2023 Celebrity Net Worth / All Rights Reserved. Enron combined the glamour of NASA and Wall Street. These topics have nothing in common apart from a sort of odd orthographic. Lou obtained both his B.S. Layfounded Enron with the merger of two regional natural gas pipeline companies and, during the subsequent 16 years, transformed the Wall Street darling into Americas most famous example of corporate greed and corruption. Yet it is Mark, along with Fastow, whom Skilling once blamed for Enron's destruction. [, On July 30, 2008, Pai agreed to resolve the civil. When the bankruptcy occurred in December, more than a dozen pieces had been collected, costing in the millions, and the committee was in the process of reviewing proposals by artists for solicited pieces as well. It is one of the largest settlements in the history of the SEC's enforcement program dealing with an individual for alleged insider trading. (Lockyer later apologized for the remarks.) 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. And it wasn't enough to have one gleaming tower in downtown Houston. Once again, all in the same neighborhood. There have to be plenty more anecdotes where that came from, once Whalley takes the stand -- or there would be, if he ever does. Davis Stumps Across CalfiorniaGray Davis speaks at an anti-recall rally in San Jose, California, in 2003. Fastow is building something that looks like a country manor, almost Tudor-ish. She also was granted the right to the couple's Houston mansion, a Houston condo and a $3 million house in Hawaii. Pai left Enron abruptly, and he has since vanished into oblivion. He didn't admit wrongdoing, and he wasn't charged criminally. Lou is 74 years old as of 2021, he was born in1947, in Nanjing, China. In the Powers report, the Enron board's investigation of the company's unraveling, the firm's "tragic" collapse is attributed, in part, to "a culture that appears to have encouraged pushing limits.". Pai was CEO of the EES (Enron Energy Services) subsidiary from March 1997 until May 2001. After the divorce from Lanna, Lou, and Melanie Fewell married. As one of the anchors, they purchased a piece by famed minimalist Donald Judd. Richard Kinder, Lays college friendwho helped build Enron. When I walked out, not only was all my cash gone, but the only thing left in my wallet was an ATM receipt for the additional $60 I withdrew while inside the club (with a $5 strip club ATM fee). All of which raises the question: What's happened to the architect of these businesses -- Rebecca Mark, whom FORTUNE named one of the 50 Most Powerful Women in Business in 1998 and 1999? Sherron Watkins, the whistleblower who started it all. Money, and a peculiar fascination with strippers.". He was close to Skilling, he ran the controversial Enron Energy Services division, and he netted a mind-blowing fortune from Enron stock. Accounts of the Enron scandal have frequently portrayed him as a mysterious figure; a former Enron employee, interviewed in the 2005 do*entary film Enron: The Smartest Guys in the Room, referred to Pai as "the invisible CEO". Ken Lay sold off $90 million worth of stock during this period. Lou Pai was known to spend inordinate amounts of time during and after working hours in Houston-area strip clubs even though he was married. . This includes his assets, money, and income. 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. Super Capron Funk age: biography, Wiki, age, height, family, parents, net worth, Share This Post On WhatsApp, Facebook, Twitter, Instagram & Telegram. Rebecca Mark, who built Enrons water business. Lovely Mimi New Boyfriend Bio, Wiki, Age, Arrest, Husband, Divorce, Kids Net Worth. Lou Lung Pai ( Chinese: ; pinyin: Bi Lulng) (born 23 June 1947) is a Chinese-American businessman and former Enron executive. 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 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. On July 30, 2008, Pai agreed to resolve civil insider trading charges against him with an out-of-court settlement of $31.5 million, including $1.5 million in civil fines and $30 million in res*ution, to be deposited into a fund for shareholders harmed by Enron's bankruptcy. According to the wiki, she marriedLou Lung Paiin 2001 and is still going strong. Lou Pai was a recluse. In March of 1997, Lou was named CEO of a subsidiary called Enron Energy Services (EES). His then-wife of over 20 years, Lanna, with whom he has two biological children, filed for divorce upon learning of the affair. and M.S. 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. The gas bank, as it became known, reduced Enrons own exposure to fluctuating prices and spurred its growth through the 1990s. Just months later, Enrons stock prices dramatically collapsed and it filed for bankruptcy protection. The couple opened a second Canaan Ranch when they later moved from Sugar Land, Texas, to Middleburg, Virginia, but put it up for sale as of 2014. In the year 1987, he joined Enron when it was just a regional energy supplier. Well, believe it or not, this is exactly what happened to former Enron executive (and alleged stripper aficionado) Lou Pai. It's critical to acknowledge and appreciate the accomplishments of womenand to provide them the same opportunity as men to follow their interests. 