Enron, the former energy trading company whose accounting fraud forced its shutdown in 2001, has announced an ambiguously ambitious rebrand aimed at solving the global energy crisis. However, there’s a catch — buried in the terms and conditions of Enron’s new site is a disclaimer: “The information on the website is First Amendment-protected parody, represents performance art, and is for entertainment purposes only.” The company’s new video announcing the relaunch also received a community notes disclaimer on social media platform X.
Though the company has no names of founders or executives on their website, documents from May of this year detailing Enron’s entity change have an email address for Connor Gaydos, who is the co-author of Birds Aren’t Real, a pseudo-conspiracy theory put forth into a book by Gaydos and Peter McIndoe. Earlier this year, Gaydos incorporated Enron in Delaware, as per reporting from the Financial Times.
The move also appears to have ties to cryptocurrency. A new coin launched on the Solana blockchain on Nov. 29, called ENRON. The company also released a note recognizing the potential of decentralization, which has led to some suggestions that the company may be developing a blockchain-based technology offering.
According to the release, Enron plans to use “cutting-edge technology, human creativity and a commitment to adaptability to confront key energy challenges, including sustainability, accessibility and affordability.” The company has made an initiative through what it calls “key pillars.” The pillars include ambiguous cultural goals such as adaptation as strength, leadership by example, forgiveness and progress, permissionless innovation and solving the energy crisis.
CFO.com did hear back from Enron in the form of an automated response to a media request. “We understand that trust is earned, not given,” the company said. “Together we can move on from the past and into the future. That’s why we’re committed to an open and authentic path forward. We are focused on developing breakthrough solutions tailored to your needs, powered by a revitalized Enron dedicated to elevating standards in the industry.”
Enron’s fraud, alongside WorldCom’s, was the tipping point for the creation of the Sarbanes-Oxley Act of 2002, which imposes personal liability on executives for the accuracy of their company’s financial reports. Specifically, Sections 302 and 906 require the CEO and CFO to certify the financial statements and internal controls over financial reporting, holding them personally liable.
Enron’s former CFO, Andy Fastow, who was awarded CFO of the Year by CFO.com’s predecessor publication CFO Magazine in 1999 just before the company’s collapse, went through a rebrand of his own after serving jail time for his involvement in what he has referred to as “creative accounting.” He became a speaker on business ethics and made regular appearances until last year.
Enron’s next step, likely to be cryptocurrency-inspired, is set to be made public during the company’s second announcement on Dec. 9.
