Word: fastow
(lookup in dictionary)
(lookup stats)
Dates: during 2002-2002
Sort By: most recent first
(reverse)
...trader, Jim Schwieger, challenged Lay. Why, he asked, was chief financial officer Andrew Fastow sharing the stage--and gainfully employed--considering that he had just blown half a billion dollars mismanaging several Enron partnerships and earned $30 million doing it? Lay put his arm around Fastow and proclaimed his "unequivocal trust" in the CFO. The partnership accounting was complex stuff, Lay explained, but Fastow was on top of it--or he'd be in big trouble. A day after that buddy-buddy display, Fastow was history...
...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...
...board made a reasonable business judgment to permit Mr. Fastow to serve in these partnerships,” Winokur said yesterday. “We believed those transactions would be in the best interest of Enron and its shareholders... I must therefore respectfully disagree with some aspects of the report relating to the board’s performance and corporate governance principles...
Minutes from a 1999 Enron board meeting show that Winokur played a prominent role in approving the creation of LJM2, an off-shoot of LJM. The minutes show that Winokur was the one who proposed a motion to overrule a company policy that would have prohibited Fastow from forming LJM2...
When Stupak asked Winokur if the board was aware of the conflict of interest controlling LJM represented for Fastow, Winokur answered that the conflict of interest was known, but that safeguards were prepared to make sure that all of Fastow’s actions were ethical...