Lou Pai Biography
Lou Pai {Full name – Lou Lung Pai (Chinese: 白露龍; pinyin: Bái Lòulóng)} is a Chinese-American businessman and former Enron executive who was born in 1947, Nanjing, China. 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. Pai left Enron with over $280 million after selling a substantial amount of his shares.
Pai exercised his 5th Amendment rights in regard to the subsequent Enron class action lawsuits and was not charged with any criminal wrongdoing in the Lawsuits regarding the Enron scandal. However, Pai forfeited $6 million due to him from Enron’s insurance policy for company officers to a fund for Enron shareholders as a result of the lawsuit.
The chronology of accounts and events leading up to the Enron scandal have frequently portrayed Pai as a mysterious figure. 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.
Lou Pai Age | Lou Pai Education
Pai was born in Nanjing, China in 1947, to an aeronautic professor, Shih-I Pai. He came to the United States aged two years. 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. He is 72 years of age as of 2019.
Lou Pai Enron | Jeffrey Skilling
In 1987, Lou Pai joined Enron when it was just a regional energy supplier. He became one of the top lieutenants of Jeffrey Skilling (the eventual CEO and brother to veteran meteorologist Tom Skilling), primarily tasked with detailing and implementing Skilling’s vision of transforming Enron into a de facto energy commodities-trading firm. Skilling put Pai in charge of multiple Enron subsidiaries during his Enron career. From March 1997 until May 2001 Pai was CEO of the EES (Enron Energy Services) subsidiary. Pai’s resignation from Enron and his reasons for doing so remain shrouded in mystery.
Pai came to symbolize the legendary lavishness and excesses of Enron’s corporate culture despite a reputation for being extremely introverted, taciturn, and reclusive around the office. 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. 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.
Pai sold 338,897 shares of Enron stock and exercised Enron stock options that put another 572,818 shares on the open market between May 18 and June 7, 2001. The price of Enron’s shares at the time-averaged $53.78 per share. Pai was not charged with insider trading like other Enron executives who had also secretly sold-off large amounts of stock due to his early sell-off of Enron stock. The company’s financial distress came forth to the public late in 2001.
Lou Pai Colorado Ranch
In 1999, Lou Pai became the second-largest landowner in Colorado when he purchased the 77,500-acre (314 km2) Taylor Ranch for $23 million. His ranchland in Colorado (which Pai’s neighbors reportedly referred to the ranch as “Mount Pai”), included the 14,047-foot mountain, Culebra Peak. He sold the property a few years later for $60 million in June 2004.
Lou Pai 2019
Pai and his former CEO at Enron, Jeff Skilling are reported to be recruiting their old friends and colleagues and “looking to get back in the energy business”. Pai is reportedly reintroducing Skilling (who served 14 years in prison for the Enron scandal) to the business world as a “friendly courtesy”. Pai remained in touch with Skilling following Enron’s demise and spoke to him while he was in prison. The pair’s new project is said to be a digital platform that connects investors to oil and gas projects.
Lou Pai Elements Capital | Lou Pai Midstream Capital
Pai was a founder and former chairman of a renewable-energy consulting firm, Element Markets. He has invested in pollution emissions credits through Element. Pai has since become a partner in Midstream Capital Partners LLC.
Lou Pai Family
Lou Pai was born in Nanjing, China in 1947 and came to the United States aged two years. His father, Shih-I Pai, was an aeronautics professor at the University of Maryland, College Park from where Pai obtained both his B.S. and M.S. in economics. Before joining Enron, Pai worked for the federal government in the 1970s.
Pai’s sister is a New Jersey Workers’ Compensation judge, Sue Pai Yang. She is also the first Asian American appointed to such a post.
Lou Pai Wife | Melanie Fewell
During his time with Enron, Lou Pai’s frequent strip club visits led to an affair with stripper Melanie Fewell (who was also married) and resulted in a pregnancy. His then-wife of over 20 years, Lanna, with whom he has two biological children, filed for divorce upon learning of the affair. Pai sold out approximately $250 million of his Enron stock to satisfy the financial terms of his divorce settlement. Just months later, Enron’s stock prices dramatically collapsed and it filed for bankruptcy protection. Pai and Fewell married, after the divorce.
Pai and Fewell raised and trained dressage horses on Canaan Ranch, located near metropolitan Houston. 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. Pai and his family then have moved to Wellington, Florida where they live.
Lou Pai Net Worth
Lou Pai is a Chinese-American businessman and mathematical genius who has a net worth of $270 million. Lou Pai earned his net worth by being the CEO of Enron Energy Services and Enron Xcelerator a venture capital division of Enron.
Frequently asked questions about Lou Pai.
When did Enron shut down?
It collapsed in 2001.
How much money did Enron lose?
Enron shareholders lost $74 billion.
Which Enron executive kills himself?
John Clifford Baxter.
Is Ken Lay in jail?
He died of a heart attack on July 5, 2006, before his sentencing.
Who was the whistleblower at Enron?
Sherron Watkins, Enron’s former Vice President of Corporate Development.
Did Enron employees lose their pensions?
The employees and retirees lost a great deal of their pension and benefits.
What does Lou Pai do today?
Not available.