Word: fastow
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Dates: during 2002-2002
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...promise future boons for government prosecutors, who are counting on him to incriminate his bosses, and for defrauded Enron investors, employees and pensioners, who may win back some of the ill-gotten spoils. In court documents, Kopper detailed the schemes that he says he ran with former CFO Andrew Fastow, schemes that cost the energy giant more than $1 billion. (Fastow has yet to respond.) Kopper also agreed to forfeit $12 million in illegal profits he earned, to be distributed to Enron victims. But those who lost big on Enron shouldn't celebrate yet. Responsibility for collecting the funds lies...
...market was tumbling to its lowest level since Sept. 21, much of the decline tied to the lack of investor confidence in corporate America. The verdict also revved up prosecutors for their next target: Enron and its executives, including former CEO and chairman Ken Lay and former CFO Andrew Fastow...
...Fastow sat at the crossroads of Enron's duplicity, and Richard Buy, Enron's chief risk manager, found himself increasingly at odds with Fastow as the pressure to do deals mounted. "Rick's group and the dealmakers were constantly in conflict," says a former finance executive. In the past couple of years, the risk-evaluation structures that had been put in place were compromised, the former executive asserts. Challenging Fastow's deals got Buy, who reported to Fastow, a ticket to corporate Siberia. Similarly, Fastow had the power to overwhelm potential whistle-blowers like Jordan Mintz, a former Enron attorney...
...Fastow became so convinced of his own importance that he told the board of directors the partnerships couldn't exist without his working both sides of the table. He "presented his participation as something he did not desire personally but was necessary to attract investors," states the Powers report...
...financial man, this is the height of hubris. Money seeks its highest reward. If Fastow's deals were really good enough and transparent enough, investors would have come running. And Enron's stock would still be flying. You don't have to be a financial genius to understand that...