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Clips from Enron: The Smartest Guys in the Room (2005)

your husband earned about 300 million dollars in,

"your husband earned about 300 million dollars in,"

Enron: The Smartest Guys in the Room (2005)

in compensation, in stocks

"in compensation, in stocks"

Enron: The Smartest Guys in the Room (2005)

from Enron over the last four years.

"from Enron over the last four years."

Enron: The Smartest Guys in the Room (2005)

What happened to all that money?

"What happened to all that money?"

Enron: The Smartest Guys in the Room (2005)

It's gone. It's gone.

"It's gone. It's gone."

Enron: The Smartest Guys in the Room (2005)

There's nothing left.

"There's nothing left."

Enron: The Smartest Guys in the Room (2005)

This is the shredded evidence we got that came out of Enron.

"This is the shredded evidence we got that came out of Enron."

Enron: The Smartest Guys in the Room (2005)

We very quickly determined that the insiders had sold off

"We very quickly determined that the insiders had sold off"

Enron: The Smartest Guys in the Room (2005)

a billion dollars of their stock in the preceding several months.

"a billion dollars of their stock in the preceding several months."

Enron: The Smartest Guys in the Room (2005)

Did you convert stock worth 66 million dollars?

"Did you convert stock worth 66 million dollars?"

Enron: The Smartest Guys in the Room (2005)

I don't know, but...

"I don't know, but..."

Enron: The Smartest Guys in the Room (2005)

I don't have the records with me...

"I don't have the records with me..."

Enron: The Smartest Guys in the Room (2005)

Would that be surprising to you to learn that you did that?

"Would that be surprising to you to learn that you did that?"

Enron: The Smartest Guys in the Room (2005)

No, that would not be surprising.

"No, that would not be surprising."

Enron: The Smartest Guys in the Room (2005)

Mr. Fastow

"Mr. Fastow"

Enron: The Smartest Guys in the Room (2005)

got only 30 million in stock proceeds from Enron,

"got only 30 million in stock proceeds from Enron,"

Enron: The Smartest Guys in the Room (2005)

but he took another 30 million out,

"but he took another 30 million out,"

Enron: The Smartest Guys in the Room (2005)

with his side deals.

"with his side deals."

Enron: The Smartest Guys in the Room (2005)

I think there was just an immediate sense of outrage

"I think there was just an immediate sense of outrage"

Enron: The Smartest Guys in the Room (2005)

at Lay and Skilling and Fastow

"at Lay and Skilling and Fastow"

Enron: The Smartest Guys in the Room (2005)

when people realized how much they had profited,

"when people realized how much they had profited,"

Enron: The Smartest Guys in the Room (2005)

and how completely artificial

"and how completely artificial"

Enron: The Smartest Guys in the Room (2005)

the appearance of this company had been.

"the appearance of this company had been."

Enron: The Smartest Guys in the Room (2005)

News of shredding at Enron raised more questions.

"News of shredding at Enron raised more questions."

Enron: The Smartest Guys in the Room (2005)

What answers were lost in the torn documents?

"What answers were lost in the torn documents?"

Enron: The Smartest Guys in the Room (2005)

20,000 employees had lost their jobs.

"20,000 employees had lost their jobs."

Enron: The Smartest Guys in the Room (2005)

$2 billion in pensions and retirement funds had disappeared.

"$2 billion in pensions and retirement funds had disappeared."

Enron: The Smartest Guys in the Room (2005)

Was Enron the work of a few bad men

"Was Enron the work of a few bad men"

Enron: The Smartest Guys in the Room (2005)

or the dark shadow of the American dream?

"or the dark shadow of the American dream?"

Enron: The Smartest Guys in the Room (2005)

Lay comes to the story of Enron from very humble roots.

"Lay comes to the story of Enron from very humble roots."

Enron: The Smartest Guys in the Room (2005)

My father was a Baptist minister and,

"My father was a Baptist minister and,"

Enron: The Smartest Guys in the Room (2005)

and he was ordained a Baptist minister

"and he was ordained a Baptist minister"

Enron: The Smartest Guys in the Room (2005)

while I was very young probably two, three years old.

"while I was very young probably two, three years old."

Enron: The Smartest Guys in the Room (2005)

Ken Lay was a Baptist Preacher's son in a family

"Ken Lay was a Baptist Preacher's son in a family"

Enron: The Smartest Guys in the Room (2005)

that had been poor all it's life

"that had been poor all it's life"

Enron: The Smartest Guys in the Room (2005)

and he, throughout his life, worked several jobs as a kid

"and he, throughout his life, worked several jobs as a kid"

Enron: The Smartest Guys in the Room (2005)

and clearly had in mind that things could be better...

"and clearly had in mind that things could be better..."

Enron: The Smartest Guys in the Room (2005)

and wanted things to be better.

"and wanted things to be better."

Enron: The Smartest Guys in the Room (2005)

He had a huge ambition to make wealth for himself.

"He had a huge ambition to make wealth for himself."

