Enron Structured Financing - Is This the Man for the Job?

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Andrew Fastow was a former banker from Continental Illinois Bank where he worked in Chicago. He's the one who economically benefited the most of any of the Enron people, says Michael Wolraich. "He sold his stock at the top. I don't think with any notion of what was about to happen" The ex-banker ended up becoming the second largest landholder in Colorado.

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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