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Kurt Eichenwald

Conspiracy of Fools: A True Story Hardcover – March 14, 2005

by Kurt Eichenwald (Author)

4.5 770 ratings

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From an award-winning New York Times reporter comes the full, mind-boggling story of the lies, crimes, and ineptitude behind the spectacular scandal that imperiled a presidency, destroyed a marketplace, and changed Washington and Wall Street forever . . .
It was the corporate collapse that appeared to come out of nowhere. In late 2001, the Enron Corporation--a darling of the financial world, a company whose executives were friends of presidents and the powerful--imploded virtually overnight, leaving vast wreckage in its wake and sparking a criminal investigation that would last for years. But for all that has been written about the Enron debacle, no one has yet to re-create the full drama of what has already become a near-mythic American tale.

Until now. With Conspiracy of Fools, Kurt Eichenwald transforms the unbelievable story of the Enron scandal into a rip-roaring narrative of epic proportions, one that is sure to delight readers of thrillers and business books alike, achieving for this new decade what books like Barbarians at the Gate and A Civil Action accomplished in the 1990’s.

Written in the roller-coaster style of a novel, the compelling narrative takes readers behind every closed door--from the Oval Office to the executive suites, from the highest reaches of the Justice Department to the homes and bedrooms of the top officers. It is a tale of global reach--from Houston to Washington, from Bombay to London, from Munich to Sao Paolo--laying out the unbelievable scenes that twisted together to create this shocking true story.

Eichenwald reveals never-disclosed details of a story that features a cast including George W. Bush, Dick Cheney, Paul O’Neill, Harvey Pitt, Colin Powell, Gray Davis, Arnold Schwarzenegger, Alan Greenspan, Ken Lay, Andy Fastow, Jeff Skilling, Bill Clinton, Rupert Murdoch and Sumner Redstone. With its you-are-there glimpse into the secretive worlds of corporate power, Conspiracy of Fools is an all-true financial and political thriller of cinematic proportions.

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Print length

768 pages
Language

English
Publisher

Broadway
Publication date

March 14, 2005
Dimensions

6.1 x 2.1 x 9.3 inches
ISBN-10

9780767911788
ISBN-13

978-0767911788
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Customer reviews

770 global ratings

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Customers say

Customers find the book engaging and entertaining. They appreciate the thorough research and interesting details about one of the largest business scandals. The writing style is clear and concise, keeping the reader hooked until the end. Readers praise the character development and the author's ability to weave multiple characters together. However, some find the length excessive, with 663 pages being mentioned as a drawback. Opinions differ on the story quality, with some finding it well-researched and well-covered, while others consider it complicated and a stunning tale of greed and incompetence.

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Readability Information quality Writing style Pacing Character development Story quality Length

92 customers mention "Readability"92 positive0 negative

Customers enjoy the book's readability. They find it entertaining and well-researched, with a well-balanced chronicle of the fatal flaws in business practices. The book is described as an epic story with intrigue and flawed characters.

"...What happens to those who can't say yes to the boss, it's here. Riveting stuff and a smashing good read...." Read more

"...This is a great book and definitely worth reading, even if you do not have an understanding of high finance...." Read more

"This book is the most comprehensive and well balanced chronicle of the fatal flaws that brought down Enron - the media and investor darling of the..." Read more

"...By the time I finished reading both of these outstanding books, I felt I had learned a tremendous amount about Enron, its people, and the way it..." Read more

58 customers mention "Information quality"50 positive8 negative

Customers appreciate the book's research and detailed account of one of the largest business scandals in history. They find it informative, interesting, and a useful reference. The author did an admirable job collecting information from various sources and providing an in-depth look at the participants. Overall, they describe it as a comprehensive and well-balanced chronicle of the scandal.

"This book is the most comprehensive and well balanced chronicle of the fatal flaws that brought down Enron - the media and investor darling of the..." Read more

"..."Conspiracy of Fools" is especially impressive because he makes everything so interesting that I found the book nearly impossible to put down...." Read more

"The story of Enron is part horror story, part cautionary tale and fully apocryphal...." Read more

"...He is succesful in explaining some sophisticated financial transactions without being boring or too dry...." Read more

33 customers mention "Writing style"33 positive0 negative

Customers find the book well-written and engaging. They appreciate the author's clear explanations and balanced presentation of complex topics. The book is described as a gripping account of the Enron scandal that should be read by accountants and tax filers.

