| Executive Overview | p. ix |
| The Author | p. xi |
| Foreword | p. xii |
| Introduction | p. xiv |
| Real-Time Decision-Making | p. 1 |
| The Formation Years | |
| Corporate Raiders: Early 1980s | p. 2 |
| If you were a Houston Natural Gas executive would you... | |
| Ken Lay | p. 5 |
| Another White Knight Opportunity: 1985 | p. 7 |
| If you were Ken Lay would you... | |
| Creating Enron: 1985 to late 1980s | p. 10 |
| Jeff Skilling | p. 11 |
| Salvation through the Gas Bank: 1990 | p. 14 |
| If you were Ken Lay would you... | |
| Enron's New vision: 1990 and 1991 | p. 17 |
| If you were Ken Lay would you... | |
| Incentivizing Skillingites: Early 1990s | p. 20 |
| Andy Fastow: 1990 | p. 22 |
| The Growth Years | |
| Using SPEs to Get Loans Off Enron's Balance Sheets: 1991 | p. 25 |
| Mark-to-Market Accounting: 1991 and 1992 | p. 26 |
| If you were Jeff Skilling would you... | |
| International Expansion: Early 1990 through 1992 | p. 30 |
| Cash Flow Problems: 1992 | p. 33 |
| SPE Prepay Solutions: 1992 and 1993 | p. 35 |
| If you were a Tier 1 investment banker would you... | |
| Bailing Out Rebecca Mark: 1993 and 1994 | p. 39 |
| Almost Everyone Is Happy: 1995 and 1996 | p. 43 |
| Transferring Managerial Power: 1996 and 1997 | p. 45 |
| If you were Ken Lay would you... | |
| Entering California's Electricity Market: 1996 and 1997 | p. 48 |
| If you were Michael Kopper would you... | |
| Buying Out CalPERS: 1997 | p. 52 |
| Checks and Balances: 1997 | p. 54 |
| Conquering Checks and Balances: 1996 and 1997 | p. 55 |
| If you were David Duncan would you... | |
| Year-End Performance and Bailouts: Fourth Quarter 1997 | p. 60 |
| The Turnaround: January through May 1998 | p. 61 |
| Funding the World's Transformation with SPEs: 1998 | p. 63 |
| Stock Price Success: 1998 and 1999 | p. 65 |
| Riding the Bull Market: 1999 | p. 67 |
| Buying Help from the LJMs: April through June 1999 | p. 68 |
| If you were an Enron board member would you... | |
| Andy Fastow as CFO of the Year: July through September 1999 | p. 73 |
| More Complaints about Fastow: October 1999 | p. 75 |
| Nigerian Barges for Sale: October through December 1999 | p. 77 |
| If you were a Merrill Lynch investment banker would you... | |
| A $40 Billion Banner Year: December 1999 | p. 80 |
| Broadband Rollout: January 2000 | p. 81 |
| The Southampton Place Arrangement: February and March 2000 | p. 83 |
| The Raptors: April through July 2000 | p. 86 |
| The Stock Price Summit: July and August 2000 | p. 89 |
| If you were an Enron senior executive would you... | |
| More Problems and Financial Schemes: September to December 2000 | p. 93 |
| End of the Year Acclaims: December 2000 | p. 97 |
| The Implosion Year | |
| Skilling the CEO: January and February 2001 | p. 100 |
| More Public Scrutiny: February and March 2001 | p. 103 |
| The Broadband Collapse: March and April 2001 | p. 105 |
| If you were a senior Arthur Andersen partner would you... | |
| On Pace to be #1 on the Fortune 500 List: March and April 2001 | p. 109 |
| Keeping Up Appearances: May and June 2001 | p. 110 |
| If you were Andy Fastow would you... | |
| Divesting from the LJMs: June and July 2001 | p. 115 |
| Skilling Resigns: July and August 2001 | p. 116 |
| Lay Learns about Fastow's Raptors: August 2001 | p. 119 |
| If you were Ken Lay would you... | |
| Wall Street Journal Investigation: August 2001 | p. 121 |
| If you were Sherron Watkins would you... | |
| Preparing to Meet with Lay about Fastow's Raptors: August 2001 | p. 124 |
| If you were Sherron Watkins would you... | |
| Meeting with Lay: August 2001 | p. 126 |
| If you were Sherron Watkins would you... | |
| Responding to Watkins: August 2001 | p. 128 |
| If you were Ken Lay would you... | |
| Public Reaction to Fastow's SPEs: August and September 2001 | p. 130 |
| Preparing to Announce Third-Quarter Results: September and October 2001 | p. 132 |
| If you were Ken Lay would you... | |
| Restating Earnings: September and October 2001 | p. 135 |
| If you were David Duncan would you... | |
| Andersen's Documentation and Retention Policy: October 2001 | p. 137 |
| The Third-Quarter Earnings Announcement: October 2001 | p. 139 |
| If you were an Enron employee would you... | |
| Media Frenzy: October 2001 | p. 142 |
| If you were Ken Lay would you... | |
| Redundant Documents: October 2001 | p. 145 |
| If you were David Duncan would you... | |
| Fastow's Departure: October 2001 | p. 146 |
| If you were an investment banker would you... | |
| Credit Problems: October 2001 | p. 149 |
| Dynegy Merger: October and November 2001 | p. 149 |
| If you were on Dynegy's secret negotiating committee would you... | |
| Enron Acquired: November 2001 | p. 153 |
| If you were an Enron investor would you... | |
| The Hero Turned Enemy: November 2001 | p. 155 |
| Out of Control: November 2001 | p. 157 |
| Bankrupt: November and December 2001 | p. 158 |
| If you were Ken Lay would you... | |
| Waiting for a Phone Call: December 2001 and January 2002 | p. 161 |
| Determining Punishments | p. 162 |
| If you were a federal judge would you... | |
| What Could Have Been Done to Manage Ethical Performance? | p. 167 |
| An Honest Assessment | p. 169 |
| A Moral Compass | p. 171 |
| Determining Economic Value | p. 173 |
| Loyalty to an Unethical Boss | p. 176 |
| Dealing with Unethical Customers | p. 180 |
| Informing the Public about Financial Problems | p. 183 |
| Seven Moral Levees | p. 185 |
| Acknowledgments | p. 192 |
| References | p. 193 |
| Index | p. 216 |
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