Lou has a net worth of $270 million as of 2021. 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. Lips on the walls. One of the horses he bought for her is named Gucci. (Creative Commons and flickr.com/people/eflon//Eflon). Photographer: David McNew/Getty Images North America, (Photographer: David McNew/Getty /David McNew), Joe Bidens Immigration Reforms Deserve a Chance to Work, US Teens Feel Down, But the Adults Arent All Right Either, Donald Trumps Border Wall Settles Into a Strange, Costly Afterlife, North Americas Three Amigos Are Off-Key, A Masayoshi Son Buyout of SoftBank Would Look More Like Elon Musk Than Michael Dell. Pai has kept a low profile ever since leaving Enron. After the Enron scandal, they have generally avoided the spotlight, thus details about their relationship are scarce. Pai worked for the federal government in the 1970s before joining Enron. EES wanted to create an alternative private sector option that allowed consumers to buy energy on the free market, direct from a utility. The total value Lou Pai was left with after every share was sold? 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). 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. 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. The gas bank, as it became known, reduced Enrons own exposure to fluctuating prices and spurred its growth through the 1990s. 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". This scenario has insulated Pai from charges of insider trading. Basic Organizational Forms: A SecondLook, Learning from the Past- Structural Changes overTime. Photographer: F. CARTER SMITH/Bloomberg, Jeffrey Skilling at the Bob Casey Federal Courthouse in Houston, Texas, in 2006. What Enron was, though, was a good corporate citizen, one that spread its money throughout the city. Although she has been on the defense witness list, it's not clear they'll call her even if she is willing to testify, since she left Enron too early to know much about the government's specific in-court allegations against the former CEOs. Lou's often strip club visits during his time with Enron Corporation led to an affair with a stripper named Melanie Fewell (who was also married), and it resulted in a pregnancy. She also was granted the right to the couple's Houston mansion, a Houston condo and a $3 million house in Hawaii. Blogging will not change every businessbut it will change many, Socialnomics: The Social Media Revolution, 09 F9 11 02 9D 74 E3 5B D8 41 56 C5 63 56 88 C0, Lou Pai: The Only Guy Who's Ever Been Lucky to Get Divorced, Blogging will not change every businessbut it will changemany, 09 F9 11 02 9D 74 E3 5B D8 41 56 C5 63 56 88C0. 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 employees and retirees lost a great deal of their pension and benefits. Mar 28, 2009 Update on Xobni, Lou Pai (updated!) The pair is now raising thoroughbreds in Houston and is regarded Read More 2023 Celebrity Net Worth / All Rights Reserved. Here are some interesting facts and body measurements you should know about Lou Pai. All rights reserved. Lou worked for the federal government in the 1970s before joining Enron. Evil chink. "The houses really aren't elaborate for Houston," says one top interior designer in town. Background. 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. [2] Enron combined the glamour of NASA and Wall Street. (, NBA confirms L.A. Clippers sale to ex-Microsoft CEO Steve Ballmer, FBI and SEC probe into Carl Icahn and golfer Phil Mickelson, Skilling sentence likely to be a long one, JPMorgan dramatically slashes Tesla's stock price forecast, Greece is finally done with its epic bailout binge, Europe is preparing another crackdown on Big Tech, SoftBank and Toyota want driverless cars to change the world, Barnes & Noble stock soars 20% as it explores a sale, Why it's time for investors to go on the defense. He didn't admit wrongdoing, and he wasn't charged criminally. There have been no reports of him being sick or having any health-related issues. All times are ET. Kopper lived a few blocks away in a cottage he eventually remodeled to have an almost Japanese-style look, the house taupe in color, with a gray roof. Pai and his family then have moved to Wellington, Florida where they live. So I guess technically he voluntary gave up the $30 million, but he did it to avoid further suits or prosecution. Fastow is building something that looks like a country manor, almost Tudor-ish. That Pai, who was married and had two children, met Melanie Fewell,. 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. "Why are you leaving?" Further, after the divorce settlement, Lou and Melanie were married. (Creative Commons and flickr.com/people/eflon//Eflon), Mark Chediak, Greg Farrell and Naureen Malik, Kenneth Lay outside the Bob Casey Federal Courthouse in Houston, Texas, in 2006. She has a son namedKyle and a daughter named Natalie Pai. According to Fastow, Skilling "didn't disagree" that Enron's international businesses "were generally a disaster. Watkins is now executive in residence at the McCoy College of Business at Texas State University and teaches a course at UNCs Kenan-Flagler Business School, she told Bloomberg News. 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. Most stock quote data provided by BATS. 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. 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. They also frequently made their way over to Advantage BMW. After the divorce, Pai and Fewell married. Fewell married.Pai and his current wife operated Canaan Ranch, located near . The pair is now raising thoroughbreds She pursuedher basic and secondary education at Westminister Christian Academy which wasnearby her residence. She has a sister name Debby Kluepfel. 