Word: houstons
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...space of five days last week, the story of Enron's collapse went from the merely unusual to the truly baroque, with plot elements lifted from the pages of Robert Penn Warren and John Grisham. On Tuesday FBI agents moved in when document shredding was discovered inside Enron's Houston headquarters. On Wednesday Enron CEO Kenneth Lay, until recently the national cheerleader for a frictionless new economy and a man the President nicknamed "Kenny Boy," resigned in disgrace, forced out by a board of directors who had apparently been napping for months. One of 11 congressional investigations opened its hearings...
...their acts of contrition, Republicans on the House side--with a nervous eye on the coming midterm elections--were trying to score points by publicly flaying some scapegoats. Arthur Andersen auditor David Duncan, who the company says ordered the shredding of Enron documents at the giant accounting firm's Houston office, took the Fifth in front of the House Energy and Commerce Committee (but not before briefing the panel's investigators behind closed doors). Then Duncan's superiors appeared before the committee and tried to pin all the blame on Duncan rather than take responsibility for a "document retention policy...
Congressional investigators are out one potential star witness in the Enron scandal. Former Enron vice-chairman Cliff Baxter was found dead in his car early Friday morning in the Houston suburb of Sugar Land, with a Fort Bend County justice of the peace ruling Mr. Baxter's death a suicide by midday. (There was apparently a note, whose contents have not been disclosed...
...Jersey Channel Islands to set up one of the company's offshore partnerships/tax havens/accounting dodges - and could stand to lose $1 billion on the deal. Implication: That something rotten you're smelling in the state of business is probably not confined to a few evildoers in Houston - and the race is now on to be as non-Enron-like as possible...
With politicians of all persuasions anxious to prove that they weren't in the pocket of the boys from Houston and are really working hard to get to the bottom of the Enron mess, hearings on Capital Hill began today. Joe Lieberman, positioning himself for 2004 from the big chair at the Governmental Affairs Committee, is running the Democratic show in the Senate. He'll be trying to stay centrist with fellow Democrat Carl Levin on his left and Fred Thompson on his right - and $11,500 from Arthur Andersen and $2,000 from Enron since 1989 in his pocket...