This case study examines Enron's top executives' activities through Bourdieu's notion of misrecognized competence or ''capital.'' Top executives' practices were misrecognized as valuable and legitimate competencies against the backdrop of the company's changing new-economy context. Most approaches to intellectual, social, and cultural capital assume their automatic value. In contrast, this essay shows that the perceived value of executives' practices was the result of Enron's context and executives' communicative efforts to position their own contributions as the most important. As outsiders scrutinized the company, however, executives' activities were exposed as self-serving and primary contributors to Enron's troubles.Recent texts explore the concepts of intellectual, social, and cultural capital as ways to account for previously hidden assets (e.g.