Word: assets
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Merchant said he was satisfied with the confidence and the experience that the BC game provided in terms of big-arena atmosphere—a crucial asset as Harvard seeks a victory on Penn’s famed Palestra floor in the not-too-distant future...
...time Watkins arrived, Enron was fast shedding its image as a staid natural-gas-pipeline company. Trading chief Jeffrey Skilling and his financial whiz, Andrew Fastow, wanted to build a nimble, "asset-light" firm that could exploit deregulating markets for energy, water, weather derivatives, broadband capacity and anything else that could be turned into a commodity. The strategy spawned explosive growth. By 2000, Enron was the seventh largest company in America. The '90s were fat times for Enron, and the corporate culture oozed in excess. The company rented ski condos in Beaver Creek, Colo., and stocked each with a personal...
Given that legacy, it's worth recalling how revered Enron once was. The firm tried to put into practice the idea that nearly anything can be turned into a financial product and, through complex statistical modeling, traded for profit. Asset-light and heavily reliant on intellectual capital, Enron rewarded innovation and punished employees deemed weak. Those ideas were New Economy chic, and to some extent retain currency. Energy traders still use financial instruments that Enron pioneered in order to hedge against price swings. As for those notorious off-balance-sheet partnerships, "they can be used legitimately for financing projects...
...bankruptcy. (Fully taxable preferred ranks ahead of traditional preferred and common stock.) More irksome: should your dividends be deferred, you must pay tax as though the dividends were paid in full. It doesn't happen often. "Companies do everything to avoid it," says Mark Lieb, founder of Spectrum Asset Management, a Stamford, Conn., firm that specializes in fully taxable preferreds...
While Merchant was unsatisfied with the defeat, he was satisfied with the confidence and the experience that the Boston College game provided in terms of big-arena atmosphere—a crucial asset as Harvard seeks a victory on Penn’s famed Palestra floor in the not-to-distant future...