Richard
๐ค SpeakerAppearances Over Time
Podcast Appearances
You have got that right.
What was the nature of your work in the company of all these suits and fast cars in London?
Given that you're working in accounts...
What was it like to observe Enron growing so quickly, having all this investment money, all these gigantic projects taking place in the most admired American company in the world?
What kind of anomalies were you beginning to see in some of these account documents that were coming your way?
There's a documentary about Enron called The Smartest Guys in the Room.
And Enron, early on, once Geoffrey Skilling took over as CEO, started practising a thing called mark-to-market accounting, which was...
they were reporting their income based on expected profits.
They were sort of banking that and reporting that and the share price sort of rose accordingly.
And this was all being done within a very opaque system.
Was this something a guy at your level was aware of, this mark-to-market accounting practice that was going on?
Even I remember, and I pay very little attention to the financial pages, but even I remember at the time the leaders of Venrod were being hailed in the late 90s as geniuses.
Like, they were incredibly brilliant people.
It must have been very, very weird.
On the one hand, you're seeing things...
in black and white on a balance sheet in front of you that just don't tally with everyone in the world, including presidents, saying that these people are geniuses and they've found new ways to make money.
Was there a bit of that?
Were you feeling a bit, I don't know, the stress of that?
If you can see something here that doesn't accord with the emperor's new clothes culture that's around Enron at the time.
So given that you're in a position in London where you're seeing these terrible, shocking anomalies and you're bringing them up, what did that do to your position in the company, your reputation, the kind of friendliness with which you were being greeted?