Word: enronize
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Fastow sat at the crossroads of Enron's duplicity, and Richard Buy, Enron's chief risk manager, found himself increasingly at odds with Fastow as the pressure to do deals mounted. "Rick's group and the dealmakers were constantly in conflict," says a former finance executive. In the past couple of years, the risk-evaluation structures that had been put in place were compromised, the former executive asserts. Challenging Fastow's deals got Buy, who reported to Fastow, a ticket to corporate Siberia. Similarly, Fastow had the power to overwhelm potential whistle-blowers like Jordan Mintz, a former Enron attorney...
...financial man, this is the height of hubris. Money seeks its highest reward. If Fastow's deals were really good enough and transparent enough, investors would have come running. And Enron's stock would still be flying. You don't have to be a financial genius to understand that...
...Enron scandal is producing new revelations and allegations almost every day. Here are a few of the most recent ones...
...RAIDING THE HEALTH FUND? Who benefited from Enron's employee-benefits fund? It wasn't just the company's workers, according to Robin Hosea, a former accountant in the benefits department. Hosea's lawyer, Randy McClanahan, confirms what Hosea first told CBS News: in early 2001 Hosea noticed suspicious payments made from the fund in 2000 that hadn't been approved by anyone in her department. She said those payments, totaling roughly $15 million, went for unspecified purposes that had nothing to do with employee benefits. Her superiors stonewalled efforts to trace the payments. In addition, Hosea found evidence...
...PLAY BALL Bankrupt Enron wouldn't seem to have a lot of extra cash to throw around these days. But last week it made a $90,000 payment for its box-seat tickets at Enron Field, home to the Houston Astros, and on Jan. 22 it remitted $108,000 for a luxury suite. Both payments are required as part of the 1999 deal in which Enron agreed to pay $100 million for naming rights to the stadium for the next 30 years. Enron says it is merely honoring its contractual obligation. However, it has forfeited on another contractual obligation...