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Answer Upon - Ken Lay, Enron & ETFs
The search engine giants are locked in an all out power struggle to get your attention and patronage.Over the past 6 months there have been many changes. The big guys are getting even bigger, but there are a number of new players vying for your patronage too.The top three Search Engines are Yahoo, MSN and Google. It would seem that Yahoo serves the most searches followed by MSN and then Google.Only a year ago Google supplied both Yahoo and MSN with search listings. Yahoo has progresses from a Directory to a fully fledged search engine as has MSN with the launch of their new Search Engine. However Google still supplies search res
Unfortunately, Enron failed all four tests. Let’s briefly look at each failing.
First, when I was with Enron, Mr. Lay had a strong and very capable COO Rich Kinder who made sure the trains ran on time. It was an effective partnership. K
Most people file under chapter 7 bankruptcy law because of the three main reasons:1. It is much faster then the other chapters. With a little effort on your side, you can have the entire process over in next four to six months.2. It is also simpler to file. No frequent visits to court are required.3. There are no after payments. Once your bankruptcy is discharged that is it, you are debt free. (Under the 2005 chapter 7 bankruptcy law not all debts can be discharged anymore so consult with your attorney before filling).On the other hand, chapter 7 bankruptcy law has a catch, the court will decide whether you are allowed to file for it or no
I first met Ken Lay and the Enron style of business while representing the United States on the Executive Board of the Asian Development Bank in Manila. Manila was experiencing severe power blackouts and Enron won one of several fast-track contracts offered by the Philippines’s Government to add generating capacity fast at nice fat margins. During 1994-1995, I joined Enron to help develop Asian energy projects.
At that time, Ken Lay and Enron were both rising stars and darlings of the investment community.
All too often, investors forget that the most important factor to consider in evaluating a company is the quality and character of management. You can have the best products, lucrative and profitable markets and the best balance sheet but if management is faulty the whole story and stock price will crumble.
A related issue is the set up of a company’s board of directors and whether it is independent and offers strong oversight of management. Another important factor to consider is the culture of the company. Are economic incentives offered to management and staff closely aligned with shareholder interests?
Finally, is the business easy to understand and are operations and financial statements transparent so investors can evaluate the value and profitability of the company.
Unfortunately, Enron failed all four tests. Let’s briefly look at each failing.
First, when I was with Enron, Mr. Lay had a strong and very capable COO Rich Kinder who made sure the trains ran on time. It was an effective partnership. K
"Experience is that marvelous thing that enables you to recognize a mistake when you make it again." - Franklin P. JonesBecoming an entrepreneur is about taking an idea and making a successful business from the sale of the idea. If the idea is a product, the sale of the product will require more than simple creativity and innovation.“An expert is a person who has made all the mistakes that can be made in a very narrow field.” – Niels BohrIn the 1980’s a father in Wyoming created a product for his daughter to play with. The invention consisted of a wheel that was roughly the size of a toy wagon wheel. A separate pole with a stabilizing device atta
At that time, Ken Lay and Enron were both rising stars and darlings of the investment community.
All too often, investors forget that the most important factor to consider in evaluating a company is the quality and character of management. You can have the best products, lucrative and profitable markets and the best balance sheet but if management is faulty the whole story and stock price will crumble.
A related issue is the set up of a company’s board of directors and whether it is independent and offers strong oversight of management. Another important factor to consider is the culture of the company. Are economic incentives offered to management and staff closely aligned with shareholder interests?
Finally, is the business easy to understand and are operations and financial statements transparent so investors can evaluate the value and profitability of the company.
Unfortunately, Enron failed all four tests. Let’s briefly look at each failing.
First, when I was with Enron, Mr. Lay had a strong and very capable COO Rich Kinder who made sure the trains ran on time. It was an effective partnership. K
Although many will suggest that you can trade with the minimum margin requirement we do not necessarily recommend it.Let's say that you are about to start trading an S&P 500 futures daytrading system. Let's say that the exchange minimum margin requirement is $25,000 and the system drawdown is $25,000.Let us further assume that you want to get started using the absolute minimum account size. Since we are talking about a daytrading system, many of you may be able to trade for half of the required margin or $12,500.The lure of starting with the smallest amount of capital possible is obvious. We feel that we are getting more bang for our buck. If the
At that time, Ken Lay and Enron were both rising stars and darlings of the investment community.