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. The Puryear has been lent to the Menil, and the Oldenburg to the Museum of Fine Arts. He became one of the top lieutenants of Jeffrey Skilling (the eventual CEO as well as brother to veteran meteorologist Tom Skilling), primarily tasked with detailing and implementing Skillings vision of transforming Enron into a de facto energy commodities trading firm. While his other business ventures have been limited, mainly consisting of scattered investment in pollution emissions and a small energy company, Pai managed to come out of the Enron scandal relatively unscathed. Pai obtained both his B.S. Lay loved real estate ventures. Photographer: David McNew/Getty Images North America(Photographer: David McNew/Getty /David McNew). He died of a heart attack on July 5, 2006, before his sentencing. He could charge several hundred dollars worth of lunches for himself and accompanying staff to the corporate expense account and use the Enron corporate jet for personal commuting until Chairman Ken Lay later prohibited it. His sister is Sue Pai Yang, the first Asian American appointed to be a New Jersey Workers' Compensation judge. Pai was born in Nanjing, China and came to the US at the age of 2. 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. She has remarried and now goes by the name Rebecca Mark-Jusbasche. From March 1997 until January 2001, he was CEO of Enron Energy Services and from February 2001 until June 2001, he was CEO of Enron Xcelerator, a venture capital division of Enron. Morningstar, Inc. All Rights Reserved. Evil chink. During Lou's 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. As owner of the Taylor Ranch, Pai owned a 14,047 foot, Pai is currently investing in pollution emission credits at Element Markets, LLC. He also bought a ranch in suburban Houston for his second wife, Melanie Fewell Pai, and set her up with a breeding and training operation for top-quality dressage horses. Most stock quote data provided by BATS. "Lou would prefer not to be a witness," says Jeffrey. It even inspired a limited-run Broadway show. Lou Pai's Wife & Children. Downtown, across from Enron's gleaming corporate headquarters at 1400 Smith St., an unfinished $200 million, 40-story tower designed to be Enron's twin building sits like a shell. They saw him not only as honest, but as someone who could right the wrongs at Enron. Pai was born in Nanjing, China and came to the United States at the age of two. A jury convicted him but charges were dropped after he died at the age of 64 in July 2006 while vacationing, justmonths before his sentencing was slated to take place. 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. Background. His then-wife of over 20 years, Lanna, with whom he has two biological children, filed for divorce upon learning of the affair. By pleading the 5th Pai has kept himself from testifying in the trials of other Enron executives, and has avoided being charged himself. During his time at the now-defunct energy company, Pai was often referred to as "the . ", Prosecutors walked both Glisan and Fastow through an analysis showing that, by Skilling's own estimation, the international assets and Azurix were overvalued on Enron's books by $4.3 billion. Marshals to the Bob Casey Federal Courthouse in Houston, Texas, in 2006. Disclaimer. Another, named Pay N Go, had previously been summoned by Paul McCartney to perform at his wife's funeral in New York. When Lou's wife found out about the pregnancy, she filed for divorce. And Kopper and his partner William Dodson opted for a postmodern abode -- boxy, all white and beige and glass and hard angles. "The worst people could say of him was that he didn't manage EES well, and I'm not sure that's true. Lou is alive and in good health. In 2008, Pai settled insider trading charges and agreed to pay regulators $31.5 million. 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. It looks like you aren't allowed to do that. Scandals & Rumors. As Enron was falling apart at the seems, and serious questions were being asked about the conduct of top Enron executives, Pai was given the perfect excuse to unload all of his holdings n Enron. in economics from the University of Maryland, College Park, where his father, Shih-I Pai, was an aeronautics professor. She has a son namedKyle and a daughter named Natalie Pai. Reportedly, her estimated net worth is around $1 million. Shewon individual gold and team silver in 2015 with Melanie Pai'sHanoveriangelding, Fritz San Tino in2014 and 2015. . The pair is now raising thoroughbreds in Houston and is regarded as a member of the local neighbourhood. According to the wiki, she married Lou Lung Pai in 2001 and is still going strong. It wasn't enough for Lay to have one house in Aspen, he had to have four. A few months back I went to a strip club for a bachelor party. Pai left Enron with over $280 million after selling a substantial amount of his shares. Extremely introverted. Lou wasn't exactly fired from Enron, but he also wasn't exactly encouraged to stay on as CEO of EES. Upon knowing of the affair, Lou's then-wife of more than 20 years, Lanna, with whom he has 2 biological children, filed for divorce. Lou Lung Pai (Chinese: . In August 2001, Watkins alerted Lay to problems with the companys books, warning in a memo that Enron could implode in a wave of accounting scandals. She was lauded as one of Time Magazines persons of the year in 2002 along with two other whistleblowers, Cynthia Cooper of WorldCom and the FBIs Coleen Rowley. Pai worked for the federal government in the 1970s before joining Enron. He wrote a book about that probe, Where Law Ends, andnowteaches at New York University Law School. When I walked in, I had about $100 cash in my wallet. 