24 days: The Truth Behind the Collapse

Author: Rebecca Smith (USA)
Publisher:
Publish Date: 2004-08-01
Features: The two special correspondents of The Wall Street Journal, who are specifically responsible for reporting on stock fraud cases and energy companies. When numerous investment bank analysts, fund managers, and bankers unanimously praised Enron, they did not follow the crowd. Through in-depth investigation, they finally discovered that Enron had hidden a large amount of debt and losses through off-balance-sheet partnerships. 24 Days showcases the dedication and courage of these two journalists as they bravely exposed the hidden dark side behind the once invincible American company. Enron, once ranked seventh in the Fortune Global 500, suddenly announced a third-quarter loss of $6.38 billion on October 16, 2001. The two Wall Street Journal reporters suspected that the company's leadership might have obtained huge wealth by concealing debts and creating false financial statements. Driven by their commitment to uncovering the truth, they launched a series of investigations, engaging in a battle of information with Enron's leadership, and ultimately revealed the hidden realities behind Enron's superficial prosperity. 24 days later, Enron's stock price plummeted to a quarter of its original value, with nearly $19 billion in asset losses, and the once powerful Enron collapsed. The significant loopholes in the corporate regulatory system under the U.S. free-market economy exposed the false bubble within the thriving corporate system. The opaque corporate operations and false financial statements provided fertile ground for illegal gains by the leadership. Learning from the past is essential for the future. Chinese corporate managers can take this as a lesson. Unremitting supervision is the key to uncovering hidden truths. Financial systems and regulatory capabilities must keep pace with the times to create lasting corporate prosperity. This book tells a gripping investigative story, filled with unknown truths, as it unravels a chain of interconnected, suspense-filled reasoning and investigations that broke through Enron's walls, fully depicting the gradual collapse of a global super-energy company.