How Jim Chanos used a Wall Street Journal article to uncover Enron's fraud

A deep dive into Enron, one of the largest accounting scandals in history

Investing comes with great opportunities for reward, but it also carries great risk. Investors learned that the hard way when Enron collapsed. Everyone lost money—from the largest institutions on Wall Street to mom-and-pop investors who bought S&P 500 index funds. This series from American Scandal starts with a close-up into an investment manager at Enron who started to unravel the accounting scandal happening behind the scenes. Listen here.

A landmark hedge fund court case once reshaped high finance

Hedge fund traders tied to insider trading by probing prosecutors are relatively rare. When billionaire hedge fund legend Steve Cohen, founder of SAC Capital, pleaded guilty to trading on inside information, Wall Street trembled. The outcome of the case remains a cautionary tale for traders today.

Jim Simons, mathematician turned government codebreaker turned trader, revolutionized quantitative investing

The late Jim Simons is remembered as one of the most successful (and profitable) hedge fund managers of all time. He went from physically gathering microfilm on commodities pricing decades ago to overseeing a firm that led Wall Street in daily trading volume.

How one supplement company cost a short seller $1B

Pershing Square, a hedge fund founded and run by Bill Ackman, put short positions on Herbalife in 2012, because it believed the company was a pyramid scheme. Ackman's longtime rival and legendary investor Carl Icahn began buying Herbalife shares, causing the stock price to rise—ultimately hurting Pershing Square's short position.

The Wall Street Journal: a timeline

The Wall Street Journal got its start as a financial news bulletin for people trading stocks. Since then, it has evolved beyond just financial news. It now ranks among the preeminent global business news sources.

The dot-com stock bubble taught Howard Marks about markets

Annual investment letters from Howard Marks, the billionaire cofounder of top distressed debt shop Oaktree Capital Management, are required reading on Wall Street. The prolific writer and investor explains the distinction between the folly of trying to time the market and the necessity of paying attention to market cycles. The difference makes all the difference in returns.

The 2008 financial system unraveled in a wave of speculation

Michael Lewis—author of the bestselling "The Big Short"—explains how a wave of speculation (among other factors) drove the 2008 collapse, from lenders issuing risky mortgages to Wall Street turning them into fragile securities. He also highlights the few outsiders who recognized the bubble and bet against it before the crash.

The story of a bitcoin loophole that gave one man millions

James Parker discovered a glitch in an Australian cryptocurrency exchange that would allow him to cash in credits worth over $20M and make big gifts to his friends. Like most loopholes, the authorities found out, but not before his life was transformed. The first in a six-part series.

The collapse of Archegos Capital Management drew scrutiny to family offices

Archegos, which managed the assets of Bill Hwang, wasn’t subject to the same oversight as traditional investment firms when it collapsed.

Soybean oil fraud almost decimated American Express in 1963

A New York commodities trader who had defrauded the American government over uninspected meat for school lunches, Anthony "Tino" De Angelis, used American Express warehouses to sell soybean oil. However, Angelis had actually filled the tanks with water and placed just enough soybean oil on top of the tanks to pass inspection. American Express was liable for many of the tanks and its stock faced a huge downturn, opening the door for a then 33-year-old Warren Buffett to make his first purchase in the company.

Play a game that reveals if investors with a crystal ball make better trades

The "crystal ball" game reveals how well you would do trading stocks and bonds if you could see the front page of the Wall Street Journal one day in advance.

'The Great Onion Corner:' Hear how short-selling onions ended with a ban on onion futures

In the early 1950s, onion farmer and produce trader Vince Kosuga cornered the onion market, resulting in a 1958 ban on onion futures from Congress. After stockpiling onions and buying onion futures, Kosuga then began shorting them. Then, he released his accumulated surplus of onions, driving the price down to essentially zero, and cashed in his short positions.

Large oil companies knew about the impact of carbon emissions since the ’70s

PBS Frontline’s The Power of Big Oil reveals how industry giants like Exxon and Shell were researching climate change in the 1970s but then funded denial campaigns—using internal science to sow public doubt for decades.

'The Fund' exposed culture problems and scandals at Bridgewater Associates

In 2023, Rob Copeland—who covered Bridgewater Associates for The Wall Street Journal for 10 years before moving to The New York Times—wrote a book that drew from interviews, company documents, and meeting recordings. "The Fund" highlighted sexual harassment scandals, a company contract to hire strippers, and a toxic company culture. Dalio has criticized the author for being sensational and a gossip.

Explore an alternative investments timeline

From what’s known as the first leveraged buyout, when JPMorgan acquired the Carnegie Steel Company, to the creation of the first-ever hedge fund, alternative investments have a long history.

How to make a billion dollars, with Brad Jacobs

Brad Jacobs is a serial entrepreneur who has launched eight billion-dollar enterprises during his storied financial career. With companies focused in energy, waste, and more, Jacobs has stuck to a roll-up playbook of consolidating small players into one conglomerate within an industry, a common tactic of similar private equity firms. This podcast from Founders summarizes Jacobs' book detailing his approach.

GameStop stock began a meteoric rise in January 2021, rallying from a low of $2.57 to as high as $438 when Keith Gill helped mobilize retail investors to drive prices higher

Keith Gill was a financial advisor who posted on social media under usernames including "Roaring Kitty." Backing from Chewy founder Ryan Cohen, who became GameStop's CEO, took things up a notch.

Watch a rare early interview with Palantir CEO Alex Karp

Prior to Palantir's public listing in 2020, CEO Alex Karp did not give many interviews. In a rare interview from 2009, Karp discussed the dominance of American technology, his academic background, and the founding idea of Silicon Valley entrepreneurs as key players in aiding the fight against terrorism.

