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Movie Review

Enron: The Smartest Guys in the Room

Finally watched this tonight and highly, highly recommend it.  It's based on a book co-written by a Fortune magazine reporter who, in March 2001, was one of the first to question Enron's inflated stock price.  No, we're not talking Michael Moore or Mother Jones here.  Bethany McLean, the Fortune reporter, is a brilliant young woman who, from what I saw in the movie and interview (lots of good extra material on the DVD), is a believer in business.  She just wasn't fooled by Enron. This is a stunning movie, taking a complex story and making it understandable. 

It's not just the grand theft on the part of a handful of con men.  It's not just the life-destroying effect of their actions on the employees and stockholders.

It's not just the shocking disdain of the energy traders for the people of California who were suffering rolling blackouts while paying a 400 per cent price increase for electricity. It's the chilling fact that it's how the system works...these guys just went too far.

The banks, the biggest banks in the country, who are complicit in the scam, participating in it, profiting from it, and so unwilling to examine the manipulation of Enron's "profits".  The politicians were falling over themselves to deregulate everything with a core belief that the market will make it all good.  And, most frightening of all (to those of you who gamble in the stock market)...the financial analysts for major brokerage houses, bamboozled and arm-twisted into rating Enron stock a "buy".

This documentary is one of the best I've ever seen.  It's also the best lesson in the American economic system you're ever going to get in two hours.  (Three if you watch the extra features and those are great.)  I got it off Amazon.com.

Buy two.  Give the extra to anyone you know who buys stock.

Comments:

Yep. I saw it a few weeks back and it is another example of gross capitalism and how money can corrupt. I was amazed how many financial captains of industry got duped by these very dangerous business practices.  To play stocks on supposed future and fictitious earnings is downright criminal.

This country has some major clean up and monitoring to do if we are ever going to stop these major white collar criminals from destroying our entire economic system.  But then again, maybe it needs to come crashing down so regular John Doe will wake the hell up.

 Jacob, MO