The Smartest Guys in the Room: The Amazing Rise and Scandalous Fall of Enron | 
| Authors: Bethany Mclean, Peter Elkind
Publisher: Portfolio Trade
Category: Book
List Price: $16.00
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Avg. Customer Rating:  128 reviews
Sales Rank: 4948
Media: Paperback
Number Of Items: 1
Pages: 464
Shipping Weight (lbs): 0.7
Dimensions (in): 8.2 x 5.5 x 1.1
ISBN: 1591840538
Dewey Decimal Number: 333.790973
EAN: 9781591840534
ASIN: 1591840538
Publication Date: September 28, 2004
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Amazon.com Review
Like its subject, The Smartest Guys in the Room is ambitious, grand in scope, and ruthless in its dealings. Unlike Enron, the Texas-based energy giant that has come to represent the post-millennium collapse of 1990s go-go corporate culture, it's also ultimately successful. Penned by Fortune scribes Bethany McLean and Peter Elkind, the 400-page-plus chronicle of the scandal digs deep inside the numbers while, wisely, maintaining focus on the "smart guys" deep-frying the books. The likes of paternal but disengaged CEO Ken Lay (dubbed "Kenny Boy" by George W. Bush, one of many prominent public figures with whom he rubbed shoulders), cutthroat man-behind-the-curtain Jeff Skilling, and ethically blind numbers whiz Andy Fastow vividly come to life as they make a mockery of conventional accounting practices and grow increasingly arrogant and bind to their collective hubris. They're not a likable lot, and the writers find it difficult to suppress their astonishment and revulsion with the crew who rapidly went from golden boys and girls of the financial world to pariahs when the bill finally came due. The authors' unrepressed sarcasms are more than often unnecessarily given the scope of the outrage. Enron's leading lights were or a time celebrated for their ability to concoct nearly unfathomable business schemes to hide mounting shortfalls and keeping track on their machinations can be a chore, but, by sticking hard to the story behind the fall, McLean and Elkind have reported and written the definitive account of the Enron debacle. --Steven Stolder
Product Description
Just as Watergate was the defining political story of its time, so Enron is the biggest business story of our time. And just as All the Presidents Men was the one Watergate book that gave readers the full story, with all the drama and nuance, The Smartest Guys in the Room is the one book you have to read to understand this amazing business saga. And the critics agree:
This book is right up there with Den of Thieves and Barbarians at the Gate. . . . Those who want to learn what happened here, you dont have to read anything but this. James Cramer, CNBC
The best book about the Enron debacle to date. . . . Based on hundreds of interviews and fresh details, McLean and Elkind masterfully weave together the many strands of the Enron story. They shine in their characterizations of Enrons often incompetent executives. Wendy Zellner, BusinessWeek
News junkies and mystery lovers who enjoy financial scandals will devour this multilayered book. . . . The Smartest Guys in the Room will rival other models of the genre, including James Stewarts Den of Thieves. . . . The authors write with power and finesse. Their prose is effortless, like a sprinter floating down the track. . . . The character sketches of former chairman Kenneth Lay, former CEO Jeff Skilling and ex-chief financial officer Andrew Fastow are masterful. Edward Iwata, USA Today
Powerful and shocking. . . . succeed[s] in opening a disturbing window into both the company and the era . . . filled with fascinating characters and anecdotes. Jonathan A. Knee, The New York Times Book Review
The Smartest Guys in the Room is utterly professional, readable andeven though you know whats cominghighly entertaining. Daniel Gross, The Washington Post
Meticulously reported and compelling . . . a cautionary tale about highfliers who werent as clever as they thought. David Koeppel, Entertainment Weekly
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| Customer Reviews: Read 123 more reviews...
 Lehman brothers: Chapt 11 September 15, 2008
Actually read this a few months back but thought I'd pen this short review on the day Lehman brothers filed for Chapt 11, Merril Lynch bought for a bargain by BOA, and AIG "restructuring" (ie throwing everything it can overboard). But, I hear you cry, what does Enron have to do with merchant banks? Well if you read this excellent book, you'll find that by the end of its existence Enron was essentially a merchant bank. It traded risk (and made some handsome profits doing so). The original hard infrastructure (real things that make real money in real, steady time) based pipeline and energy distribution business having being stripped, sold or just neglected. It wasn't the byzantine, dishonest finest pyramids, that really led to the fall, although they greatly speeded it up. It was the out of control trading floors. Live by the sword, die by the sword. Making your core business the trading of risk, is, well, a risky business. Add to this a complete lack of any moral compass, plus the attitude that you are always smarter than the other guy and this is what you get in the end - a dime sale of your computers, carpets and inspiring front lobby art.
