Word: enronizing
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...long afterward, so was Enron. The company's Chapter 11 filing leaves banks, pension plans and other lenders with at least $5 billion at risk. More than 4,000 Enron employees have lost their jobs and 401(k) savings. The collapse is still reverberating in the stock market, which has dropped some $200 billion in value since Enron's Dec. 2 filing, amid fears that other Enrons are lurking out there...
Fastow and at least six others involved in his financial gaming, all with jobs or spouses at Enron, made at least $42 million on investments totaling $161,000--sometimes literally overnight--while the flawed partnerships they hawked to outfits from the MacArthur Foundation to the Arkansas Teacher Retirement System were collapsing in value...
Fastow was called to explain himself in front of a seething congressional committee probing Enron's failure last week. But he declined to testify, citing his Fifth Amendment right against self-incrimination. Says his spokesman, Gordon Andrew: "Our position remains that Mr. Fastow acted with the full knowledge and approval of Enron's board of directors, its office of the chairman, which included Mr. Lay and Mr. Skilling, and its internal and external auditors and legal advisers." His former boss, Jeffrey Skilling, who quit as Enron CEO last August, had no such hesitation, insisting to his incredulous interrogators that things...
...tale of Andy Fastow's rise from a plodding loan consolidator to financial genius at one of the country's coolest companies wasn't what it appeared to be. Then again, neither was Enron. "Fastow could talk the talk, but there's pretty clear evidence now he couldn't walk the walk," says an Enron insider. Fastow and his team "were all caught up in the facade of greatness...
...company's fat days, Fastow earned a reputation as a money wizard who constructed the complex financial vehicles that Enron drove on the road to explosive growth. Skilling wanted an "asset-light" company that could rapidly exploit deregulating markets for energy, water, broadband capacity and anything else that could be traded. So beginning in 1993, Fastow created hundreds of "special-purpose entities" designed to transfer Enron's debt to an outside company and get it off the books--without giving up control of the assets that stood behind the debt...