Word: sheets
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Dates: during 2000-2009
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Your article "Under The Microscope" [THE ENRON SPILLOVER, Feb. 4] did a disservice to EDS [Electronic Data Systems] by implying that our company has hidden liabilities. We do not. EDS does not engage in off-balance-sheet debt transactions. The contingent obligation you referred to relates to a small part of our business in which we arrange financing on behalf of our customers with third-party financial institutions for capital assets. We use third-party financing principally to reduce EDS's risk. The financial institution assumes all credit risks associated with the repayment of these customer obligations. The only exposure...
...also likely that import restraints would spark a wider trade war. U.S. imports of key steel products, such as hot-rolled sheet, actually declined from the end of 1998 through 2001, and under World Trade Organization rules, America's trading partners may be authorized to retaliate immediately if the U.S. imposes hefty tariffs or quotas. In a speech in London in December, Pascal Lamy, the European Union's chief trade negotiator, vowed that the E.U. would lodge a WTO complaint if the U.S. blocked steel imports...
...titles of Jennings' early albums said it all: 1973's "Lonesome, On'ry and Mean" and "Honky-Tonk Heroes," and 1976's "Wanted: The Outlaws," a collaboration with Nelson. Jennings began producing his own stuff - once threatening to "shoot the fingers off" any musician who read sheet music - and before long was using his own road band in the studio...
Long before the power crisis, California and Enron got along just fine. The California Public Employees' Retirement System (CalPERS), the nation's largest pension fund investor, had invested $250 million in one of the first of Enron's now-infamous off-balance-sheet partnerships - called JEDI - and got a 73 percent return over just three years. Small wonder then that when Enron execs came back in 1997 with JEDI II, a similar vehicle to invest in energy projects, including Enron's own Energy Services, CalPERS listened...
When he appears before the Senate Commerce Committee, Lay is expected to argue, as his wife did, that he relied on the counsel of legal and financial experts, who told him there was nothing illicit or unethical about hiding billions of dollars of Enron's debts in off-balance sheet partnerships that ended up inflating the company's reported earnings. To prove his point--and show how much he believed in the company until the bitter end--the man who has collected some $200 million in compensation over the past three years will try to explain...