Enron: The Smartest Guys in the Room (2005)

He told a story later about sitting on a tractor,

"He told a story later about sitting on a tractor,"

Enron: The Smartest Guys in the Room (2005)

dreaming about the world of business

"dreaming about the world of business"

Enron: The Smartest Guys in the Room (2005)

and how different it could be from the way

"and how different it could be from the way"

Enron: The Smartest Guys in the Room (2005)

things were for him and his family.

"things were for him and his family."

Enron: The Smartest Guys in the Room (2005)

Lay was a PhD in economics and he became,

"Lay was a PhD in economics and he became,"

Enron: The Smartest Guys in the Room (2005)

very early on, a real apostle for deregulation.

"very early on, a real apostle for deregulation."

Enron: The Smartest Guys in the Room (2005)

He was way ahead of the curve on this.

"He was way ahead of the curve on this."

Enron: The Smartest Guys in the Room (2005)

He was thinking about energy markets

"He was thinking about energy markets"

Enron: The Smartest Guys in the Room (2005)

that would be deregulated. And in particular,

"that would be deregulated. And in particular,"

Enron: The Smartest Guys in the Room (2005)

the natural gas industry that was shackled by regulation.

"the natural gas industry that was shackled by regulation."

Enron: The Smartest Guys in the Room (2005)

And he pushed aggressively in Washington to change all of that.

"And he pushed aggressively in Washington to change all of that."

Enron: The Smartest Guys in the Room (2005)

In Washington,

"In Washington,"

Enron: The Smartest Guys in the Room (2005)

Lay became part of a new crusade

"Lay became part of a new crusade"

Enron: The Smartest Guys in the Room (2005)

to liberate businessmen from the rules

"to liberate businessmen from the rules"

Enron: The Smartest Guys in the Room (2005)

and regulations of government.

"and regulations of government."

Enron: The Smartest Guys in the Room (2005)

Government is not the solution to our problem.

"Government is not the solution to our problem."

Enron: The Smartest Guys in the Room (2005)

Government is the problem.

"Government is the problem."

Enron: The Smartest Guys in the Room (2005)

The societies which have achieved the most spectacular,

"The societies which have achieved the most spectacular,"

Enron: The Smartest Guys in the Room (2005)

broad-based economic progress in the shortest period of time

"broad-based economic progress in the shortest period of time"

Enron: The Smartest Guys in the Room (2005)

are not the most tightly controlled,

"are not the most tightly controlled,"

Enron: The Smartest Guys in the Room (2005)

not necessarily the biggest in size,

"not necessarily the biggest in size,"

Enron: The Smartest Guys in the Room (2005)

or the wealthiest in natural resources.

"or the wealthiest in natural resources."

Enron: The Smartest Guys in the Room (2005)

No, what unites them all is their willingness to believe

"No, what unites them all is their willingness to believe"

Enron: The Smartest Guys in the Room (2005)

in the magic of the marketplace.

"in the magic of the marketplace."

Enron: The Smartest Guys in the Room (2005)

The magic power of deregulation

"The magic power of deregulation"

Enron: The Smartest Guys in the Room (2005)

pushed Ken Lay to found Enron in 1985.

"pushed Ken Lay to found Enron in 1985."

Enron: The Smartest Guys in the Room (2005)

Through a merger of vast networks of natural gas pipelines,

"Through a merger of vast networks of natural gas pipelines,"

Enron: The Smartest Guys in the Room (2005)

Lay thought Enron would be poised to take

"Lay thought Enron would be poised to take"

Enron: The Smartest Guys in the Room (2005)

advantage of the government's decision

"advantage of the government's decision"

Enron: The Smartest Guys in the Room (2005)

to let gas prices float with the currents of the market.

"to let gas prices float with the currents of the market."

Enron: The Smartest Guys in the Room (2005)

Ken Lay had a view of deregulation

"Ken Lay had a view of deregulation"

Enron: The Smartest Guys in the Room (2005)

from the standpoint of all the money

"from the standpoint of all the money"

Enron: The Smartest Guys in the Room (2005)

that he thought could be made.

"that he thought could be made."

Enron: The Smartest Guys in the Room (2005)

Ken Lay wasn't alone.

"Ken Lay wasn't alone."

Enron: The Smartest Guys in the Room (2005)

A couple of Texas oilmen shared his views

"A couple of Texas oilmen shared his views"

Enron: The Smartest Guys in the Room (2005)

on how to get government out of the energy business.

"on how to get government out of the energy business."

Enron: The Smartest Guys in the Room (2005)

I think they could sort of understand each other.

"I think they could sort of understand each other."

Enron: The Smartest Guys in the Room (2005)

It was a professional courtesy

"It was a professional courtesy"

Enron: The Smartest Guys in the Room (2005)

between a sidewinder and a timber rattlesnake.

"between a sidewinder and a timber rattlesnake."

Enron: The Smartest Guys in the Room (2005)

Lay was closer to the father.

"Lay was closer to the father."