Kohlberg Kravis Roberts was the world's largest private equity firm as of 2025

Headquartered in New York City, KKR raised more than $117B between 2020 and 2024. KKR is credited for pioneering the leveraged buyout strategy for private equity in the 1970s and now owns nearly 300 companies.

In 1931-32, JP Morgan Jr. paid no income taxes due to his company’s losses

This legally reduced his taxable income under existing laws. Similarly, the Rockefellers leveraged charitable foundations to minimize taxes, allowing them to preserve wealth while directing funds to their preferred causes.

Learn how to read a prospectus, the juicy document that any company must file with the SEC before going public.

Tim Donaghy and the NBA game fixing scandal

A two-year investigation by ESPN details how former NBA referee Tim Donaghy conspired to fix games, who he was working with, and where the money was going. In a lengthy statement, the NBA denied much of the new claims in the article, saying the data ESPN used was not strong and they were unable to replicate it. Donaghy was given a lifetime ban and served nearly all of his 15-month sentence.

Actors on 'All the President's Men' immersed themselves in real-world reporting

Dustin Hoffman and Robert Redford spent months shadowing the real Carl Bernstein and Bob Woodward—working at The Washington Post, living with Bernstein's family, and studying their mannerisms—to bring authentic nuance to their portrayals of Watergate's investigative journalists.

In 1957, a vice president at JPMorgan became an outspoken evangelist for psychedelic mushrooms

R. Gordon Wasson wrote "Seeking the Magic Mushroom" for Life magazine in 1957. It was a groundbreaking piece of journalism that introduced mainstream society to psychedelic mushrooms. He retired from JPMorgan in 1963 and continued researching and writing about psychedelic experiences for the rest of his life.

The 'Seinfeld' characters would likely be financially successful today

Even though Kramer probably doesn't have a 401(k) plan, he also probably struck gold as an investor with many side hustles.

Hedge funds, the private investment firms that trade a wide swath of financial assets, make money by imposing steep fees on investors and from the fund's investment performance.

An interview with James Yorke, the man who coined the mathematical term 'chaos'

Along with co-author Tien-Yien Li, the former University of Maryland mathematics department chair published the paper, "Period Three Implies Chaos" in 1975. "Chaos" then became the terminological placeholder for systems with sensitive dependence on initial conditions, which had been well known to mathematicians for over a decade.

The idea for the Federal Reserve was conceived in secret in 1910—with bankers donning duck hunt gear for disguise while traveling to a remote country club on Georgia's Jekyll Island

Warren Buffett's former professor Benjamin Graham is known as the 'father of value investing,' a strategy in which investors seek to buy stocks trading below their intrinsic worth.

Clever Hans was a 1900s horse that was believed to be able to solve math equations, tell time, and read and comprehend German, until a psychology student discovered how he got his answers.

The Nasdaq's 'Magnificent 7' companies are responsible for roughly 40% of the Nasdaq 100 index's gains, while the remaining 93 companies account for the other 60%.

A Yale student wrote a profound essay about the consulting industry's influence on elite college students that was published in a book of her writing after she died in a post-graduation car accident.

How the most famous Ebola book, The Hot Zone, which sold 3.5 million copies and was translated into 30 languages, got aspects of the disease so wrong.

Search a massive database of over 4 decades of clues from the TV quiz show 'Jeopardy!'

After her fellow cult members tried to kill her with an LSD-infused hamburger, one member of the Manson Family, the murderous cult led by Charles Manson, decided to testify against the group's leader.

How Amazon operates a 'flywheel' business model, a self-reinforcing cycle that drives continuous growth

Legendary architect Frank Lloyd Wright designed the SC Johnson headquarters in Wisconsin, aiming to make a cathedral-like workplace

Fast-casual restaurant Chili's is experiencing a resurgence, with its parent company recently reporting a nearly 32% increase in sales, thanks to passionate Gen Z fans on TikTok.

In 2009, the nation was gripped by the story of a missing young boy who was believed to be floating over Colorado in a homemade balloon, until it was revealed that he was at home the whole time.

Listen to an in-depth conversation on the links between Parkinson's disease and herbicide exposure and the challenging pace of scientific investigation.

Art theft is the third-largest source of criminal revenues worldwide, thanks in part to the subjective nature of valuing a work of art.

Sears sold DIY house kits starting at $600 in its famous catalog from 1908 through the 1940s, resulting in roughly 10,000 'Sears and Roebuck houses' being built.

The rivalry between Alexander Hamilton and Thomas Jefferson centered on federalism—the question of how much power the federal government should hold relative to the states.

NBA superstar Victor Wembanyama spent the 2025 summer training with monks in central China to enhance his body and mind.

The first image of a black hole was captured by creating an Earth-sized virtual observatory from a network of eight radio telescopes.

Brandi Chastain, the star of the 1999 US victory over China in the 1999 Women's World Cup, was a last-second choice to take the penalty kick that sealed the victory.

Chaos theory—informally known as the butterfly effect—is the reason why weather forecasts are presented with probabilities rather than certainties.

The word 'jazz' evolved from 'jasm,' 19th-century American slang for 'energy'

Sony set the standard for cylinder-shaped batteries when it repurposed manufacturing equipment used to make rolls of magnetic recording tape.

Some renewable energy sources may weaken the resiliency of electric grids by removing outage buffers provided by coal- and natural gas-fired plants, which provide the system with more time to find a new power source if a plant goes down.