Petrobras: A buy signal?

It was a clear sell signal for Enron. I worked with Enron during the early 1990s on some energy projects in Asia. They were smart, aggressive, swashbuckling types who could also turn on the Texas charm at the drop of a hat. The Chairman, Ken Lay, primarily handled the power broker side of the business, schmoozing with world leaders and politicos. Rich Kinder, Enron's President, was the straight-talking lawyer and detail man who kept the train on the tracks. But in 1996, Enron's board decided not to give the top job to Kinder. He promptly resigned to go into the hard asset pipeline business he preferred. McKinsey guru Jeff Skilling was selected to fill Kinder's job with a mandate to plunge into the energy trading business. You know the rest of the story… Continue reading this article

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