Word: ljm
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...LJM became involved in a number of complicated business deals which hid Enron debt from its investors and benefited Fastow financially...
...When LJM began to fail and investors became worried about Fastow’s dealings with Enron and LJM, Enron was forced to cut ties with the company and take a loss of $1 billion, which contributed to the company’s Dec. 2 bankruptcy filing...
Minutes from a 1999 Enron board meeting show that Winokur played a prominent role in approving the creation of LJM2, an off-shoot of LJM. The minutes show that Winokur was the one who proposed a motion to overrule a company policy that would have prohibited Fastow from forming LJM2...
...hearing, Winokur took a secondary role to Skilling, who faced the brunt of the inquiry, but two hours in, Rep. Bart Stupak (D-Mich.) began questioning Winokur about the approval and oversight of LJM...
When Stupak asked Winokur if the board was aware of the conflict of interest controlling LJM represented for Fastow, Winokur answered that the conflict of interest was known, but that safeguards were prepared to make sure that all of Fastow’s actions were ethical...