Enron and the Wall Street Journal

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The Wall Street Journal starts running stories about LJM and speculating on how much they think Fast-Out might have pulled out of these entities. So there's no other way to tap any cash. Everybody's a little distracted. They're able to pull through for at least another couple of weeks. Later, though, by kind of early October, everybody's recovered enough in the rest of the financial community from September 11th that they resume the questioning of Enron.

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.