Ms Lin is excellent in describing this classic scam. I was an auditor of PMM (before merging into KPMG). I had had encounters with AA auditors then and we really disgusted with their so called new approaches in auditing that was to please the Company’s top dogs and never serious in auditing the books and records. Their collapse never surprised me.
@singuang19963 жыл бұрын
Ha ha, looks like you are also a senior member of her fans, i was in the banking industry, but left before implosion of Enron and i did not follow the Enron scam closely. Can you enlighten me as 1 whether the special purpose entities were created outside the Enron Group and whether they were included in the consolidated financial statements? I am sure they are not, otherwise the scam would be exposed much earlier 2 then who are the shareholders of these special purpose entities? 3 the shares of Enron were issued s collaterals in favour of the lending banks for the special purpose companies; who issued the Enron shares and in the names of the SPC as shareholders? What was the consideration for the issuance of the Enron shares? Thank you buddy
@Manyman983 жыл бұрын
GameStop 💎
@makubexho3 жыл бұрын
In a nutshell, your customer is ALWAYS right. sometimes this is ridiculously true in today's business world.
@uncle34723 жыл бұрын
歪μ谷得
@Missskinnytiny3 жыл бұрын
@@singuang1996 I am guessing that these SPEs were never included in the consolidated financial statements. The shareholders might be those 3ppl (bascially as undisclosed related parties). At the start, Enron might raised capital when the share prices are still low. Then these SPEs bought shares and use it as collaterals to borrow funds from Bank, then purchase shares in Enron in its next capital raising ( assuming share price increased). Enron then received fund from capital raising rather than borrowing from bank directly. If the share prices continue to increase, the game can continue (borrow more funds as bank as the shares worth more, then Enron receive more from capital raising). The game will stop once the share price drop.
That smile, that story that content and presentation skill are better than a lot of TV programs produced by professionals. Siu Lin is the best youtuber I ever watched on youtube.