 Advanced accounting shenanigans don't create value March 12, 2008
2 out of 2 found this review helpful
Very well researched account of the rise and downfall of Enron. It chronicles the start and the ultimate demise of this company, which never really had a great business model - (sorry Jeff Skilling). It is amazing that so many "smart" people did not understand basic business skills and the simple difference between economic and accounting gains. Jeff Skilling, a former McKinsey partner, should have stayed with the consulting firm where theory is safely differentiated from real world. Skillings' first mistake was not understanding his own limitations first and foremost. He breaks out a bottle of champagne to celebrate SEC's acceptance of a change in Enron's accounting system. Accounting does not create value - it does not appear that many Enron executives (especially Skillings who should have known better) understood this.
McLean and Elkind do a nice job presenting some of the schemes and scams that Enron executives used to make themselves look good to investors, analysts, bankers and the general public. There are some scams that I had a hard time following, but the reader will grasp the general idea behind them. In light of recent accounting scandals, this is an important book to read for any investors and the public in general. Unfortunately the book ends around summer of 2002 and we do not find out what happens to some of the key characters. My interest was sparked enough that I researched some of the more recent findings after reading the book. Despite its difficulty to read at times I highly recommend it.
Corporate arrogance gone amok January 31, 2008
2 out of 2 found this review helpful
When one reads 'The Smartest Guys In The Room' there is one question that keeps recurring. How did no-one at Enron foresee the company's grizzly demise. The folly of mark to market accounting was reason enoough to expect certain problems, but the endless treadmill that Enron placed itself on concerning the stock price made those problems an inevitability.
Although Elkind and Mclean portray the story well, they really don't have to do much with the material to make a fantastic story of the blistering story with which Enron rose and the calamitous pace at which it fell. The Enron tale is one of brash arrogance in almost every possible facet of a business, allied to a stubborn refusal to accept the economic reality even when it is staring you in the face. The real shame about the whole mess is that these were bright guys and this was potentially a great company. All they had to do was have a little common sense and regular business accumen and they could have been on to a real winner here.
I would ultimately say to everyone that has an interest in business or the financial markets, however slight, that this book is a thumping good read and is worth some money ouot of anyone's pocket.
Fascinating bio of Enron for the layman, though a bit over-dramatized January 13, 2008
1 out of 2 found this review helpful
This is probably the best corporate bio of Enron you'll find, at least for now. Very readable, the pages turn quick and it never gets boring. Some of the technical accounting details were beyond me, but it wasn't difficult to understand the bottom line: These schemes were illicitly lining a few pockets with massive amounts of cash.
The amount of work that went into this account is mind boggling. I can't imagine the hours of conducting interviews and poring through complex legal and accounting documents to understand what happened over Enron's 15-20 years of existence.
However, as with most journalistic novels like this, you need to be careful to not be influenced by the slant of the prose. I wouldn't say that this account is neutral enough to be good for a "historical" perspective. It was written to sell first, inform second. There are countless statements throughout that could be construed as overly opinionated and even unfair to some of the players.
This is the story of Enron for the layman, not for an MBA student performing a case study on the company. If you're an interested layman like me, do yourself a favor and read it!
intelligence is overrated January 5, 2008
1 out of 1 found this review helpful
An interesting story of how a corporate belief in hiring intelligent people, or at least people who boast they are intelligent, leads to hubris and eventual ruin.
When everything finally collapses, no one is responsible and no one did anything wrong. A telling tail of how smart people can convince themselves of things better than they can convince the world.
What might Enron have done differently? The authors feel that Enron's use of "mark to market" accounting (booking the entire profits long term deal up front, based on a model of the future; the company is then supposed to adjust their revenues as time passes and the model is tested) was largely responsible for losses that Enron then hid.
The length, at 400 pages, is imposing but goes by quickly. However, the authors took the unusual step of listing all the players with their role, which really helps with getting all the names straight.
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