Ex-Enron CEO Planning Blockchain Project
Enron was possibly the biggest scandal of the early 2000's. The energy company was once considered America's most innovative by Forbes for over 6 years. It claimed over $101 billion in profits as per 2000.
Under the surface, deep problems started rising. It became clear that there was poor financial reporting, embezzlement and widespread fraud.
Enron's stock went from $90 in 2000 to $1 in 2001. The company filed for bankruptcy shortly afterwards. It was one of the largest corporate bankruptcies in the U.S. &It's board of directors & CEO spent years in prison.
Enron & Blockchain
Enron's former CEO Jeffrey Skilling has recently been released from prison after 12 years of incarceration. In an article released by the Wall Street Journal, it appears that Skilling is looking to launch a blockchain project.
"The exact nature of the project is something of a mystery, with the people briefed saying it was at an early stage. Some of those who have met with Mr. Skilling have signed nondisclosure agreements, the people said. Several described it as a digital platform connecting investors to oil and gas projects.
Mr. Skilling has met with individuals who specialize in cryptocurrency, blockchain and software development in recent weeks, two of the people said."
It appears from the brief interview that Skilling is looking to launch some form of blockchain based trading platform or security token. With many similar platforms and tokens already in existence, it would face some tough competition.
Skilling's name & reputation would not help the project much either. Seeing that Skilling was one of the architects of a scam that made the history books, supporting any project with his name on it is a massive risk.
Written by Jonathan Ganor
Writer & cryptocurrency aficionado