Enron's Commercial Paper Doesn't Turn Over.

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The morning of September 12th, the next day when the financial markets reopen, Enron's commercial paper, their overnight loans, don't turn over. There's no buyers for the overnight Enron commercial paper. And they needed this because partially due to the events of September 11th, but this was a ticking time bomb was going to happen anyway. It also gave them cover to say, geez, every stock's down right now. Right.

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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‍Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.