Chicago Indymedia : http://chicago.indymedia.org/archive
Chicago Indymedia

News :: [none]

Enron Designed Fake Trading Floor

Report: Enron Designed Fake Trading Floor
Former Employee Claims No Trades Transpired

Posted: 1:22 p.m. CST February 22, 2002
Updated: 2:41 p.m. CST February 22, 2002

HOUSTON -- The bankrupt energy giant, Enron Corp., designed and
maintained a fake trading floor at its Houston office.
According to former Enron employees, on the sixth floor of the
company's downtown headquarters was a set, designed to trick
analysts into believing business was booming.
"It was an elaborate Hollywood production that we went through
every year when the analysts were going to be there to be impress
them to make our stock go up," former employee Carol Elkin said.

Elkin worked for Enron for five years as an energy analyst. She
was once even commended by then-Chief Executive Officer Jeffrey
Skilling.

Elkin said that the phony trading room was staffed by her and
other employees to resemble a real trading operation.

"They would build out the sixth floor of 1000 Smith in what I
called a Hollywood set," Elkin said. "They would build out a set
with a big, 36-inch flat panel screens and the teleconference
conference rooms."

Elkin said that it was all an act, and that no trades were
actually made there. The people on the phones were talking to each
other.

"They would ask us to go alternately, in like hour shifts down to
the sixth floor," Elkin said. "And sit and pretend that we lived
and worked there."

Elkin said that it fit the company's culture that Enron couldn't
just be a good company -- it had to appear at least, to be the
best, even if the truth was all smoke and mirrors.

"It was absurd that we were doing this," Elkin said. "But to me
the most absurd part was that it worked."

Elkin is now one of many employees that are suing Enron, hoping to
recover 401k savings that were lost when the company collapsed.

Enron did not comment about the fake trading room.
 
 

Donate

Views

Account Login

Media Centers

 

This site made manifest by dadaIMC software