The FTX fraud has dominated headlines now for weeks, during which we’ve debated if and how Acquired could uniquely add to the conversation. Then we realized there was an angle so perfect that we had to drop everything and enter Acquired research overdrive: Enron. Travel back with us to the granddaddy fraud of them all, 2001’s thenlargest bankruptcy in US history and the impetus for the famous SarbanesOxley Act. So much of Enron’s history parallels FTX that the uncanniness is almost unbelievable — right down to the same CEO running the two bankruptcies. Sit back and enjoy this crazy tale of villainy, greed, and the nature of humans and money. Maybe just don’t take notes on this one…

If you want more Acquired, you can [follow our public LP Show feed here in the podcast player of your choice (including Spotify!):
http://pod.link/acquiredlp

Sponsors:

Thank you to our presenting sponsor for all of Season 11, Fundrise. If you’re considering raising a growth round of capital in the next year, you should definitely explore raising some of it with the Fundrise Innovation Fund. Just email [email protected], and tell them Ben & David sent you. And if you’re an individual looking for exposure to private growthstage technology companies, you can invest in the Innovation Fund here:
https://bit.ly/acquiredfundriseinnova...

Thank you as well to Vanta. Vanta is the leader in automated security compliance – making SOC 2, HIPAA, GDPR, and more a breeze for startups and organizations of all sizes. Everyone in the Acquired community can get 10% off using this link:
https://bit.ly/acquiredvanta

And finally thank you also to Pilot!
https://bit.ly/acquiredpilot22

Links:

Book Andy Fastow as a speaker for your next corporate event!
https://www.bigspeak.com/speakers/and...

Episode sources:
https://docs.google.com/document/d/1W...

Carveouts!:

Enron: The Musical
https://www.broadway.com/shows/enron/

Andor
https://disneyplusoriginals.disney.co...

Brooks Addiction Walkers
https://www.brooksrunning.com/en_us/a...

Hoka Slides
https://www.hoka.com/en/us/allgender...

JCal on the Tim Ferriss Show
https://tim.blog/2022/11/19/jasoncal...

New shirts are live in the ACQ Merch Store!
https://cottonbureau.com/people/acqui...

Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.