Enron: The Smartest Guys in the Room (2005)

But while he was governor of Texas

"But while he was governor of Texas"

Enron: The Smartest Guys in the Room (2005)

George W. Bush was only too happy to

"George W. Bush was only too happy to"

Enron: The Smartest Guys in the Room (2005)

make phone calls for Ken Lay.

"make phone calls for Ken Lay."

Enron: The Smartest Guys in the Room (2005)

This absolutely has no precedent.

"This absolutely has no precedent."

Enron: The Smartest Guys in the Room (2005)

This is by far and away the most important,

"This is by far and away the most important,"

Enron: The Smartest Guys in the Room (2005)

major relationship of a Presidential family

"major relationship of a Presidential family"

Enron: The Smartest Guys in the Room (2005)

with a single corporation in American history.

"with a single corporation in American history."

Enron: The Smartest Guys in the Room (2005)

When Rich Kinder,

"When Rich Kinder,"

Enron: The Smartest Guys in the Room (2005)

one of Enron's Executives, left the company,

"one of Enron's Executives, left the company,"

Enron: The Smartest Guys in the Room (2005)

Lay arranged for a video valentine.

"Lay arranged for a video valentine."

Enron: The Smartest Guys in the Room (2005)

Rich, I've... been asked to think of one thing

"Rich, I've... been asked to think of one thing"

Enron: The Smartest Guys in the Room (2005)

I could say to you on your departure from Enron.

"I could say to you on your departure from Enron."

Enron: The Smartest Guys in the Room (2005)

It'd be this, 'Don't leave Texas.'

"It'd be this, 'Don't leave Texas.'"

Enron: The Smartest Guys in the Room (2005)

Rich, you have been fantastic to the Bush family.

"Rich, you have been fantastic to the Bush family."

Enron: The Smartest Guys in the Room (2005)

I don't think anybody did more than

"I don't think anybody did more than"

Enron: The Smartest Guys in the Room (2005)

you did to support George and,

"you did to support George and,"

Enron: The Smartest Guys in the Room (2005)

of course, in this stage of my life,

"of course, in this stage of my life,"

Enron: The Smartest Guys in the Room (2005)

and Barbara's too, that's what really matters.

"and Barbara's too, that's what really matters."

Enron: The Smartest Guys in the Room (2005)

Your family and your friends.

"Your family and your friends."

Enron: The Smartest Guys in the Room (2005)

Early on, George Bush, Sr.

"Early on, George Bush, Sr."

Enron: The Smartest Guys in the Room (2005)

Helped secure billions in government subsidies

"Helped secure billions in government subsidies"

Enron: The Smartest Guys in the Room (2005)

for Enron International.

"for Enron International."

Enron: The Smartest Guys in the Room (2005)

And he helped promote Lay as

"And he helped promote Lay as"

Enron: The Smartest Guys in the Room (2005)

deregulation's Ambassador-at-Large.

"deregulation's Ambassador-at-Large."

Enron: The Smartest Guys in the Room (2005)

Enron is a company...

"Enron is a company..."

Enron: The Smartest Guys in the Room (2005)

that deals with everyone with absolute integrity.

"that deals with everyone with absolute integrity."

Enron: The Smartest Guys in the Room (2005)

We want people to leave the transaction with Enron

"We want people to leave the transaction with Enron"

Enron: The Smartest Guys in the Room (2005)

thinking that they've been dealt with

"thinking that they've been dealt with"

Enron: The Smartest Guys in the Room (2005)

in the highest possible way

"in the highest possible way"

Enron: The Smartest Guys in the Room (2005)

as far as integrity and truthfulness.

"as far as integrity and truthfulness."

Enron: The Smartest Guys in the Room (2005)

He always wrapped himself in the cloak of moral rectitude.

"He always wrapped himself in the cloak of moral rectitude."

Enron: The Smartest Guys in the Room (2005)

But there was one episode, early on,

"But there was one episode, early on,"

Enron: The Smartest Guys in the Room (2005)

that raised questions about whether he was actually

"that raised questions about whether he was actually"

Enron: The Smartest Guys in the Room (2005)

walking the walk This was the Enron oil scandal,

"walking the walk This was the Enron oil scandal,"

Enron: The Smartest Guys in the Room (2005)

also know as the Valhalla Scandal.

"also know as the Valhalla Scandal."

Enron: The Smartest Guys in the Room (2005)

While you were at Arthur Anderson,

"While you were at Arthur Anderson,"

Enron: The Smartest Guys in the Room (2005)

were you involved in an investigation

"were you involved in an investigation"

Enron: The Smartest Guys in the Room (2005)

at a company called Enron Oil?"

"at a company called Enron Oil?""

Enron: The Smartest Guys in the Room (2005)

Yes, I was.

"Yes, I was."

Enron: The Smartest Guys in the Room (2005)

The issue with the company in 1997

"The issue with the company in 1997"

Enron: The Smartest Guys in the Room (2005)

involved the misappropriation of moneys by two traders.

"involved the misappropriation of moneys by two traders."

Enron: The Smartest Guys in the Room (2005)

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