Following a dinner in New York City, the Enron team flew on to Boston -- everyone, that is, except Greg Whalley, the company's soon-to-be president, who had announced he was returning to Houston. Lou stands at an average height. According to Fastow, Skilling "didn't disagree" that Enron's international businesses "were generally a disaster. . He was CEO of Enron Energy Services from March 1997 until January 2001 and CEO of Enron Xcelerator, a venture capital division of Enron, from February 2001 until June 2001. He left Enron six months before it collapsed in late 2001, pocketing more than $265 million from exercising Enron options and selling stock. Louis a Chinease-Amercian businessman and former Enrone executive. Before Skilling divorced his first wife in a messy, contentious battle and took up with an Enron secretary whom staffers called "Va Voom" behind her back. Lou {Full name Lou Lung Pai (Chinese: ; pinyin: Bi Lulng)} is a Chinese-American businessman and former Enron executive. Not long after Lou fled to Colorado, Enron slowly started to collapse as investors began to question the company's accounting practices and general business ethics. "If I met with investors, if I came to Boston, I'd have to lie too much," Whalley responded, according to Fastow. All rights reserved. Description above from the Wikipedia article Lou Pai, licensed under CC-BY-SA, full list of contributors on Wikipedia. and a M.S. This early sell-off of Enron stock had the benefit of shielding Pai from the insider trading charges leveled against other Enron executives who had also secretly sold off large amounts of stock before the company's ruinous finances were publicly known. All Rights Reserved.Terms They weren't fourth-generation Houstonians -- which is basically what it takes to get into the Bayou Club. And everybody had their thing: Fastow liked art. It is one of the largest settlements in the history of the SEC's enforcement program dealing with an individual for alleged insider trading. Mar 28, 2009. Well, believe it or not, this is exactly what happened to former Enron executive (and alleged stripper aficionado) Lou Pai. Cable News Network. Fastow last year said he accepted full responsibility for his actions and considers himself probably the personmost responsible for Enrons failureafter originally viewing himself as a hero. Fastow, whos now a public speaker onbusiness ethics, declined to comment when reached by phone. As you might imagine, coming home every night smelling like gasoline probably isn't a sustainable lifestyle. Enron executives -- particularly Fastow -- envisioned this collection as one that would be mentioned in the same breath as those held by companies like Chase Manhattan and Paine Webber. Entertainment, For instance, Fastow testified that in July 2001 Whalley said that all the heads of the international business should be fired because they had done billions upon billions of bad deals. After the divorce from his first wife was finalized Lou Pai did end up marrying the exotic dancer he impregnated, Melanie Fewell. His neighbors reportedly referred to the ranch as "Mount Pai". Pai left his wife to marry an ex-topless dancer, and his lawyer argued the stock sales were tied to the divorce, according to court documents. Meanwhile, Lou married his stripper girlfriend, now known as Melanie Miller Pai. At Advantage BMW, a popular Houston shopping spot for high-end Enron employees, Cliff Baxter's name was removed -- by his request, before his suicide -- from the waiting list for a coveted 745 luxury sedan. Lou eventually became one of Enron CEO Jeff Skilling's most trusted and highest ranking executives. In a move that the SEC questioned as actually a result of insider information, Pai netted himself somewhere around 300 million dollars. Melanie has 1 job listed on their profile. At age 51, she manages a family cattle ranch in northern New Mexico, and is also a director of a company that sells water-purification systems to developing countries. His prison sentence of 24 years was eventually reduced, and he left prison in 2019. "That was the kind of culture Jeff built around himself, where someone would risk their life just to get a pat on the back from him," says one former Enron executive, who requested anonymity. Copyright 2021 - All right reserved People With Fame. However, Pai forfeited $6 million due to him from Enrons insurance policy for company officers to a fund for Enron shareholders as a result of the lawsuit. Fastow is building something that looks like a country manor, almost Tudor-ish. Her name has hardly been uttered during the trial. under which this service is provided to you. Lou is 74 years old as of 2021, he was born in1947, in Nanjing, China. Upon learning of the problem, Pai's wife who is over 20 years old, Lanna, with whom she has two biological children, filed for divorce. You won't see him hanging around the courthouse. Well, considering what happened next, I don't really think you can believe Karma had any impact on Lou Pai. Lou has a net worth of $270 million as of 2021. Between