April 23, 2002 |
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.
February 23, 2002 |
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.).
March 21, 2006 |
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.
September 23, 2004 |
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.
October 25, 2001 |
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.
June 4, 2004 |
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.
February 10, 2003 |
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."
July 13, 2001 |
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.
July 29, 2003 |
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.
February 16, 2006 |
The former head of Enron Corp.'s struggling Internet unit testified Wednesday that he never corrected his boss, Jeffrey K. Skilling, when Skilling allegedly misled Wall Street about the division's financial health in early 2001. "No, I didn't want to talk about that," Kenneth Rice told Skilling lawyer Mark Holscher during cross examination in the fraud and conspiracy trial of former Enron Chief Executive Skilling and former Chairman Kenneth L. Lay.