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...books. So Fastow got creative. He tripled his staff, to more than 100, hiring various banking experts and giving them the task of selling and buying capital risk. "They were all young kids, 28 to 32, with great pedigrees, and they started coming up with these fancy derivatives," says Houston lawyer Tom Bilek, who interviewed dozens of former Fastow associates before suing Enron's management. "But Fastow was the boy genius setting all these SPEs...
...Lays' claim that they are nearly as bankrupt as Enron is not winning them much trust or sympathy in Houston--or in Washington. Ken Lay now holds close to 3 million essentially worthless Enron shares, but he got most of his money by selling Enron stock early, reaping more than $100 million over the past three years. During that same period, he received salary and cash bonuses of more than $17 million. Last year alone he unloaded $25.7 million in Enron stock between January and mid-July as the share price fell from $80 to less than...
...only member of his family to make a name in Houston's business elite. Travel Agency in the Park, co-owned by his younger sister Sharon Lay, 56, took the No. 4 spot in the Houston Business Journal's 2001 ranking of woman-owned businesses. But Ken Lay didn't just set an example for his sister--his company sent lots of deals her way. From 1996 through 2000, Sharon Lay's company (renamed Alliance Worldwide in December) received $6.8 million in commissions from Enron travel, according to SEC documents. Enron commissions reportedly accounted for half the travel company...
...Other Houston travel firms knew they had little hope of an Enron contract. "Let's just say it was hard to get in," says Gary Pearce, general manager of Navigant, one of the city's largest corporate-travel firms. For all of Ken Lay's belief in free-market competition, for family he made exceptions. Enron also acquired a company owned in part by Ken Lay's son Mark, who then received a three-year, $1 million employment contract. As for Ken Lay, he continues to travel on a private Enron...
INSIDE THE ENRON COLLAPSE With the Houston energy-trading company having gone from No. 7 on the FORTUNE 500 to Public Scandal No. 1, we present a complete guide to the Enron debacle. This week Molly Ivins writes on how the Enron effect has affected Houston, and Yale law professor Akhil Amar discusses why Dick Cheney should give in to congressional demands to see his Enron notes. Also, see a time line of the company's steady rise and spectacular fall, a guide to the players and continuing coverage of the case, at time.com/2002/enron...