May 18 and June 7, 2001, Pai sold 338,897 shares of Enron stock and exercised Enron stock options that put another 572,818 shares on the open market. Palak Tiwari Is All Set To Dazzle Bollywood With Her Beauty, That 90s Show Cast All Main Characters Are back Except One, 11 Bollywood Actresses Who Changed Their Real Names, 10 Celebrities Who Have Used Tinder Just Like Us, Violent Night Available On Only One Streaming Platform Read Details, Kiara Advanis Bold Looks Everyone Is Going Crazy For. Was Karma catching up? 2023 Celebrity Net Worth / All Rights Reserved. [, On July 30, 2008, Pai agreed to resolve the civil. We will update this section once this information is available. Glisan said Whalley knew it was wrong to be using reserves as an earnings-management cookie jar. Working as a McKinsey consultant, Skilling came up with the idea that transformed Enron from a gas company to a broker of natural gas contracts between producers and wholesalers. ----- . Pai worked for the federal government in the 1970s before joining Enron. Despite a reputation for being extremely introverted, taciturn, and reclusive around the office, Pai also came to symbolize the legendary lavishness and excesses of Enron's corporate culture. The pair is now raising thoroughbreds in Houston and is regarded Read More (Creative Commons and flickr.com/people/eflon//Eflon). Pai ran Enrons retail energy unit, arriving at the company after stints at ConocoPhillips and DuPont. Eventually nicknamed "rank-and-yank," the system inspired all sorts of internal drama and sabotage. A former college classmate ofLay, Kinder resigned as president of Enron in 1996 after it became clear he wouldnt become CEO. Pai picked up 77,500 acres (along with some partners) in southern Colorado -- land that former shareholders and employees are trying to attach in their lawsuits. Once, they climbed the glaciers in Patagonia. Nor will some other highly colorful players in the Enron saga show their faces inside the courtroom. Lou Pai's Wife Forced Him to Sell His $270M Enron Stake 6 Months Before Ponzi Scheme Went BankruptVideo Host: Michael SikandFollow Michael TikTok - http. He also snapped up several properties in Houston -- mostly older homes on blocks where massive renovations have taken place, areas clearly in the midst of major renewal. And a horse so famous it was invited to perform at Linda McCartney's funeral. It saddens Walker that it's in a crate and not being seen. More recently, Pai and his family have moved to Wellington, Florida. In the US, shealso generously gave to the sport of dressage and sponsors dressage shows, which is also her source of income. The Puryear has been lent to the Menil, and the Oldenburg to the Museum of Fine Arts. Pai was not charged with any criminal wrongdoing in the Enron scandal and exercised his Fifth Amendment rights in regard to the subsequent Enron cl* action lawsuits. As part of the settlement, Pai was also barred from serving as an officer or director of a public company for five years. During his tenure as CEO, Lou earned approximately $100 million in salary alone. Pai sold out approximately $250 million of his Enron stock to satisfy the financial terms of his divorce settlement. He joined Enron in 1987 and quickly climbed the ranks. Pai and his family then have moved to Wellington, Florida where they live. They had the smartest guys in the room and then it blew up, said Michael Webber, a University of Texas at Austin professor who specializes in energy, adding that Enrons failure rippled through a host of institutions. Lou Pai is a Chinese-American businessman and mathematical genius who has a net worth of $200 million. In March of 1997, Lou was named CEO of a subsidiary called Enron Energy Services (EES). He said that Whalley responded by shoving his chair back from the table, seemingly in exasperation. He was notorious for his. His frequent visits to strip clubs led to an affair with a stripper. To satisfy the financial terms of his divorce settlement, Pai cashed out approximately $250 million of his Enron stock just months before the company's stock price dramatically collapsed and it filed for bankruptcy protection. By consolidating the market and allowing people to buy energy on an open market, EES promised to save its users 5-15% a year on their energy needs. One theme of the prosecution has been the abymsal state of both Enron's international assets and its water business, Azurix. The reasons we probably won't be seeing these people as witnesses -- let alone as criminal defendants -- range from legal strategy to simple luck. Regardless of whether they choose to prioritize their personal or professional lives, women should be urged and assisted in pursuing their goals and aspirations. Another time, it was off-road racing in Land Cruisers in the Australian outback. . In order to avoid getting caught by his wife, on his way home Lou would stop by a gas station and splash a little bit of gasoline on himself to get rid of the stripper scent. A Muddled Display Pre-printed invitations to local charity events