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American History Tellers

Listen Now: American Scandal

American History Tellers

Wondery

Society & Culture, Kids & Family, History, Education For Kids

4.718.3K Ratings

🗓️ 2 April 2024

⏱️ 5 minutes

🧾️ Download transcript

Summary

In the 1990s and early 2000s, Enron was like no corporation on earth. It was the ultimate corporate success story. But the key to Enron’s success? Accounting fraud. At the time, the scale of illegal manipulation of the American financial system was unprecedented. The sheer breadth and complexity of Enron’s crimes stunned the world, and in the aftermath, many wondered how such massive fraud could go undetected for so long.

This is just a preview of American Scandal. Listen to the full episode wherever you get your podcasts, or at wondery.fm/american-scandal.

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Transcript

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0:00.0

In the 1990s and early 2000s, Enron was like no corporation on Earth.

0:04.8

It was the ultimate success story, but the key to that success was a counting fraud.

0:09.5

American scandal is a podcast from Wondry that takes you deep into the most

0:13.4

infamous scandals in American history from presidential lies to

0:16.7

environmental disasters and corporate fraud and the story of Enron is one of the

0:20.7

largest business scandals in history.

0:23.0

When their earnings started to defy market forces, analysts and journalists became suspicious.

0:28.3

And when the company was revealed to be a fraud, it shattered the lives of thousands of employees, leaving records from California to Wall Street.

0:35.0

At the dark heart of this scam were Enron's corrupt leaders, but they had help from a vast network of collaborators,

0:41.0

including outside legal and accounting companies that covered for them.

0:44.4

At the same time, the scale of the legal manipulation of the American financial system was unprecedented.

0:49.6

The sheer breadth and complexity of Enron's crimes stunned the world and in the aftermath many

0:54.3

wondered how such massive fraud could go undetected for so long. You're about to

0:58.4

hear a preview of American scandal. While you're listening

1:01.0

follow American scandal on the Wonder

1:03.0

App or wherever you get your podcasts. On Tuesday, August 14, 2001, the restaurant on Smith Street and, is jam-packed with the lunch crowd.

1:24.7

Sharon Watkins looks around.

1:27.0

She recognizes most of the faces of her coworkers at Enron, and they seem oblivious.

1:32.4

Watkins has seen the numbers, and she knows what they mean.

1:35.0

The ship has hit the iceberg, it's sinking, and there aren't enough lifeboats.

1:40.0

She pushes her plate away, having lost her appetite.

1:44.0

Her friend Kathy looks concerned.

...

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