The Enron employees who filed into a hotel meeting room on Oct. 23 were understandably nervous. Just days before, the energy-trading company had announced a $618 million loss for the third quarter, tied in part to the unraveling of one of its partnerships, and chief executive Ken Lay had called an all-hands meeting to reassure workers about the future. The affable Lay told everyone that if operating earnings were on target, as it appeared they would be, bonuses would be paid. The questions that followed veered toward the trivial--the Christmas party, parking privileges--until one persistent energy trader started drilling for details...
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