Jeff Bezos insisted that in order to join Enron and start this new division, Ken Lay and the board had to agree to use mark to market accounting. He literally called it a lay my body across the tracks issue without joining the company. This shows how unbelievably savvy he is. It's worth because we'll get into this a bunch but let's understand it conceptually.
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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