"...the Enron story is ultimately a tragedy for many and the author does a fantastic job giving us the full view of the ride down of what at one time..." Read more

"...And yet, Eichenwald makes everything and everyone completely understandable, even to non-business readers like me...." Read more

"...not read anything by Kurt Eichenwald until now, I was thrilled with his writing style...." Read more

"Fascinating story and very well written. I really enjoyed this book...." Read more

9 customers mention "Pacing"9 positive0 negative

Customers find the book engaging and gripping. They say it's well-written and one of the most exceptional non-fiction books they have read in years.

"...like a mystery novel and I credit Eichenwald with his marvelous ability to keep me engaged, turning those pages for the next unbelievable deal..." Read more

"...He stayed focused and wrote one of the most exceptional business books." Read more

"...Well-written and certainly keeps your attention. It was hard to put down even though I knew the final outcome...." Read more

"One of the most gripping non-fiction books I have read in years. Read like a mystery thriller. Love the access and PoV perspective...." Read more

6 customers mention "Character development"6 positive0 negative

Customers enjoy the character development. They appreciate the presentation of the players at the beginning, complete with intrigue. The author does an excellent job weaving the story of multiple characters together.

"...This reads more as a narrative and you get to know, love and hate each character...." Read more

"...His portrayals of the characters, although differnt from other books on the subject I have read (most notably Jeff Skilling) leaves the reader with..." Read more

"...Eichenwald does a marvelous job of developing these characters and their personalities with all their pluses and minuses...." Read more

"...Eichenwald does an excellent job of weaving this story of multiple characters together...." Read more

29 customers mention "Story quality"20 positive9 negative

Customers have mixed views on the book's story. Some find it well-researched and engaging, with great investigative writing. Others describe it as a stunning tale of greed and incompetence, with many participants and complicated relationships. They also mention the lack of principles and perspective of some of the leading characters.

"...And this is where the title of this book is intriguing - to my mind, 'Conspiracy of Fools' can be interpreted in 2 ways - firstly, it could refer to..." Read more

"...In spite of this, it is the best book so far on the Enron meltdown, and bears re-examining after the real estate crisis we are suffering through at..." Read more

"...Like the Titanic, Enron went down quickly. A good read, a difficult story to tell, but Eichenwald pulls it all together quite well." Read more

"...understand most of it, and the conclusion is that the title of the book is extremely accurate; the mediocrity of the main players is mind boggling...." Read more

4 customers mention "Length"0 positive4 negative

Customers find the book too long. It has 663 pages.

"...However the book is 663 pages and seems to read like a novel. This is not my preferred type of reading...." Read more

"...I highly recommend this book. Be aware it is a long read." Read more

"Good book. A little long but very informative." Read more

"This is a great book but very long!! Lots of characters so it isn't a fast read." Read more

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Bobby D.
This is a real Water Cooler book!
Reviewed in the United States on April 27, 2005
Verified Purchase
The title also reads, "Behind thick corporate walls, in the shadows of Wall Street, along the corridors of political power, a scandal is brewing...." This is a real water cooler book. Anyone who works for a large corporation has to recognize this cast of characters; the over paid CEO (in this case Ken Lay) who does not sweat the details and is more of a press the flesh relationship builder; the COO (in this case Jeff Skilling) who is over his head and can't ask the right questions; the under qualified CFO (in this case Andrew Fastow) who is both a crook and incompetent; and the real villain of the piece the Board of Directors who voted to let Fastow get away with breaking corporate conflict of interest rules. This cast is joined by literally dozens of other players, all highly compentent and sure as rain that something is not right at the top. A most compelling example is Jim Bouillion who bought Enron's insurance, did his job well and protected the company only to lose everything and learn his management thought a monkey could do his job. Everything is here in a richly layer narrative that reads like a classic American Business novel. What's wrong with evaluating employees on a curve, it's here. What's wrong about a company culture that only rewards results and not the truth, it's here. What happens to those who can't say yes to the boss, it's here. Riveting stuff and a smashing good read. You will learn all you need to know about Enron, government oversight, politics, and the rib off of share holders by everyone including a monumentally incompetent Board of Directors (these folks make the Board at Disney, "Disney War" look like positive roll models. Don't be put off by the book's length, I assure you that if your interested at all in the subject, at all in business, at all in how you can game the system and only get 10 years in prison, this is your book to enjoy.

