Canonical · Fraud & Short Cases · Research
Enron Short Thesis
Jim Chanos / Kynikos · 2001
"Enron's returns didn't cover its cost of capital and its accounting was opaque; the equity was worthless."
In 2000, Jim Chanos realized that energy giant Enron was using mark-to-market accounting to book massive future profits on the day a deal was signed. When he dug into their cash flow statements, he found that despite reporting huge earnings, the company was actually bleeding cash.
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