All too often, investors forget that the most important factor to consider in evaluating a company is the quality and character of management. You can have the best products, lucrative and profitable markets and the best balance sheet but if management is faulty the whole story and stock price will crumble.
A related issue is the set up of a company’s board of directors and whether it is independent and offers strong oversight of management. Another important factor to consider is the culture of the company. Are economic incentives offered to management and staff closely aligned with shareholder interests?
Finally, is the business easy to understand and are operations and financial statements transparent so investors can evaluate the value and profitability of the company.
Unfortunately, Enron failed all four tests. Let’s briefly look at each failing.
First, when I was with Enron, Mr. Lay had a strong and very capable COO Rich Kinder who made sure the trains ran on time. It was an effective partnership. K
Everyday, people dismiss the role that emotions play in the cold hard reality of today’s business as well as in our personal lives. People’s excuses for acting irrationally come from focusing too much on feelings. Let’s be honest – the coldest, hardest truth is that, like it or not, emotions play a major role in every area of our lives and wishing it wasn’t so accomplishes nothing.Emotional Effectiveness is what keeps you in balance for achieving, manifesting and reaching higher levels of performance in all areas of life.Often you hear people refer to highly successful people as having emotional intelligence. A term used by many leading researchers t
A related issue is the set up of a company’s board of directors and whether it is independent and offers strong oversight of management. Another important factor to consider is the culture of the company. Are economic incentives offered to management and staff closely aligned with shareholder interests?
Finally, is the business easy to understand and are operations and financial statements transparent so investors can evaluate the value and profitability of the company.
Unfortunately, Enron failed all four tests. Let’s briefly look at each failing.
First, when I was with Enron, Mr. Lay had a strong and very capable COO Rich Kinder who made sure the trains ran on time. It was an effective partnership. K
Business opportunities present themselves everyday. If you turn random encounters into networking opportunities you will have more business than you can handle.Imagine this Scenario:You are in line waiting to buy a bagel and coffee at your favorite shop and you see a person who can dramatically help your career. Let’s say it is the Owner of a business that you have been talking to for months but you just can’t gain any traction. How do you approach this powerful person without looking like an aggressive psychopath?When taking advantage of the random encounter, there are four steps you should follow for maximum effectiveness. They are:
Unfortunately, Enron failed all four tests. Let’s briefly look at each failing.
First, when I was with Enron, Mr. Lay had a strong and very capable COO Rich Kinder who made sure the trains ran on time. It was an effective partnership. Ken Lay was Mr. Outside and Rich Kinder was Mr. Inside. But the capable Kinder was not going to wait forever to become CEO and apparently for personal reasons Mr. Lay blocked his appointment as CEO leading to his eventual departure to form the highly successful pipeline company Kinder Morgan. Eventually, Mr. Jeffrey Skilling was appointed CEO and while he is intelligent and hard driving, he lacked the character, experience and administrative abilities required for the position. In retrospect, this should have been a red flag for investors. When Skilling abruptly left the company in 2001, Mr. Lay came back to the CEO position without apparently knowing enough of the details of Enron’s financial problems and mismanagement.
Second, Enron’s Board of Directors was comprised mainly of allies and friends of Mr. Lay and did not adequately oversee Enron management and operations. Shareholders should have seen that this was the case and demanded more say in the appointment of experienced and independent board members as a check on management.
Third, the culture of Enron was very short-term oriented. Substantial bonuses were linked to demanding but short term performance goals which led to employees leveraging shareholder capital for projects that sometimes did not make long-term sense. My perception was that for many employees, Enron was an opportunity to try to make a lot of money and then go do something else. The problem was that they weren’t using their own money to finance their entrepreneurial activities but rather shareho
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