Echoes of Enron: Here’s What The Analyst Who Uncovered Enron Thinks About Chesapeake

English: Mug shot of Kenneth Lay.

English: Mug shot of Kenneth Lay. (Photo credit: Wikipedia)

Echoes of Enron !

http://www.forbes.com/sites/christopherhelman/2012/06/04/enron-chesapeake-olson/

 

Secret hedge funds, off-balance-sheet financings, big perks for directors, sweetheart drilling deals and giant non-recourse loans for Chief Executive Aubrey McClendon — it all means that “crony capitalism has been alive and well,” says John Olson. “History seems to be repeating itself in just another way.”

Olson ought to know. He uncovered Enron. Back in the 1990s Olson, a veteran energy industry analyst, was a lonely voice in the wilderness; he was skeptical about Enron for a decade before its collapse. He became a target of Enron‘s Ken Lay, and lost his job at Merrill Lynch because he refused to go bullish on the company. He subsequently worked at Sander Morris Harris, ran a hedge fund, and now, at 69, handles investments for friends and family.

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