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GadgetChick
Spectacular effort to tell a complicated story
Reviewed in the United States on May 30, 2005
Verified Purchase
"Conspiracy of Fools" is more than a recounting of the missteps, gross negligence, and criminality that lead to Enron's collapse; it's a blueprint for other companies to follow about how NOT to run a company.

Eichenwald does a masterful job of explaining the ins and outs of the complicated financial dealings at Enron. The deals Enron made, and the off-books entities that were set up, were so complex most people within the company did not even understand them - and even people intimately involved with setting up the entities did not understand everyone's participation fully, until the end. Eichenwald is able to boil these down so that they can be understood in the context of the story, although I'll confess the intricate workings of some of the sham entities - like the Raptor deals - still escaped me.

What became abundantly clear as I read this book is that it was not the complicated partnerships that brought Enron down. The collapse of Enron boils down to two things: the wheelings and dealings of one incredibly corrupt, amoral man who was focused on enriching himself at all costs, and the absolute failure of the company's top executives to keep tabs on the most fundamental financial events of the business. Fastow's self-serving deals brought the company to its knees and hid a lot of malfeasance and stupidity, but I think ultimately what brought Enron down was a basic ignorance of the simplest financial concepts. By not keeping track of cash flow or debt maturity, Enron was basically behaving like a person who keeps using his debit card day after day without ever checking his account balance, but simply gets cash advances on his credit cards when he feels like he may need some more money. Obviously that's not a sound business strategy. Eventually the bills will come due, and if someone doesn't have money to pay those bills, the whole system collapses.

The book does have some flaws. I too am highly skeptical that Skilling and Lay were not more closely involved in Fastow's dirty dealings. Lay is portrayed in the book almost like an idiot savant, who was lead blindly down the primrose path by Fastow and his team of miscreants. Skilling surely bears more responsibility than he is given by Eichenwald. Not knowing the ins and outs of Fastow's deals is not an excuse. He was the president of the company and Fastow's boss; he should have known. It was his job to know. Eichenwald portrays Skilling as an emotionally fragile, weepy, indecisive man who foolishly relied on his subordinates to do the right thing. I think the truth is probably markedly different from Eichenwald's portrayal.

Nevertheless, what does emerge from this account is that Andrew Fastow is a soulless, greedy criminal, and Michael Kopper is no better. Fastow and his wife Lea were only concerned about positioning themselves among Houston's elite and grabbing as much money as they could with both hands. I am amazed Lea Fastow only got one year in jail, and ten years without parole is not enough for Andy Fastow. I am also repulsed that judges allowed the pair to stagger their sentences so their children would not have to be cared for by relatives; I think their children would be better off in a foster home than being raised by two people who are completely morally bankrupt. In the book Eichenwald recounts a story of a New York official who said (in so many words) that he wanted Lay raped in prison. I have similar feelings about Andy Fastow; anything that happens to him in prison won't be punishment enough, even if he ends up walking out of there with a colostomy bag.

This is a great book and definitely worth reading, even if you do not have an understanding of high finance. Now it will be interesting to watch the trials of Lay, Skilling and Causey. I can only hope they get what is coming to them.

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Objective
Amazing story, makes you scratch your head how in ...
Reviewed in Canada on October 13, 2015
Verified Purchase
Amazing story, makes you scratch your head how in hell did they get away with it for so long. The financial crisis of 2008-09 that followed several years later was the same thing only spread over many more businesses (read: banks), and they also got away with it. In capitalism money is power, and nothing the poor peasants can do but keep going to work and pay taxes - same as in feudal times, but now they let us vote in a bandit that's going to rob us for the next 4-5 years.
No regulation will stop this this behaviour - people running those businesses are people writing those regulations. Ex - Goldman Sachs employees run Federal Reserve and many government institutions in charge of protecting our financial system. But guess what - only their 'friends' on Wall Street benefit.
But, back to the book - good read and an eye-opener. Unfortunately most people won't learn much from it and treat it just like another fiction novel.

