John Emshwiller
speaker
265 appearances
1 recordings
1 series
first heard Oct 2021
last heard Oct 2021
John Emshwiller’s voice in public audio — every appearance, attributed to the second.
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Appearances
And we want you to enjoy the ride back up.
Do you hear that?
The prediction the stock would climb?
Well, that type of positive spin would eventually get Ken Lay in big trouble with federal criminal authorities.
I should note here that Lay would plead not guilty to charges of misleading investors, but he was ultimately convicted in 2006.
That conviction was vacated because of his death shortly after the trial.
His optimism at that meeting in 2001 would soon collide with a reality Rebecca and I were on the hunt to uncover.
After the break, an Enron insider reaches out.
Publicly traded companies in the US are supposed to disclose what's really going on in their organizations, the good and the bad, so investors know.
Companies write quarterly reports and submit them to the Securities and Exchange Commission, the SEC.
The day after Skilling quit in August 2001, I had pulled up Enron's most recent SEC filing before I did my interview with him, just to see if anything jumped out.
It was 37 pages, single-spaced, and pretty dense.
I was on deadline, so I scanned some important sections, including one titled Related Party Transactions.
These are outside business deals involving directors or top officers.
It's what I've always thought of as a company's potential dirty laundry list.
And there, I found something most unusual.
Something that ended up being a big deal.
Deep in the document was a reference to outside partnerships that were doing vast amounts of business with Enron, worth hundreds of millions of dollars.
Rebecca also hadn't heard about these partnerships from stock analysts who followed Enron.
Now, the descriptions of the transactions in the SEC filings were so convoluted, they were practically gibberish.
Showing 161–180 of 265 · page 9 of 14
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