basically everything after that was bad. No argument from me there. Makes sense to me. Why not?

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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