ENRON THE VISUAL STRATEGY GUIDE
ENRON THE VISUAL STRATEGY GUIDE
Enron Alyssa Wong
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TABLE OF CONTENTS
MOVING FORWARD
Enron Alyssa Wong Module 2 GR 604: Nature of Identity
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WHERE WE WERE
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WHERE WE ARE HEADED
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AUDIENCE
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COMPETITION
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BRAND ATTRIBUTES
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THE STORY INTRODUCTION BEHIND IT ALL TIMELINE
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“ Trillions of d day are being around the w the financial 8
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dollars every g exchanged world in all of l markets. � 9
- Kenneth Lay, former Enron CEO
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01 THE STORY INTRODUCTION BEHIND IT ALL TIMELINE
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Enron Corporation was a major electricity, natural gas, communications and pulp and paper company before its bankruptcy in 2001. For six consecutive years, Fortune named Enron “America’s Most Innovative Company”.
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At the end of 2001, it was revealed that Enron’s reported financial condition was sustained by an institutionalized, systematic and resourcefully planned accounting fraud, known as the Enron scandal. At its peak, Enron had employed approximately 29,000 staff and claimed revenues of nearly $101 billion. Since then, the company has become a notorious example of willful corporate fraud and corruption. Additionally, it shed light on the accounting practices of other major corporations in the United States, which played a part in the enactment of the Sarbanes-Oxley Act of 2002. In late 2001, Enron filed for bankruptcy in the Southern District of New York. Serving as the company’s bankruptcy counsel was Weil, Gotshal & Manges. After one of the most complex bankruptcy cases in U.S. history, the case ended in November 2004. A new board of directors changed the name of Enron to Enron Creditors Recovery Corporation with the goal of reorganizing and liquidating various aspects of the company. On September 7, 2006, Enron sold Prisma Energy International Inc., its last remaining business, to Ashmore Energy International Ltd.
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Left | Kenneth Lay, founder, former CEO and Chairman Top Right | Andrew Fastow, CFO Bottom Right | Jeffrey Skilling, CEO
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Behind it All In 1990, Enron’s Chief Operating Officer, Jeffrey Skilling, hired Andrew Fastow. With Skilling’s desire to exploit the market and Fastow’s familiarity with the flourishing deregulated energy market, this led to the establishment of several limited liability special purpose entities. This was a common business practice for the energy sector. However, it also opened the door for Enron to hide behind these accounts when transferring liability. In turn, this resulted in a strong and increasing stock price. Enron’s original involvement in transmitting and distributing electricity and natural gas throughout the United States was just the beginning. The company grew into forward-looking development of power plants and pipelines to establish influence worldwide, no matter the cost.
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1985 Houston Natural Gas
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1986 Enron’s vision: To become
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1988 Enron enters UK energy
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Merges with InterNorth, forming Enron.
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gas commodities and assets.
the premier natural-gas pipeline in America.
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market and becomes the first U.S. company to construct a power plant in Great Britain.
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1989 Enron begins trading natural 1990 Lay hires Jeffrey Skilling to
lead the company’s effort to focus on commodities trading in the deregulated markets.
1997 Fastow creates Chewco, a partnership to buy the University of California pension fund stake.
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Aug | 2000 Enron shares reach high of
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Aug | 2001 Skilling resigns; Lay named
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Oct | 2001 Enron announces $638
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$90.
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million in third quarter losses.
Dec | 2001
Enron goes bankrupt, thousands of workers laid off.
CEO again.
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Nov | 2001
Securities and Exchange commission launches inquiry into Enron finances.
Jan | 2020 Enron is re-established as a
source of power and influence.
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02 MOVING FORWARD WHERE WE WERE WHERE WE ARE HEADED AUDIENCE COMPETITION BRAND ATTRIBUTES
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Our mission is to leverage a network of influence to change the trajectory of social, economic and political issues.
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Where We were Before the bankruptcy of Enron, the mission was to fuel capitalism and control those profits for their own benefit. This growth was therefore translated into wealth > power > influence. With the motto of “Respect, Integrity, Communication and Excellence�, Enron was unable to deliver on these values as executives were more concerned with earnings rather than morale. While the company was not able to maintain themselves in the energy market, they were able to convince thousands of their success for a brief period of time. How was that possible? Money, money, money. After all, it is the universal language, right?
Innovative | Global | Ambitious
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Where We are headed Enron is fuelling capitalism and controlling profits not just for our own benefit, but because we know the world needs someone at the forefront. We are operating at what is truly at our core. Harnessing the power of influence. As history has shown, it is possible to fail, so it is imperative to not make past mistakes. The Enron name has been tarnished, so we have gone underground. Society thought our flame was extinguished once our leaders were sent behind bars, but that’s false. We are still here. We conceal our identity and operate as a secret society, influencing major world events. Our plan to “own the internet” inspired us, but we wanted more.
Discrete | Evolved | Formidable
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Enron
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“ We need someone who is a strong representative of our value system. ” - Kenneth Lay, former Enron CEO
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The Audience In accordance with its new mission, Enron’s target audience is a core group of people who want to harness the power of influence. These people come from various sectors, but behind all of them, there is power. Power being leveraged. Power finding room for expansion.
