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Enron Corp

BUSINESS
April 16, 2002 | From Bloomberg News
Rep. Henry A. Waxman on Monday asked J.P. Morgan Chase & Co. to explain its role in a series of loans to Enron Corp. partnerships that may have helped keep debt off the energy trader's books. Waxman, a Los Angeles Democrat, asked J.P. Morgan to provide details about loans between an Enron unit called Sequoia Financial Assets and several Enron partnerships. Waxman is concerned that the transactions allowed Sequoia to avoid recording debt. Waxman is asking whether J.P.
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BUSINESS
April 23, 2002 | From Bloomberg News
Enron Corp. may have overstated the value of its assets and financial contracts by as much as $24 billion late last year, the company said in a regulatory filing Monday. At least part of the overstatement relates to transactions Enron made with a network of private partnerships that hid debt and assets from shareholders by keeping them off the company's books. Enron said its earlier financial results, which it restated Nov. 19, aren't reliable.
BUSINESS
February 23, 2002 | NANCY RIVERA BROOKS, TIMES STAFF WRITER
Enron Corp. executives met with or called top federal energy regulators at least 25 times in less than a year, including two White House-convened meetings in which then-Enron Chairman Kenneth L. Lay and others grappled with California's energy crisis as blackouts rolled across the state, according to a summary of the meetings released Friday by Sen. Barbara Boxer (D-Calif.).
BUSINESS
March 21, 2006 | From Times Wire Services
Executives at Enron Corp.'s money-losing water subsidiary ordered auditors to avoid recording a loss by basing the unit's worth on a nonexistent "growth strategy," a former Enron accountant testified Monday. John R. Sult, a former partner at Enron auditor Arthur Andersen, testified at the federal fraud trial of former Enron Chairman Kenneth L. Lay, 63, and Chief Executive Jeffrey K. Skilling, 52, that he was unable to discover any growth strategy.
BUSINESS
September 23, 2004 | From Associated Press
A former Enron Corp. executive's account of a confrontation over an alleged sham sale of three barges to Merrill Lynch & Co. was never documented or reported to her superiors, she testified Wednesday. But Amanda Colpean said she was ordered by a colleague to lie about the transaction and manipulate documents so that the sale appeared to be legitimate -- and Enron could satisfy its auditors. Colpean and 10 other Enron executives signed off on the paperwork.
BUSINESS
October 25, 2001 | Bloomberg News
Enron Corp. ousted Chief Financial Officer Andrew Fastow Wednesday amid a Securities and Exchange Commission inquiry into partnerships he ran that cost the largest energy trader $35 million. Enron named Jeff McMahon, head of its industrial markets group, as CFO because "it became clear to me that restoring investor confidence would require us to replace Andy," Chairman and Chief Executive Kenneth Lay said. Fastow will take a leave of absence.
BUSINESS
June 4, 2004 | From Bloomberg News
Enron Corp., which filed the second-biggest bankruptcy in U.S. history, may pay less than half of what the company promised under a plan to exit bankruptcy when it makes its first distribution to creditors. Most creditors will get about 20 cents on the dollar under terms of the plan.
BUSINESS
February 10, 2003 | Kristen Hays, Associated Press
A year after giving federal investigators a road map of financial scheming that fueled Enron Corp.'s failure, the main author of the so-called Powers Report says he still doesn't understand why anyone at the company thought the schemes would work. "This is a cultural issue as much as an accounting issue," said William Powers Jr., the University of Texas law school dean who investigated the company's demise. "This is a matter of corporate character and virtue."
BUSINESS
July 13, 2001 | From Bloomberg News
Energy trader Enron Corp. said Thursday that second-quarter profit rose 40% as its sales of natural gas and electricity surged in California and elsewhere. Net income rose to $404 million, or 45 cents a share, from $289 million, or 34 cents, in the year-earlier period. Revenue almost tripled to $50.1 billion. The Houston firm sold almost twice as much power in North America and five times as much in Europe as it did in the year-earlier quarter. The company was expected to earn 42 cents.
BUSINESS
July 29, 2003 | Walter Hamilton, Times Staff Writer
Citigroup Inc. and J.P. Morgan Chase & Co. agreed Monday to pay more than $300 million to settle government charges that they helped Enron Corp. and another energy company defraud investors. The Securities and Exchange Commission charged that the banks concocted complex transactions that masked Enron's debt and inflated its reported cash flow. Enron recorded the transactions as commodity contracts when in reality they were loans with fixed repayment terms, regulators said.
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