The Ledger
Every statement that passed quotation and attribution checks. Mix any filter with any other: certainty 1/5, debate potential 5/5, or both at once.
why aren't all 68 resolved? a statement only gets an assessment when the public record can support or contradict it. opinions and what-ifs never can, and 1 checkable ones are still open, waiting for their date. predictions held up or didn't; assertions are supported or contradicted. on every card: ▮▮▮▮▮ certainty · ▮▮▮▮▮ debate potential. speakers are clickable
Rosenthal: Enron reduced reported trading losses to under $100M in 1987
“This time, Lei does fire them, and fortunately for Young and Ron and for Lei, but unfortunately for the rest of the world, this happens early enough in the quarter that the trading floor is able to dig out enough of these losses that they don't have to report …”
Gilbert: Fastow Avoided Disclosing LJM Partnership Compensation for Five Years
“Fastow went five years without having to disclose how much compensation he was getting from the LJM partnerships.”
Rosenthal: Enron traders racked up nearly $1B in losses in 1987
“So they go on tilt, and they rack up, within the next few months, almost a billion dollars. One B, that's a B, a billion dollars, this is in the late eighties, of trading losses, which that would be enough to bring down the whole firm.”
Enron reported a $638M loss and $1.2B equity restatement in October 2001
“On October 16th, Ben, like you were saying, Enron reports earnings. They announced six hundred and thirty eight million dollars of losses for like the first time on their income statement. And they say they have to do a restatement of shareholder equity and re…”
Rosenthal: McLean's 2001 Fortune story questioned Enron without alleging fraud
“It's not that bad of an article from Enron's perspective. Like, the biggest question it raises is not one of fraud. It's exactly what you said, Ben. It's like, Enron is a black box. Nobody can figure out what's going on here. But there's no accusations of frau…”
Gilbert: Enron delayed releasing balance sheets and cash flow statements after earnings calls
“On their earnings calls, they are releasing a profit and loss statement, and then, like, a little, a few weeks later, coming out with a balance sheet and a cash flow statement.”
Rosenthal: Skilling Was the Only Enron Executive Who Did Not Plead the Fifth
“He's the only one who doesn't end up pleading the fifth. Like, he defends himself to the end.”
Ben Gilbert: Kinder Morgan is worth $40B and Richard Kinder $8B
“It was an energy pipeline, and today, Kinder Morgan is a forty billion dollar company, and Kinder Is a billionaire. He's worth like eight billion dollars.”
Gilbert: John Ray recovered $13B (36¢/$1) for Enron's creditors
“He was able to get thirteen billion out to creditors, which is about 36 cents on the dollar. Much better than the 17 cents that Stephen Cooper, that his plan called for.”
Ben Gilbert: GE's wind energy business was acquired from Enron
“GE bought the wind business from Enron, and I believe even today is sort of the cornerstone of their wind energy business.”
Rosenthal: High reported earnings with negative cash flow indicates potential fraud
“If there's very high revenue growth, very high reported earnings and profit on the income statement, and there is low return on invested capital and poor free cash flow dynamics, probably your radar screen should be going off.”
Rosenthal: Skilling negotiated Enron offer while wife was in labor
“He calls them up to do the final negotiations of the terms of his offer. He calls them up from the hospital where he is with his wife while his wife is in labor with their, I think, second child.”
Rosenthal: Dynegy agreed to acquire Enron for $8B and lent $1.5B
“Dyna G's gonna Acquire Enron for eight billion dollars, an all stock deal, no cash, but Enron of course needs more cash to survive until the deal can close and Dynergy can complete its due diligence. So Dynergy lends one and a half billion dollars to Enron in …”
Enron won Fortune's Most Innovative Company award six consecutive years
“It was even named Fortune Magazine's most innovative company six years in a row.”
Enron stock dropped from over $90 to the $40s by spring 2001
“The Enron stock starts falling from the all-time high in the fall of the previous year, just above 90 dollars a share, falls down into the forties. So, like, pretty bad. It's lost, like, over half its value.”
Enron peaked as the seventh-largest US company by market capitalization
“It was the seventh biggest company in America by market cap.”
Rosenthal: Enron's December 2001 Bankruptcy Was the Largest in U.S. History
“On December second, indeed, just a few days later, Enron files for chapter 11 bankruptcy. At the time, the largest bankruptcy in U.S. History.”