Bethany McLean
Bethany McLean
Full Name and Common Aliases
Bethany McLean is a prominent American journalist, author, and speaker known for her incisive writing on business, finance, and politics.
Nationality and Profession(s)
Born in the United States, Bethany McLean has established herself as a leading voice in investigative journalism, financial reporting, and opinion writing. Her professional affiliations include:
Journalist at _Fortune_ magazine (1995-2012), where she covered business, finance, and politics
Contributing editor at _Vanity Fair_ (2013-present)
Author of several critically acclaimed books on Wall Street and the economyEarly Life and Background
Bethany McLean grew up in a family that valued education and critical thinking. She developed an early interest in writing and journalism, which led her to pursue a degree in English from Northwestern University.
Her academic background and professional experience have equipped her with a unique ability to distill complex financial concepts into accessible, engaging narratives.
Major Accomplishments
Throughout her career, Bethany McLean has made significant contributions to the world of finance and business journalism. Some of her most notable achievements include:
Uncovering the Enron scandal: In 2001, McLean wrote an exposé on Enron's accounting practices, which helped bring attention to the company's questionable financial dealings.
Investigating Lehman Brothers: Her 2008 _Fortune_ cover story, "The Fall of Lehman Brothers," provided a detailed analysis of the events leading up to the global financial crisis.Notable Works or Actions
Bethany McLean has published several influential books on finance and economics:
"Smartest Guys in the Room: The Amazing Rise and Scandalous Fall of Enron" (2003) - co-authored with Peter Elkind, this book won the Gerald Loeb Award for Best Book.
* "All the Devils Are Here: The Hidden History of the Financial Crisis" (2010) - McLean's in-depth exploration of the 2008 financial crisis was praised by critics and experts alike.
Impact and Legacy
Bethany McLean's work has had a lasting impact on the way people understand business, finance, and politics. Her commitment to investigative journalism and her ability to explain complex ideas have made her a respected voice in the industry.
Her influence extends beyond the world of journalism, as she continues to shape public discourse on issues like corporate accountability, financial regulation, and economic inequality.
Why They Are Widely Quoted or Remembered
Bethany McLean's reputation as a fearless and insightful journalist has earned her widespread recognition. Her dedication to uncovering truth and shedding light on complex issues has made her a trusted source for readers, viewers, and listeners around the world.
Quotes by Bethany McLean
He once gave a speech advising anyone who wanted to complete a power project to “get all the lawyers in one room, then shoot ’em – in the mouth, because it’s impossible to miss.
McKinsey partners tend to be designers of ditches, not diggers of ditches. When it comes to executing their lofty theories, well, consultants lean toward leaving those messy realities to the companies themselves.
The last and most painful irony is that the two longtime rival armies in the securitization market – the investment banks and the GSEs – would end up magnifying each other’s sins rather than keeping each other in check.
The tale of Enron is a story of human weakness, of hubris and greed and rampant self-delusion; of ambition run amok; of a grand experiment in the deregulated world; of a business model that didn’t work; and of smart people who believed their next gamble would cover their last disaster – and who couldn’t admit they were wrong.
Small cap companies complain constantly that they are neglected. They have a very tough time getting Wall Street research analysts to follow them, to pay attention to them. There are small companies that will say that I have grown my earning at 20 percent over the last five years and no one will pay attention to me.
It was actually in retrospect a pretty meek story. It didn't say that the company is a fraud and going to go bankrupt in nine months. In fact, if you had said to me at the time that Enron is going to go under, I'd have said, 'Are you kidding?' It just didn't quite make sense. In retrospect I fault myself for not questioning it more than I did.
The story took on an importance later that it did not deserve originally. Whether I wrote that story or not, Enron would have gone bankrupt, investors would have lost billions of dollars and thousands of people would have lost their jobs. I just picked up on an underlying skepticism. If you had told me then that the company would go under by the end of the year, I would have never believed it. I was as naive as the rest of us.
So Merrill Lynch has launched its first campaign in years to advertise the accomplishments of its investment banking business. The ads feature things like Merrill's recapitalization of Sierra Pacific. I guess including "helping Enron achieve its earnings goals in 1999" might be a little awkward given that Merrill Lynch bankers are currently on trial in Houston for that "accomplishment."
I think synergies are a lot like UFOs: Lots of people claim to have seen them, but few can actually prove they exist.