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Charles Sullivan | the Investor Location | Denver, CO Age | 29
Jumps on opportunity when it presents itself because he knows the world operates at a quick pace. Grew up with an affluent and well-known family. He feels the pressure to live up to the family history because legacy is important to him. Doesn’t have any children, but does have a couple nephews whom he adores. They remind him of “what could be” because the world has changed and will continue to change. Mindful of corporations and the effects of their actions because he has invested in plenty of companies to understand their strength and weaknesses. Considered upper class with a comfortable lifestyle. Hopes to buy a winter cabin in the mountains because he needs a place to recharge and disconnect from external pressures. Nominated as a “30 under 30” because of his work with managing a hedge fund and maintaining existing large investments. Likes to play in a weekly poker game with some colleagues because he enjoys strategizing and learning how to “play the game” better.
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Jin Choi | small business owner Location | Madison, WI Age | 40
Is extremely tech savvy because he originally went to school for computer science. Has a great rapport with all of his clients and is seen as a leader in the community because of his willingness to go the extra mile. Has no interest in gimmicks or advertising that “tries to hard” to sell a product because he knows that sales needs to not only be with a good product but with a devotion to that product. Wishes there was a way to grow his restaurant business because he’d like to make more money. Is financially responsible for a family of four. Hopes to send both his children to college because he wants more opportunities for them. Pressured by his brother-in-law to join his gang because there is power in numbers. Successful and therefore the restaurant is usually booked out a month in advance.
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Saheera Aziz | The Scientist Location | Houston, TX Age | 32 Has a large network because she studied as a Full bright Scholar in undergraduate. Works as an astrophysicist and geeks out on all things space related. Has a vision to transport people into space commercially because she is a forward-thinker. Married with no children. Her husband works in the science field as well, so they enjoy having long, “what if� conversations that sometime lead to arguments. She stands her ground and will find data to backup her point because she always has to be right. Not a person who enjoys gambling, but will take risks when she has a good gut feeling because she has seen what confidence has done for her in the past. Active in her beliefs, she has been known to protest for what she feels is right. Whether that be equal pay for women or more funding for current issues because she knows change will happen with enough voices. Volunteers at a local school to tutor young girls in math and science because she knows the importance of mentors. Grew up with English as her second language because her family immigrated when she was young and therefore understands the power of the American citizenship.
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Amy Richards | The Lawmaker Location | Sacramento, CA Age | 67
Takes pride in representing her state and setting forth new laws because she wants to make an impact for the majority of the population. Has been considered a great influencer between both sides because of her moderate approach. Comes from a very large family, and is the second youngest. She knew she had to work hard to keep up with her older siblings because she wanted to carve her own path. Improving funding and access to education was her top issue on her platform because she understands the correlation between power and education. Leads by example because she understands her states influence on the rest of the union. Persuading through bribery is not above her when she wants something that has proven difficult to get as she understands the weakness of others. Reflects on where she began even though she has been in politics for a few decades.
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Jasmin Davis | The Lobbyist Location | Washington D.C. Age | 43
Has worked for major corporations her whole career. Finds that her skills are best used in negotiating because she went to law school. Married with one child in middle school. Has a hard time balancing work and personal life because she would rather prioritize her work. Comes from a wealthy family and married a doctor as well because she has high standards for those around her. Doesn’t understand the hardships others face because she grew up in the “easy life”. Has worked unethically because she wanted a quick way to get ahead. Has been having an affair for the past year and a half because she likes the thrill of not getting caught. Name-dropped a well known friend in order to get her daughter into a private school. She knew that this particular friend had donated a substantial amount of money to the school.
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Terrance Williams | The Musician Location | Chicago, IL Age | 33
Has worked as a musician since he was a teenager because his biggest influence was his music teacher. Watched his dad struggle financially, causing him to have aspirations that could be more profitable. Has three kids with his high school sweetheart. They live the simple life, but his oldest kid is now getting into trendy things and wants all the newest technology because it is a sign of status. Has done some research on going back to school to study business because he associates a degree with more influence and respect. Uses his music to tell stories because their is power in art. Will occasionally play in the park because he knows that he can promote his club that way. Works solo and in a band because he knows how best to best leverage each situation.
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Camila RodrĂŹguez | The Student Location | Stanford, CA Age | 20
Is her school’s chapter leader for her group on sustainable energy practices because she is passionate about being a young influencer. Works as a teaching assistant because she wants to get a good recommendation for her professor. Grows marijuana with her boyfriend in their closet because they know that others will pay a premium. Hopes to intern at a reputable company that she could potentially receive an offer from post-graduation because she craves success. Seen as the golden child being the older sibling in her family. Her parents have a high bar for her because they only want the best for her. Spends too much time on social media because she gets caught up in the picture perfect world of influencers. Uses he youth and beauty to her advantage.
