24 Days of

Author: Rebecca Smith et al. (USA), translated by Rong Enlin
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 America's most arrogant 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, engaged in a battle of information with Enron's leadership, and finally revealed the hidden reality behind Enron's superficial prosperity. After 24 days, Enron's stock price plummeted to a quarter of its original value, with nearly $19 billion in asset losses, and the once mighty Enron collapsed. The huge loopholes in the corporate regulatory system under the U.S. free-market economy exposed the false bubble within the prosperous corporate system. The opaque corporate operations and false financial statements provided a 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. Supervision is endless, and there is always more to uncover. Financial systems and regulatory capabilities must keep pace with the times to create sustainable corporate prosperity. This book tells a gripping investigative story, filled with unknown truths, as it unravels a chain of suspenseful reasoning and investigations that broke through Enron's walls, fully depicting the gradual collapse of a global superenergy company.