Word: enronizing
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...Congress gears up for hearings on Enron's $60 billion collapse, some Democrats are savoring a chance to investigate links between the company and its many G.O.P. friends in the White House and Congress. But the scandal may wind up tainting Democrats as well. Florida's state pension fund, which lost $325 million on Enron, is examining, as part of a broader inquiry, what role Frank Savage, a major Democratic donor, may have played in the state's loss. The fund's investments were directed by Alliance Capital Management, where Savage was a senior executive and chairman at the same...
State officials want to know whether he inappropriately pushed Enron's stock on the pension fund while the energy giant was failing. Alliance more than doubled the state's stake in Enron since last August, buying 5.6 million shares in three months, even as stock prices fell and analysts questioned the firm's management and accounting practices. Coleman Stipanovich, deputy executive administrator of the pension fund, said his staff would like to learn what Savage knew of Enron's internal problems and what, if anything, he passed on to fund managers at Alliance. "We're going to want...
...Enron's senior financial executives had previously worked for Andersen in Houston: Richard Causey, Enron's chief accounting officer, and Jeffrey McMahon, chief financial officer. Although it's not unusual for auditors to be subsequently hired by their clients, Andersen has an unusual history-in Waste Management's case, supplying every CFO from...
...There has been some movement in congress for reform, spurred by the plight of Enron workers who had, on average, 62% of their 401(k) savings tied up in Enron stock. Those savings were largely wiped out because the plan offered little opportunity to diversify. Like many corporate plans, Enron's didn't allow participants to transfer stock that had been given to them as part of a matching contribution until age 50. And Enron officials actively encouraged workers to buy Enron stock. In a memo in August, Lay told employees he'd "never felt better about the prospects...
...Behind all the front-page headlines last week, Enron was struggling to manage its bankruptcy reorganization. One key all along has been to keep the vaunted energy-trading unit operating. That group accounted for 90% of Enron's revenue, and Friday it was sold at auction to UBS Warburg for a price to be disclosed this week. The courts must approve the sale, however, which promises to spark legal fireworks from creditors, who will want to make sure the company got a fair price. Not that it will matter much to Enron. The company has little chance of emerging from...