In time, Enron’s remarkable success was revealed to be little more than an illusion. The company collapsed after the public learned that its finances were based “on a web of fraudulent partnerships and schemes, not the profits it reported to investors and the public.”20 McKinsey’s official history put the best face on the scandal, calling it “a black comedy, in which the firm begins as a sober advisor, becomes enthusiastic advocate and ends up as one of the many unwitting victims.”