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. Lou Pai was born in Nanjing, China in 1946 and moved to the United States with his family at the age of two. So he then married Melanieand she quit her job as an exotic dancer. Skilling was hired to lead that effortand eventually became CEO of Enron, briefly, before quitting in July 2001 just months after taking the role. Davis Stumps Across CalfiorniaGray Davis speaks at an anti-recall rally in San Jose, California, in 2003. She was never accused of any involvement in the fraud that emerged in late 2001. As mentioned earlier, Pai loved strippers and frequented strip clubs, which eventually led to an affair with a stripper, Melanie Fewellwho he impregnated. And not a few hundred dollars, not a few thousand, not a few million, but HUNDREDS of MILLIONS of dollars??? Was Karma catching up? News, Meanwhile, McMahon has gone about his life, landing in 2004 as president of a Houston company called Zilkha Biomass Energy, a renewable-energy outfit. The most popular models were the M5s and the M3s -- "the fast cars," Wickman says. On December 2, 2001, Enron filed for bankruptcy. He walked away just below the peak of Enron's stock price with an estimated. A former Enron employee referred to Pai as the invisible CEO when he was interviewed in the 2005 documentary film Enron: The Smartest Guys in the Room. Claiming that he needed the money to fund his divorce, Pai sold the entirety of his shares of Enron ownership. He was close to Skilling, he ran the controversial Enron Energy Services division, and he netted a mind-blowing fortune from Enron stock. Pai left Enron with over $280 million after selling a substantial amount of his shares. Pai obtained both his B.S. Your email address will not be published. She is a believer in Christianity religion. 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. Description above from the Wikipedia article Lou Pai, licensed under CC-BY-SA, full list of contributors on Wikipedia. To stabilize the situation, he authorized the state to buy expensive power contracts that were paid off by customers over 20 years. In Enron's glory years, Whalley's close friend and rival was David Delainey, who in 2003 pled guilty to insider trading and gave some of the government's most powerful testimony against Lay and Skilling. Custom-designed vacations packaged by a company that does trips for the likes of Lyle Lovett and "Survivor II's" Keith Famie. 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. As owner of the Taylor Ranch, Pai owned a 14,047 foot, Pai is currently investing in pollution emission credits at Element Markets, LLC. 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 objective is to create an environment that supports women in making the best decisions for them, free from prejudice or societal expectations. The deceptive practices of its executives, some of whom served jail time,helped spur the passage of federal laws and regulations designed to improve the accuracy of financial reporting.Enrons misdeeds in energyits traders were found to have manipulated Californias recently deregulated electricity market, helping spark a crisis that led to sky-high power prices and rotating blackoutsultimately led to the downfall of the states governor. (In early 2005 she agreed to pay $5.2 million of that to settle her share of a lawsuit brought by former Enron stockholders.). And eventually, going to strip clubs turned into a full on affair with a stripper named Melanie Fewell. Dana Carvey Net Worth : How Rich Is The American Comedian In 2023? Lou wasn't exactly fired from Enron, but he also wasn't exactly encouraged to stay on as CEO of EES. Glisan said Whalley knew it was wrong to be using reserves as an earnings-management cookie jar. It led to an affair with stripper Melanie Fewell (who was also married) and resulted in a pregnancy. By accepting all cookies, you agree to our use of cookies to deliver and maintain our services and site, improve the quality of Reddit, personalize Reddit content and advertising, and measure the effectiveness of advertising. His frequent visits to strip clubs led to an affair with a stripper. But he almost certainly won't. Well, considering what happened next, I don't really think you can believe Karma had any impact on Lou Pai. He's been on the defense witness list, but he would almost certainly take the Fifth if called. Upon learning of the affair, Pai's then-wife of over 20 years, Lanna, with whom he has two biological children, filed for divorce. The Fast Track The trip was to Mexico, to race motorcycles in the famed Baja 1000. In a move that the SEC questioned as actually a result of insider information, Pai netted himself somewhere around 300 million dollars. Pai's frequent strip club visits during his time with Enron led to an affair with stripper Melanie Fewell (who was also married), and resulted in a pregnancy. According to several former Enron employees, the executives had so many luxury cars -- Mercedes, Porsches, BMWs -- that they used to worry about parking them all near the door to the company garage. By pleading the 5th Pai has kept himself from testifying in the trials of other Enron executives, and has avoided being charged himself. 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. Think of it like this: Right now the amount you pay for gas or electricity is a fairly fixed rate that is set by a utility company that is probably a pseudo-government entity. By November 28, 2001, Enron's share price dropped all the way down to $1. Pai's frequent strip club visits during his time at Enron proved to be a blessing in disguise. 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. After quitting her career as an exotic dancer, he married his mistress, and the two are now raising thoroughbreds. (Lockyer later apologized for the remarks.) Privacy Policy. Pais resignation from Enron and his reasons for doing so remain shrouded in mystery. Their relationship are scarce close to Skilling, he married his mistress, and he netted a fortune. 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