Power Failure

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“They’re still trying to hide the weenie,” thought Sherron Watkins as she read a newspaper clipping about Enron two weeks before Christmas, 2001. It quoted CFO Jeff McMahon cautioning creditors against a rash judgment. Sherron, well-acquainted with Enron's operations, recognized the company was in extreme spin mode. This electrifying behind-the-scenes story reveals the collapse of Enron, once hailed as the poster child of the New Economy and briefly the seventh largest corporation in America. Based on revelations from former vice-president Sherron Watkins and extensive interviews, it explores the greed and ambition that fueled Enron's rise in the late 1990s. At the turn of the century, Ken Lay and Jeff Skilling were celebrated in business magazines, while Enron's financial contributions supported George W. Bush’s campaign. Yet, as analysts praised the company and its stock soared, its leaders scrambled to hide debt and fabricate profits. The narrative unfolds as a morality tale filled with extravagant lifestyles, office affairs, and executive tantrums. Key figures include CEO Ken Lay, more focused on political aspirations than management; Jeff Skilling, who embodied millennial cool; Rebecca Mark, the ambitious head of international operations; and Andy Fastow, who transformed the finance department into a profit-generating machine, ultimately leading to the company’s downfall. This unprecedented chronicle of Enron’s collapse s