Empty Cookie Jar 

Donald MacKenzie

The Four Seasons hotel, Houston, 20 January 2000. The investment managers and analysts packed into the ballroom are paying only partial attention to the presentation by the Enron Corporation. On the New York Stock Exchange, Enron’s shares have been rising all day, by as much as $2 an hour. It is now mid-afternoon, New York is about to close, and the members of the audience know that the moment to profit will have passed if they wait for the dramatic announcement they all suspect is coming. Out come the mobile telephones. ‘They weren’t even leaving their chairs, they were calling their traders and saying, "Buy it, I don’t care what the price is, buy it,”’ one attendee told Robert Bryce. As New York closes, the announcement comes. Enron, which began by owning pipelines carrying natural gas, is going to organise the trading of ‘bandwidth’ (capacity) in pipelines that carry information, the fibre-optic cables of the Internet. At the end of a tumultuous day, Enron’s stock price has risen by 26 per cent.

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