Word: arthur
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...just the Waxmans of the world that Bush has to worry about. Louisiana Republican Billy Tauzin, chairman of the House Energy and Commerce Committee, the first to announce a formal congressional probe, has already sent investigators to the Houston offices of both Enron and its accounting firm, Arthur Andersen...
...been put away yet. The daughter of two educators, Watkins grew up in nearby Tomball, where she worked the cash register at the family grocery store and began saving her money. By 1982, she'd picked up two accounting degrees in Austin and quickly found a job with Arthur Andersen. She eventually landed a job with Enron, Houston's red-hot energy trading firm, rising in eight years to vice president for corporate development. Her quick ascent surprised no one, says her husband Rick: "She always had a flair for numbers...
...probe anyway. Bush last month named two other accounting executives to empty seats on the sec: Paul Atkins, a partner with Pricewaterhouse Coopers, and Cynthia Glassman of Ernst & Young. These rookies, like Pitt, face a rough season. "There could be other Enron-like situations out there," says Arthur Levitt, the activist former sec chairman. "Financial legerdemain from seduced audit committees, compromised accountants and inadequate standards could certainly crop up again at other U.S. companies." At the moment, the public's best protection against that sort of surprise is other brave whistle-blowers like Sherron Watkins...
...microphones, not yet. But because she wrote a letter to her boss, we know she knew, about the "Condor" and "Raptor" partnerships and the accounting and the doom Enron was facing. We know that in August she told them - her boss, Ken Lay, and then her friend at Arthur Andersen, who then told Andersen's head Enron auditor, David Duncan, who's now telling Congress. And so we know that they all knew...
...record letter telling him - for a very detailed seven pages - that his company was more or less a Ponzi scheme, and it sounds like she knew she wasn't telling him anything he didn't already know. She was circumspect enough to do some networking across the fence at Arthur Andersen and put the same concerns to Andersen's Enron man, David Duncan, and two other partners...