4 ms·
The same way all of Enron's deals got done. Lies about capabilities/offerings and then shady accounting to cover up reality.
by filmgirlcw 8y ago
The same way all of Enron's deals got done. Lies about capabilities/offerings and then shady accounting to cover up reality.
- stephengillie 8y agoAnother video talks about Enron using mark-to-market bookkeeping to record $100 million in revenue from the 20-year deal. https://youtu.be/hwollZoVmUc?t=4m44s https://youtu.be/hwollZoVmUc?t=4m44s
- filmgirlcw 8y agoYup, which was their MO. Skilling insisted the company move to mark-to-market accounting, something not common with non-financial companies (and for good reason), which meant marking down the perceived value of the contract and then later, not bothering to update for the loss.