Word: sec
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...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...
...dead - with an Enron ID still in his pocket eight months into retirement - and he'll tell no tales. Meanwhile, congressional hearings-holders, having debuted in unimpressive fashion Thursday with Arthur Andersen auditor David Duncan taking the Fifth in the House and former SEC Arthur Levitt wearily reciting to the Senate what he'd told them two years ago about conflicts of interest in the financial system, took the day off Friday to update TV news channels on the state of the scandal. The subpoenas are in the mail and the show will only get better, but for now lawmakers...
...energy trading goes on as before. But in the markets, the fallout is more fundamental - it attacks the very set of assumptions by which investors place their bets, and a lot of those bets are now being pulled off the table. This too shall pass - and Congress and the SEC willing, it might even provide the impetus for some much-needed regulatory renovation. But while Enron is in the news every day - and as Democrats spend the spring making absolutely sure of that - the rise, fall, and posthumous flogging of Enron could be one more thing keeping the much-anticipated...
...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've got to do is turn a few stomachs with some of the most ready-made class-war villains to come around since Michael Milken and Ivan...
...suffered his fourth heart attack last year, may have to wear the business card-size device for the rest of his life. But should his heart ever act up again, the thing will automatically deliver a small jolt of electricity (enough to light a 30-watt bulb for 1 sec.) and snap it back into line...