Word: kenly
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Watkins learned Enron was losing money on two equity investments: network-equipment supplier Avici lost 98% of its value, and another, New Power, an energy retailer that had Ken Lay on the board, dropped more than 80%. Because both firms were backed by Enron stock, Watkins knew their downfall was dragging down Enron too. None of that was being reflected in the company's public filings, as far as she could tell. As her lawyer Philip Hilder explains, "The numbers just didn...
...Baxter, who left Enron last May for the same official reasons Jeff Skilling did in August - "to spend more time with his family" - had complained internally to fellow execs about the company's risky accounting practices, and was mentioned prominently in Sherron Watkins' fiery letter to then-CEO Ken Lay. In other words, it's likely Baxter not only knew about Enron's bad bookkeeping habits, but whose idea they were, who kept them hidden and who, by extension, might deserve to go to jail when Congress, the SEC and the Justice Department finish their scrutiny of the affair...
...Watergate committee, and the trio of Lieberman, Levin and Thompson - who has already made a declaration of sorts by urging the White House to "get the information out" about Enron contacts - should make for ripe daytime-cable viewing all spring. But while Lieberman must be pleased to know Ken Lay's schedule is now officially cleared, he doesn't have any big guests booked yet, and will kick of the 2002 hearings season relegated to obscurity on CSPAN3...
...That's fine with the Democrats, who aren't in much hurry. Their job isn't to solve the case, just make a lot of noise about it, with the complete understanding that every time they say "Enron" and "Ken Lay," voters are likely to think "Big Business" and "George W. Bush." Carefully orchestrated, they can turn the myriad Enron investigations - not just into criminality but 401(k)s, tax laws, SEC accounting rules and anything else they can think of - into a prevailing wind on everything from energy policy to tax cuts and the economy. All they...
...hasn't yielded much in the way of overt favors, it's netted plenty in the way of what Congress specializes in - inaction. It was Congress that spiked Arthur Levitt's crusade to separate accounting from consulting two years ago, Congress that keeps passing the impenetrable tax laws Ken Lay so deftly danced upon. Congress that leaves accounting and disclosure loopholes big enough for Lay to pay back a billion-dollar loan in stock without telling anybody and employ the kind of "creative and aggressive" practices that deluded so many for so long...