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Vivaan Patel | The philanthropist Location | New York, NY Age | 62
Made his millions working in the tech industry because he was in the right place at the right time. Worked his way up with the help of mentors and now wants to place his hard earned money in a field dedicated in the future because he is a savvy businessman. Prefers an active role rather than sitting on the side lines. Hands-on kind of person. Working on doing more active listening because he has been told he doesn’t know how to take criticism. Researches everything when he gains an interest. Will learn everything or almost everything about it because he becomes obsessed. Understands deep down that it is about the money even though he says it’s not. Likes the attention he gets from his philanthropy projects because he can see his influence on others.
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The Competition Enron’s ideas of power and influence can be seen across a wide landscape. The exploration of brand competitors is not only a reflection piece of who the company was but who they aspire to be and even more, how to differentiate themselves in the market.
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Current Competition The energy market is one in which people come to make money and do just about anything to hold onto power. Enron was about revolutionizing the industry by expanding their reach not only to international markets, but into other sectors of power.
ExxonMobile is an American multinational oil and gas corporation. From 1996 to 2017 it varied from the first to sixth largest publicly traded company by market capitalization. BP is a British multinational oil and gas company. It is one of the world’s renowned seven oil and gas “supermajors”. Chevron Corporation is an American multinational energy corporation. They are engaged in every aspect of the oil, natural gas, and geothermal energy industries. General Electric is an American multinational conglomerate. In 2018, GE ranked among the Fortune 500 as the 18th-largest firm in the U.S. by gross revenue.
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Duke Energy Corporation is an American electric power holding company. They have 7.2 million customers globally. Royal Dutch Shell PLC is a British-Dutch oil and gas company. In the 2019 Forbes Global 2000, Shell was ranked as the ninth-largest company in the world. Phillips 66 is an American multinational company. The company is engaged in producing natural gas liquids (NGL) and petrochemicals.
Valero Energy is an international manufacturer and marketer of transportation fuels, other petrochemical products, and power.
Petrobras is a semi-public Brazilian multinational corporation in the petroleum industry. The company operates in six business areas.
Xcel Energy Inc. is a utility holding company. They serve more than 3.3 million electric customers and 1.8 million natural gas customers.
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Adjacent Competition By looking outside of the energy market, but still fixating on companies that provide power and influence, we can gain further insight into the consumer and their desires.
Potash Corporation is the world’s largest potash producer and the third largest producer of nitrogen and phosphate, three primary crop nutrients used to produce fertilizer. Vitol Group is a Dutch energy and commodity trading company. It is the largest independent energy trader in the world.
Alcoa Corporation is an American industrial corporation. Alcoa conducts operations in ten countries.
Freeport-McMoRan Inc. is a mining company. The largest producer of molybdenum, and second largest producer of copper in the world.
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Barrick Gold Corporation is the largest gold mining company in the world. After suffering financial losses in oil and gas they decided to refocus the company on gold.
Kinder Morgan, Inc. is one of the largest energy infrastructure companies in North America.
BHP is the trading entity of BHP Group Limited. They were able to triple their revenue between 2004-2012. Silver Wheaton Corp. is the largest in the business of silver streaming. The Company reported net earnings for the quarter of $61 million or $0.14 per share. ArcelorMittal S.A. is a multinational steel manufacturing corporation. The company is involved in research and development. Glencore plc is a British–Swiss multinational commodity trading and mining company. Glencore engages political lobbyists in various jurisdictions where it has interests.
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Future Competition The new Enron will be a podium of where power and influence stem. The cortex, if you will. There are several pockets of power in every sector, so by examining those companies, we are better aligned to a new standard.
Deloitte, is a multinational professional services network. Deloitte has been ranked number one by market share in consulting by Gartner.
AIG is an American multinational finance and insurance corporation with operations in more than 80 countries and jurisdictions.
Johnson & Johnson is an American multinational corporation. J&J is one of the world’s most valuable companies. The World Bank is an international financial institution that provides loans and grants to the governments of poorer countries for the purpose of pursuing capital projects.
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Microsoft Corporation is an American multinational technology company. In April 2019, Microsoft reached the trillion-dollar market cap. The CIA is tasked with gathering, processing, and analyzing national security information from around the world, primarily through the use of human intelligence. Novartis International AG, a Swiss multinational pharmaceutical company. Novartis is involved in publicly funded collaborative research projects with academic partners. The Freemasons are the longest-lasting secret society still in existence. They are associated with complex chains of command.
International Business Machines Corporation is an American multinational information technology company. Skull and Bones is an undergraduate secret student society at Yale University. It has become a cultural institution known for its powerful alumni and various conspiracy theories.
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Brand Attributes
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DEVELOPING A BRAND This visual strategy book has been a culmination of research and introspection within the brand history and targeted future. From here, The Visual Development Guide, will build the new brand mark.
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Design + Strategy Alyssa Wong
Design Consultation Hunter Wimmer, GR604 Nature of Identity
Details The Visual Style Guide was typeset in various weights of Brandon Grotesque and Bebas Kai.
Image Credit 500px.com Upsplash.com
Disclaimer The images in this book are used in accordance with the Creative Common License. This book is non-commercial work produced as a student project for educational purposes, and as such is considered derivative work under the Fair Use Clause of U.S. Copyright Law.