Word: enronizing
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Harvard Corporation member Herbert S. “Pug” Winokur ’64-’65, sits on the board of directors and chairs the financial committee for energy giant Enron Corp.—the subject of a Securities and Exchange Commission (SEC) investigation centered on possible conflicts of interest in the company’s investments...
Several years ago, to help keep the costs of the rapidly growing Enron off the balance sheet, then-Enron CFO Andrew S. Fastow—who was ousted in October—set up LJM investments, named for the first initials of his wife and children...
...company bought assets from Enron, while Enron’s holdings in LJM allowed it to maintain partial control of the assets. Problems arose when Enron began holding back information from investors. Analysts also began to question if there was a possible conflict of interest for Jeff Skilling, who was the managing partner in LJM and the Enron CFO, and was believed to be making a personal profit from the deals...
When confidence in the company and stock prices began to fall this summer, Enron was forced to end its connection with LJM and take a $1 billion write-off, a loss which it did not include in its third-quarter reports, further angering investors...
...Enron, which dominates the electrical and natural gas markets in the U.S., has seen its stock prices tumble since Oct. 16, when they announced huge third-quarter losses...