Enron - The Smartest Guys in the Room
Alex Gibney's Documentary of Corporate Greed is a Timely Film
For a clear understanding of how a successful company can go from being on top of the world to disgrace and bankruptcy, watch Gibney's Film about Enron. Taken in part from the book, The Smartest Guys in the Room: The Amazing Rise and Scandalous Fall of Enron by Bethany McClean and Peter Elkind, the filmmaker has used vintage footage (including footage from Enron's own vaults) to show graphically the rise and fall of the corporate giant. In light of the recent downturn in the United States economy, this film is a harbinger of what was to follow. The ruthless, aggressive attitude that enabled Enron to ride the crest of financial success also contributed to its ultimate demise
"So many of them were blinded by the money that they didn't see that they were sinking their own lifeboat." - Mike Muckleroy, former Enron executive
Enron's Corporate Culture
Many of Enron's employees rode the wave with the executives, earning high profits and believing they were securing a solid retirement for themselves. Even when things began to look shaky, the employees were urged to invest in the company, and invest they did - until their accounts were frozen. The "macho culture" that permeated the place was addicting. Jeff Skilling, one of the principals, said he liked "guys with spikes." In some ways, it was like a bunch of out-of-control adolescents who like to work hard and play harder, the hell with the rules. And people were getting injured in more ways than one; it was all part of the culture. Their traders were told to look for "arbitrage opportunities," meaning earnings above what one could normally expect, high profits with no downside. They were instructed to shoot for the moon. It was a fun ride.
No one seemed to play dirtier than Lu Pi. Pi was enamored with strippers and spent an inordinate amount of money on Enron expenses pursuing them. The quiet Pi even brought them up to his office to prove to the girls he was an Enron executive. But Pi's genius was in timing; he got out with $350 million as many longtime employees were soon to lose it all. As the employees of Enron lost their life savings, Pi was busy becoming the second largest landowner in all of Colorado; it just didn't seem fair.
An Ongoing Lesson
The U.S. love of free enterprise without regulation or accountability has culminated in our current debt. Gibney's film takes us on a rough ride and reminds us of the cost for a handful of people to play fast and loose with other people's hard-earned dollars. The use of music to emphasize a point is masterfully done, such as "Love for Sale" playing while the Enron execs encourage their employees to invest more and more in the company. More than money was lost; so was trust. From the individual tragedies and triumphs to the destruction of a governor, the giant Ponzi scheme begins to enfold everything in its path.
The calculated California power outage that was the downfall of Governor Gray Davis ushered in an opportunity for Arnold Schwarzenneggar, formerly know as The Terminator; but more terminations were soon to transpire. So entrenched into the culture is this story that the film has a clip of The Simpsons, showing Bart and others on Enron's Ride of Broken Dreams. These broken dreams, though, were all too real, ending in bankruptcy, poverty, incarceration, suicide and death. This is a long and gruesome story, well told, with excellent interviews throughout. A good film to see to understand how we got where we are, if you can hold out for the nearly two hours it runs.
- Nominee, Best Documentary, Academy Award
- Release date April, 2005
- 110 Minutes
Greed
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