are still arriving in the best Houston mailboxes with Ken and Linda Lay listed among the hosts. He now works in Houston for another ex-Enron hotshot, John Arnold, who started a hedge fund after Enron's collapse. Known as Mark the Shark for her negotiating skills, Mark was one of the most senior female executive in the energy industry in the 1990s, rising to chief executive of Enron International and serving as a member of the companys board. She is a believer in Christianity religion. Lou Lung Pai ( Chinese: ; pinyin: Bi Lulng) (born 23 June 1947) is a Chinese-American businessman and former Enron executive. Lou Lung Pai (Chinese: ; pinyin: Bi Lulng) (born 23 June 1947) is a Chinese-American businessman and former Enron executive. The top 5 percent could expect to be invited to Mexico or Aspen with Skilling. When it filed for bankruptcy on Dec. 2, 2001, it was at the time the largest-ever Chapter 11 case in history, costingshareholders billions and leaving thousands of people pensionless and out of work. Pai's frequent strip club visits during his time with Enron led to an affair with stripper [24] Melanie Fewell (who was also married), and resulted in a pregnancy. "The worst people could say of him was that he didn't manage EES well, and I'm not sure that's true. Though married, Pai was known to spend inordinate amounts of time during and after working hours in Houston-area strip clubs, use the Enron corporate jet for personal commuting, and charge several hundred dollars worth of lunches for himself and accompanying staff to the corporate expense account until Chairman Ken Lay later prohibited it. Of course, most Enron employees weren't the ones going on the ski weekends to Beaver Creek, Colo., or flying in one of the company's corporate jets -- there was a fleet of them stored in a private hangar at Bush Intercontinental Airport. He appears to be quite tall in stature if his photos, relative to his surroundings, are anything to go by. He also received enormous grants of valuable Enron stock. All times are ET. The neighborhood where Lay lives. His wife, upon finding out about it, filed for divorce. Within a decade, both Enron and Lou Pai were rising stars. The deal went like this: Merrill Lynch agreed to buy three Nigerian power barges from Enron near the end of a quarter, after receiving a verbal guarantee that the barges would be repurchased six months later at a guaranteed profit. Davis Stumps Across CalfiorniaGray Davis speaks at an anti-recall rally in San Jose, California, in 2003. Melanie standstall with a height of 5 feet 7 inches. The bottom 5 percent could expect to be sent to the redeployment office, also known as the "office of shame," where they got a phone and a desk and a chance to be rehired by another division. Lou Pai was a former executive at Enron, a trading firm for energy that rose quickly and fell much faster. EES spent a small fortune on advertisements around the country attempting to sell people on the idea of buying all their energy directly in one place. Rebecca Mark, who built Enrons water business. Sherron Watkins, Enrons former Vice President of Corporate Development. Meanwhile, McMahon has gone about his life, landing in 2004 as president of a Houston company called Zilkha Biomass Energy, a renewable-energy outfit. Fastow is a big patron of the arts (and his wife, Lea, comes from a well-known local family), but even before Enron self-destructed, they were not often visible on the social scene. They also have also generously given to the sport of dressage in the US and sponsors dressage shows, including the $5,000 Canaan Ranch Pas de Deux held at the EEMI Dressage Show. Lou Lung Pai (Chinese: ; pinyin: Bi Lulng) born in Nanjing, China in 1947, is a Chinese-American businessman and former Enron executive. After the divorce from Lanna, Lou, and Melanie Fewell married. Pai worked for the federal government in the 1970s before joining Enron. She sold more than $80 million worth of Enron stock near its high. He became one of (eventual) CEO Jeffrey Skilling's top lieutenants, primarily tasked with detailing and implementing Skilling's vision of transforming Enron into a de facto energy commodities-trading firm. They have three. Lou, during his Enron time, used to visit a strip club, and his affair story began there with stripper Melanie and which led to Melanie being pregnant. After all, bad business judgment isn't a crime -- or maybe someone else presented a better prosecution target. News, It was an out of court settlement. Pai and Fewell together operated Canaan Ranch, located near metropolitan Houston, where they raised and trained dressage horses. Pai obtained his Bachelor of Science Degree and Master of Science Degree in economics from the University of Maryland, College Park where his father was a professor. So how did Lou prove his identity? Lou Pai liked to indulge his second wife (whom he met in a strip club) and her passion for fine horses. Or someone else is a more compelling witness. He allegedly would bring the strippers up to lavish Enron offices where they