Pump and dump investing enron accounting
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Most pump-and-dump cases that the government brings involve online or shady bucket-shop manipulation. Those who remember The Sopranos episode where the gang was pumping and then dumping Wobistics saw a crude form of this kind of scam in action. The only question in my mind is whether the research analysts who insisted on bulling this stock endlessly, long after the deceit was clear, were in on the pump.
Not deliberately, but because Enron was one of the largest clients on Wall Street, doling out fees in return for strong buys — the quid pro quo came with the territory. These analysts, who to a person thought the trading operation alone was worth billions — it went for nothing in bankruptcy — collectively dismissed the only real asset that generated a return, that fantastic pipeline that got sold to Dynegy.
As great as the pump was, the dump was even more brilliant. What a cheap defense in retrospect! That decision locked employees into their Enron pension holdings as the changeover was made. Did Enron deliberately switch plans to freeze its employees from selling? Schwab runs a darned good k administration plan, one that thousands of companies use.
Seems more than coincidental that suddenly a switch needed to be made. Alas, I wish I were less familiar with it. Twice in the past six years, when I was at my hedge fund, the SEC called me in informally to see if I was pumping and dumping. The first time, I had written an article in SmartMoney praising some small-capitalization stocks I owned a ton of — and the little italic box disclosing my ownership stakes was inadvertently dropped by the magazine.
The company declared bankruptcy soon thereafter, and Minkow went to the pokey for seven and a half years. He would return in after releasing false information about a homebuilding company in a libel-and-extortion scheme. There was, however, a problem. The stock lost two-thirds of its value as Wall Street became wary of this former golden child.
Suspicions reached a crescendo in Feb. Stock price data is provided by IEX Cloud on a minute delayed basis. Chart price data is provided by TradingView on a minute delayed basis.
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