24 Days: How Two Wall Street Journal Reporters Uncovered the Lies that Destroyed Faith in Corporate America

This book recounts how Wall Street Journal reporters Rebecca Smith and John R. Emshwiller uncovered the partnerships and accounting practices that led to Enron's collapse. Beginning in August 2001 when Emshwiller was assigned to cover CEO Jeff Skilling's unexpected resignation, the reporters discovered references to off-balance-sheet partnerships, particularly one called LJM, that revealed self-dealing at the company's highest levels. As Smith and Emshwiller published their findings in the Journal, investors lost confidence in Enron and began selling stock in large volumes. Within 24 days, the company completely collapsed, erasing 16 years of growth and $19 billion in market value. The stock price fell from $33.84 to $8.41, devastating investors and retired employees while Enron executives retained millions of dollars. The narrative follows the reporters' investigation through skill, luck, and determination, detailing how their journalism exposed the lies that destroyed faith in corporate America. This edition includes a new prologue and chapter by the authors.