Rise And Fall Of Enron

23 Pages 5663 Words

ture prices with great accuracy, thereby guaranteeing superior profits.
THE BEST, THE BRIGHTEST AND THE DREADED PRC
Skilling began to change the corporate culture of Enron to match the company’s transformed image as a trading business. He set out on a quest to hire the best and brightest traders, recruiting associates from the top MBA schools in the country and competing with the largest and most prestigious investment banks for talent. In exchange for grueling schedules, Enron pampered its associates with a long list of corporate perks, including concierge services and a company gym. Skilling rewarded production with merit-based bonuses that had no cap, permitting traders to “eat what they killed.”
One of Skilling’s earliest hires in 1990 was Andrew Fastow, a 29-year-old Kellogg MBA who had been working on leveraged buyouts and other complicated deals at Continental Illinois Bank in Chicago. Fastow became Skilling’s protégé in the same way Skilling had become Lay’s. Fastow moved swiftly through the ranks and was promoted to c...