AI Stocks Just Tanked. Why Is Wall Street Talking About Enron?

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0:00 Why Enron matters for the AI conversation right now

5:00 Origins: the gas bank, Lay, Skilling, and Fastow

9:00 Mark-to-market accounting and booking 20 years of profit on day one

13:00 Growth targets, exec comp, and regulated vs deregulated energy

15:00 SPEs, the 3% rule, and Fastow's LJM

19:00 Circular earnings: the dark fiber swap and disguised loans

24:00 Earnings games, leverage ratios, and why cash flow matters

28:00 Every deal was a stinker (and Netflix before Netflix)

29:00 The collapse: Chanos, debt puts, the commercial paper run, Dynegy

35:00 Broadband, Blockbuster, and the $8 business valued at $60 billion

38:00 The fake trading floor