The reckoning of Centaurus billionaire John Arnold

The Enron trader turned hedge fund billionaire lost money last year. Can his effort to turn Centaurus into a mini-Enron revive his fortunes?

December 17, 2025

By Leah McGrath Goodman Illustration by Andrew Clark It is one minute before the market’s close in the final days of John Arnold’s first down year. The door is open to Arnold’s corner suite in the Houston office of Centaurus Advisors,

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