Word: spe
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There is nothing inherently sinister about special-purpose entities, and Enron's initial investors did well because the deals were straightforward. CalPERS, the California state pension system and one of the nation's largest institutional investors, put $250 million into an spe called jedi i, which invested in natural gas projects. CalPERS got back $433 million, a spiffy 73% return over four years...
...There is nothing inherently sinister about special-purpose entities, and Enron's initial investors did well because the deals were straightforward. CalPERS, the California state pension system and one of the nation's largest institutional investors, put $250 million into an spe called jedi i, which invested in natural gas projects. CalPERS got back $433 million, a spiffy 73% return over four years...
...Fastow and his investors got spe-deep in trouble. As the volume of deals increased to meet Skilling's aggressive growth targets, the returns got thinner and thinner, and the hard assets behind the first partnerships were later supplanted by stock or guarantees from Enron...
HIDING DEBT This is where Enron got into trouble. Yet hundreds of companies shift liabilities off their books without breaking any laws or accounting rules. Many, like Enron, use special-purpose entities (SPE) that, as long as the entities receive at least 3% of capital from outsiders, can be left off the consolidated books of a parent company...
Duvivier says he remembers fondly lowering Thoreau, "the ultimate nature dog," down a mountain using a rope. Thoreau carries his own spe- Hurlbut, says he and Thoreau will move toColorado in June, fulfilling a life-long dream...