The spouse-named shell LJM wrote hedges that sank Enron's value
An energy trading giant's financial engineering relies on a special purpose vehicle named after a CFO's family. The company's future hinges on this opaque structure.
The spouse-named shell LJM wrote hedges that sank Enron's value
This episode explores the origins of LJM, a financial entity created within Enron, and how its structure, approved by the board, became central to the company's accounting practices. It raises the question of how such a conflicted arrangement was allowed to operate.
Person: Andrew Fastow
Company: Enron
Date: June 28, 1999
Topic: Special Purpose Vehicles
- LJM, named…
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