By Rebecca Smith, John R. Emshwiller
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Extra resources for 24 Days: How Two Wall Street Journal Reporters Uncovered the Lies that Destroyed Faith in Corporate America (2003-2004)
I feel good about that. The company is in great shape. Had the stock price not done what it did . ” Skilling paused for a few seconds. “Otherwise it would have been ﬁne. ” “What was that, Mr. ” Emshwiller interjected, not quite sure he had heard what he’d just heard. “Our employees are big shareholders,” Skilling continued. ’ I would have to say I didn’t know. ” There was a silence on the other end of the line for what seemed like a long time to Emshwiller but was probably at most a few seconds.
Emshwiller next found the section for “related-party transactions,” or what he thought of as the corporate dirty-laundry list. This was where a company had to report any outside business deals involving directors or top ofﬁcers. As the reporter read Enron’s related-party section, he felt a kick of adrenaline. He’d never seen a disclosure quite like this before. An unnamed “senior ofﬁcer” had run and partly owned some partnerships that appeared to be doing vast amounts of business with Enron. ” A few things seemed clear, though.
California bit off more than it reckoned in 1998 and Smith had watched the unfolding tragedy ﬁrst with fascination, then with distress as the cost of the debacle mounted into the billions. Despite the occasional clashes, however, the two reporters recognized that they often produced better stories when they collaborated. In working on California electricity stories, Emshwiller came to rely on Smith’s accumulated expertise on the ins and outs of the state’s power market. Smith, in turn, appreciated her colleague’s greater understanding of the intricacies of how the Journal worked, which was very different from the operations at the ﬁve other daily newspapers she’d known.
24 Days: How Two Wall Street Journal Reporters Uncovered the Lies that Destroyed Faith in Corporate America (2003-2004) by Rebecca Smith, John R. Emshwiller