Word: watkinses
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Watkins learned Enron was losing money on two equity investments: network-equipment supplier Avici lost 98% of its value, and another, New Power, an energy retailer that had Ken Lay on the board, dropped more than 80%. Because both firms were backed by Enron stock, Watkins knew their downfall was...
Already known as outspoken, Watkins didn't want to approach Skilling directly for fear of losing her job, Hilder says. "She thought it would be fruitless while he was there." When Skilling suddenly quit on Aug. 14, Lay called an all-employees meeting two days later and asked for comments...
The letter laid out what many executives knew but no one had the courage to say. Watkins homed in on two sets of transactions called Condor and Raptor (Enron had a penchant for names inspired by Jurassic Park and Star Wars) and argued that the accounting treatment was unsound, if...
At the Aug. 16 companywide meeting, Lay invited anyone troubled by Skilling's departure to meet with him. Four days later Watkins called a friend at Andersen and asked for advice. On Aug. 21 the friend drafted a memo detailing Watkins' concerns for Andersen auditors on the Enron account. Meanwhile...
The session was businesslike, and Lay seemed genuinely concerned. Watkins brought along a six-page letter detailing her worries, and Lay promised to have a team of lawyers review the controversial deals. But he decided to use Enron's law firm, Vinson & Elkins, despite Watkins' unease about a conflict of...