Word: loan
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...partnerships with shell corporations, according to a confidential study conducted at Lay's request by the Houston law firm Vinson & Elkins. On Nov. 5, 1997, as first reported by the Wall Street Journal, the executive committee of Enron's board voted to provide hundreds of millions of dollars in loan guarantees to a partnership known as Chewco. Then, in June and November of 1999, the board waived the company's ethics code to allow Fastow to serve as general partner of two additional partnerships, both supposedly independent of Enron...
...tale of Andy Fastow's rise from a plodding loan consolidator to financial genius at one of the country's coolest companies wasn't what it appeared to be. Then again, neither was Enron. "Fastow could talk the talk, but there's pretty clear evidence now he couldn't walk the walk," says an Enron insider. Fastow and his team "were all caught up in the facade of greatness...
...That may be why Skilling hired him in 1990 from Continental Illinois, a Chicago thrift that failed in the mid-'80s savings-and-loan bust. Fastow had a skill Skilling needed; he did asset "securitization," a means for banks to sell off risk in the form of securities backed by mortgages or other obligations...
...would probably be a bad idea to approach Stoiber, who formally launched his campaign for the German chancellorship last month. Bayerische Landesbank - which is 50% owned by the Bavarian state, where Stoiber has been premier since 1993 - is Kirch?s biggest lender, with an estimated $1.7 billion in loans. Last year, the regional government saw to it that the bank provided a loan for Kirch to acquire a stake in Formula One motor racing. But the bank?s massive exposure to the media empire has raised eyebrows, and political pundits say Kirch?s current debt problems could embarrass Stoiber since...
...blackout period - oh, that blackout period. It may be a pleasant thought that Ken Lay wouldn't have been able to pay back that billion-dollar loan with company stock during the lockdown. But if Bush really wanted to make things fair for workers and investors, "OK for the sailor" and "OK for the captain," as he put it Friday, he'd make a company halt all trading of its stock - Wall Street too - while a blackout period was on. Then we'd see how often those blackouts occurred - and what happened during them...