The Power of the Natural Gas Industry in the United States

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In 1978, Jimmy Carter signs the National Energy Act. It starts to open back up parts of the energy economy in the U.S. to free market competition. The first big area that deregulates is the natural gas industry. So enter one Kenneth Lee Lay. He's a star student in the economics department and goes on to work in the oil industry after he graduates.

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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