would continue the party late into the night. Privacy Policy. The pair is now raising thoroughbreds in Houston and is regarded as a member of the local neighbourhood. She is well-known for being Lou Pai wife but sheis also a famous entrepreneur and runs a Texas horse facility andCanaan Ranch in Fulshear. After serving as the FBIs general counsel under director Robert Muellerand then chief of the Justice Departments Criminal division, he became a lead prosecutor forSpecial Counsel Muellers investigation of Russian interference in the 2016 election. His birthday is publicly not available. Think strip clubs and Ferraris. Lou Pai's wife of 20 years, Lanna Pai, whom he had two children with, filed for divorce after she found out about the affair. rollings.us. degree in economics. Does Internet Increase, Decrease, or Supplement Social Capital? Melanie Fewell, Lou Pais wife and a former stripper, is well-known for having wed the former Enron executive Lou Pai. This is new territory for me.". FEEDBACK bmclean@fortunemail.com and pelkind@fortunemail.com. Received payments from . Andrew Weissmann, former federal prosecutor who led the investigating task force. And eventually, going to strip clubs turned into a full on affair with a stripper named Melanie Fewell. Fastow -- who is still residing in his Southampton house while his new one is under construction -- bought one of the larger houses on his block, a red-brick structure with white trim and a second-floor balcony. And the latest big Enron project was the formation of a great art collection, one that would be on display to the public as well. From March 1997 until May 2001 Pai was CEO of the EES (Enron Energy Services) subsidiary. There have been no reports of him being sick or having any health-related issues. 2021 Find out who you might see at the Enron trial, how they got involved, and what they're doing now. It's what they were put on this planet to do. Does Internet Increase, Decrease, or Supplement SocialCapital? Between all of the various subsidiaries of Enron that Lou Pai ran, his tenure resulted in over $1 billion in losses. Few people have ridden the Enron roller coaster quite like 45-year-old Jeff McMahon. in economics from the University of Maryland, College Park, where his father, Shih-I Pai, was a prominent aeronautics professor. Skilling and Lay belong to the River Oaks Country Club -- the second-most exclusive in the city, beyond the Bayou Club -- but they haven't been seen there of late either. No title providedAndrew Fastow is escorted by U.S. He also had a legendary fondness for strippers, and was a frequent habitue of a Houston topless club called Rick's Cabaret. Lou is a Chinease-Amercian businessman and former Enrone executive. Upon learning of the affair, Pai's then-wife of over 20 years Lanna, with whom he has two children, filed for divorce. Your email address will not be published. Skilling had instituted performance review committees to determine the staff's top 5 percent and the bottom 5 percent in each division, and three levels in between. Prior to the companys demise, Pai cashed out $270 million in stock, divorced his wife, and wed an exotic dancer. Enron Complex in Houston Texas. Lou's ex wife Lanna L. Pai, with whom he had two children, was paid an undisclosed lump sum that is believed to be in the tens of millions. and/or its affiliates. Video Lou Pai. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Did Pai voluntarily offer over $30 million to help shareholders negatively impacted by the Enron scandal or was this court-mandated? Some pieces, he says, were never delivered, and remain at different galleries and studios. For a precious few, that culture wasn't confined to Enron's trading floors and accounting offices -- it became a way of life in which nothing was ever enough. James Fallows. The government has opted not to call him. During Lous time with Enron, his regular strip club visits began to an affair with stripper Melanie Fewell (who was also married) as well resulted in a pregnancy. Pai departed Enron months before it filed for bankruptcy; the reason for his departure is unknown, but he sold out his remaining stock. Marshals to the Bob Casey Federal Courthouse in Houston, Texas, in 2006. It's critical to acknowledge and appreciate the accomplishments of womenand to provide them the same opportunity as men to follow their interests. After the Enron scandal, they have generally avoided the spotlight, thus details about their relationship are scarce. Wayne Wickman -- who runs the dealership -- used to love it when he saw Enron traders come through his door. Factset: FactSet Research Systems Inc. 2018. Billing reconciliation. In order to pay the costly financial terms of his divorce settlement, Lou Pai was forced to cash out 100% of his Enron stock. Very reserved. Because strippers are absolute Zen masters when it comes to extracting money from men. Baxter adored boats. He's been on the defense witness list, but he would almost certainly take the Fifth if called.
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