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. To meet his divorce settlement, he cashed out of Enron to an amount believed to be around $300 million just before the collapse. He also received enormous grants of valuable Enron stock. Well, considering what happened next, I don't really think you can believe Karma had any impact on Lou Pai. As legend has it, the strippers didn't believe such a mild mannered, almost meek, person was actually a powerful energy CEO. Who Is Lou Pai's Wife, Melanie Fewell? And in Aspen, Colo., two of the four properties once owned by former Enron chairman Ken Lay are under contract -- one a "cottage" that sold for $10 million, which works out to an Aspen real estate record $3,330 per square foot. 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. One of the lucky few Enron executives to escape without criminal prosecution, Lou Pai has been referred to as the only guy whos ever been lucky to get divorced. Why was Lou Pai so lucky to get divorced? Between 1997 and 2001, EES blew through $500 million in operating expenses without ever generating any significant revenues. Together, with their newborn child, the couple moved to Colorado where Lou became the second largest land holder in the entire state after purchasing a 120 square mile ranch in the Sangre de Cristo mountain range. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. 135 Followers, 188 After, 10 Posts - See photos and videos from Instagram Melanie Fewell (@melaniefewell9) After learning about the problem, Pai's wife, who is over 20 years old, Lanna, with whom she has two . He walked away just below the peak of Enron's stock price with an estimated. She may not have been the best businesswoman, but that's not a crime, and there's no evidence she tried to cover anything up. It is there that Pai, who was married and had two children, met Melanie Fewell, with whom he began an affair that lasted for years and produced an out-of-wedlock daughter. And eventually, going to strip clubs turned into a full on affair with a stripper named Melanie Fewell. 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. Lou is a Chinease-Amercian businessman and former Enrone executive. To satisfy the financial . He didnt admit wrongdoing, and he wasnt charged criminally. Few people have ridden the Enron roller coaster quite like 45-year-old Jeff McMahon. Video Lou Pai. Photographer: F. Carter Smith/Bloomberg(BLOOMBERG NEWS/F. [3] Pai and Fewell married, after the divorce. He allegedly would bring the strippers up to lavish Enron offices where they would continue the party late into the night. During his tenure as CEO, Lou earned approximately $100 million in salary alone. 2021 On the other hand, can you imagine a bizarro-world reality where instead of taking money from you, a stripper actually ended up saving you a bunch of money? He appears to be quite tall in stature if his photos, relative to his surroundings, are anything to go by. Haines -- who declined to give details about the Enron outing -- once designed a trip for Lovett and a bunch of his buddies, and the musician was so enthralled he thanked Haines on the liner notes of his next album. Fastow, seen as one of the chief architects of using off-book partnerships to conceal billions of dollars of losses and debt, pled guilty to securities and wire fraud in 2004 and wassentenced to six years in prison. The objective is to create an environment that supports women in making the best decisions for them, free from prejudice or societal expectations. as well as M.S. There was no cap to the bonuses, which could get as high as $1 million. As you might imagine, coming home every night smelling like gasoline probably isn't a sustainable lifestyle. degree in economics. "Why are you leaving?" 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. Lou was born in 1947, in Nanjing, China, and came to the United States at the age of 2 years. Mark was also lucky. Here, young Ivy Leaguers believed they could reinvent not just the energy business but the American business model, the whole U.S. economy. Mar 28, 2009. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Delainey recalled objecting to a plan to hide hundreds of millions of dollars in losses, at a meeting of executives. Not for fear of theft, but for fear that their $50,000-a-year employees might get the wrong message when they went to retrieve their Toyotas and Fords. Lou Pai earned his net worth through his tenure serving as the CEO of Enron Energy Services and Enron Xcelerator, a venture capital division of Enron. Description above from the Wikipedia article Lou Pai, licensed under CC-BY-SA, full list of contributors on Wikipedia. What Enron was, though, was a good corporate citizen, one that spread its money throughout the city. The pair is now raising thoroughbreds By pleading the 5th Pai has kept himself from testifying in the trials of other Enron executives, and has avoided being charged himself. Pais resignation from Enron and his reasons for doing so remain shrouded in mystery. Davis, a Democrat, blamed Enron for gaming Californias power market and contributing to the blackouts that roiled the state. Lou Pai liked to indulge his second wife (whom he met in a strip club) and her passion for fine horses. in economics from the University of Maryland, College Park, where Lous father, Shih-I Pai, was an aeronautics professor. Are these ghosts of Enron the luckiest people in Houston? See the complete profile on LinkedIn and discover Melanie's . 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. 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