This fascinating quote comes from Duff McDonald’s excellent history of McKinsey:
In just six years, the McKinsey Quarterly mentioned Enron 127 times. Here’s much McKinsey loved Enron.
He then goes on to explain that Enron endorsed every key aspect of Enron’s strategy (apart from the accounting fraud, of course), including the company’s extensive use of off-balance-sheet (OBS) financing. According to McDonald, when Enron collapsed, its balance sheet showed debts of $13 billion. But when the OBS liabilities were added in, total liabilities nearly tripled to $38 billion.