Word: laying
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...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 on Thursday with a tableau we might...
...which seem to have sprung directly from Enron's wish list; there were ex-Enron chiefs and consultants salted around the Bush Administration, from the Army Secretary Thomas White to the U.S. Trade Representative Robert Zoellick. And last summer Bush chose Pat Wood--a man strongly backed by Lay--to be his top energy-price regulator...
...India, but the plant's only customer, the state of Maharashtra, found Enron's prices too high and began buying power elsewhere. Enron was eager to get out of the Dabhol investment or get the facility back on line and had sought Washington's help. Cheney met with Lay on April 17, exactly one month before the final energy proposals were unveiled. Waxman asked Cheney in a letter late last week to explain how the provision evolved and who recommended...
...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...
...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...