The Biggest Fraud in History | Antonio Reza
The ABCs of How to Commit Corporate Fraud:
- Step 1: Have high-up government connections.
- Step 2: Deal with a service so complicated that you don't need to explain it.
- Step 3: Transfer balances between your own entities to pump up valuations.
- Step 4: Payoff the accountants (or don't have a CFO at all!).
Enron, WorldCom, Madoff Securities, FTX. All of these companies have had Icarus-like rises and collapses and they all followed the same playbook. Is it a coincidence that the man who returned $20 billion to Enron’s creditors will now oversee FTX through Chapter 11 bankruptcy?
Today, Antonio Reza (Head of Finance for Google Cloud EMEA, ex-Microsoft Azure, ex-GE) joins James to discuss the greatest fall of them all, Enron, and its similarities to the recent plummet of FTX. Antonio's recent thread about Enron is a must-read and his Twitter account is full of similar insights.
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