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DOPPLEGANGER
IT CAN'T GET ANY BETTER THAN THIS
Reviewed in the United Kingdom on February 17, 2013
Verified Purchase
In the past year alone I have read 42 recent economic history books, and hundreds over the past 10 years (sad old man you may well be thinking!) relating in the main to Corporate America and without any doubt on my part, conclude that 'Conspiracy Of Fools' by Kurt Eichenwald is the best by a Texas mile. Having already read 3 books on the Enron debacle (Enron - The Rise and Fall by Loren Fox, The Smartest Guys In The Room, by Peter Elkind & Bethany McLean, and 22 Days by Rebecca Smith & John R Emshwiller) all of which were good books, I was hesitant about buying this book as I wasn't sure what else I could add to my insight into the Enron saga. These doubts were soon dispelled as soon as I started to read this book, to the extent that it was so gripping that I could not put the book down and carried it about the house, getting through the 700+ pages in a few days.

There are many miscreants in this tale, all of whom primarily through a combination of greed. ego, fear or stupidity contributed to creating a business built on the 'white-sand-foundations' of fraudulent accounting, off-balance sheet skullduggery, illusory 'wonder' businesses, an avalanche of misleading public statements, personal financial gain ahead of corporate fiduciary duty, and downright barefaced mendacity, but three standout of this sorry bunch, viz Ken Lay Chairman, Jeffrey Skilling CEO, and Andy Fastow CFO.

Whilst in the early days Ken Lay may have been a shrewd wheeler-dealer, in the last few years of Enron's life transmogrified himself into a back-slapping, fellow-well-met, doler out of exhorbitant amounts of charity money, political contributions, and largesse, and became completely detached from the reality of Enron's kamikaze self-induced plummet into bankruptcy.

Skilling was, perhaps the cleverest of the bunch, in fact too clever for his own and Enron's good. Had he channeled his talents into the day-to-day running of the business and making profits from it's core activities, instead of concentrating on encouraging the growth of the company through derivative and structured financial instruments, as well as failing to curb the hyper-excessive spending and consequently irresponsible borrowings, then Enron's demise might well have been avoided.

Fastow, was consumed by personal greed, taking advantage of Lay and Skilling's fervent and desperate desire to hide bad assets and 'magic up' illusory profits by creating special off-balance sheet entities, which he was solely entrusted to run thus enabling him to pilfer Enron's funds for his and his family's personal enrichment.

Whilst all this was going on many other very senior executives were wandering at large, substantially unchecked making the most appalling business decisions, creating lots of company borrowings and frittering away exenses at an alarming and wholly unwarranted rate. The wonder is that in this environment of greed, stupidity, gross incompetence, fraud and dishonesty, Enron was able to hoodwink banks, investors and the financial media for as long as it did.

Kurt Eichenwald's book is a masterpiece in investigative economic journalism. He writes with all the skill of a mega-selling thriller writer like John Grisham, and by serving up the unfolding story in easy to digest bites, gives his readers a fast moving, like being on a white knuckle ride, through the many complexities and twists and turns of the Enron Story. A joy to read, was sorry when it ended.

The book title 'Conspiracy Of Fools' says it all.

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geert steenlant
livre fascinant
Reviewed in France on December 22, 2012
Verified Purchase
L'histoire se répète, c'est la description des fantassins finaciers qui ont mis le feu au système économiques des USA. C'est également le reçit de l'incompétence des dirigeants d'une entreprise comme GDF Suez.

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Connie
Fast delivery
Reviewed in Canada on May 26, 2023
Verified Purchase
Enjoyed the book and it was exactly like it was described

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Paul
Fascinating book about a fascinating matter
Reviewed in the United Kingdom on December 12, 2012
Verified Purchase
The Enron story is fascinating. This book takes this subject and makes it easy to understand, but gripping.

While it may not be everybody's taste, for me it was a page turner. The author conveys the subject of Enron and the people involved in an unbiased matter, based on facts. The use of dialogue adds to the thrilling nature of the book.

It's a great read for anyone interested in the subject, or for someone looking for something a bit different.

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