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Blindsided by Jonathan Gifford

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‘The Death Knell of Every Traditional Integrated Firm’

In 1999, Enron launched their online trading facility, EnronOnline (EOL), ‘an internet-based global transaction system which allows Enron’s customers to view real-time prices from Enron’s traders and transact instantly online’.7

EOL became famous in business studies because it had been developed by ‘stealth’. A gas trader called Louise Kitchen realised that the internet was a far more efficient medium for trading than the desperately old-fashioned method of actually ringing people up and asking if they wanted to do a deal. She was encouraged to develop this idea by a team of colleagues (a large team — about 350) who were prepared to devote their spare time to the project.

Money was, of course, ...

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