The New York Times - Ken Lay, Chairman, CEO

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Lay apologizes to skilling for all the drama. He says, you know, look, I've read your work on the study. You really did an excellent, excellent job. Like I would love to keep the relationship going with you and McKinsey. We're going to have a lot of work to do at this combined company.

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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