Word: enronize
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...closed door session with investment advisers before the arrival of Enron's go-go salesman that day - Jeff Skilling himself - committee members were similarly confused about the structure of Enron and puzzled over the lack of transparency in the JEDI setups. Only after repeated questioning did the outside advisers who brought CalPERS the deal - Pacific Corporate Group of LaJolla, Calif. - admit that Enron was offering stock, instead of cash, as a maneuver to improve their debt-to-equity ratio and keep their credit rating up. Connell was offended. "We were going to put cash in, they were going...
...Worse, she thought, was the blow to CalPERS' long-held national reputation as an advocate for responsible corporate governance. When Connell brought up the issue - repeatedly and forcefully - she was dismissed by other board members, the minutes show. "Enron had a question mark by their name and yet we were willing to go in the back door and make money off of the deal. I thought that was unseemly...
...pensioners got out unhurt. In what Connell says was a normal rotation of funds, CalPERS eventually liquidated its eventual $175.5 million investment in Jedi II in 2000 and received $171 million as of Oct. 31, 2001 - "a wash," according to spokeswoman Pat Macht. (The deal was actually tougher on Enron - CalPERS' exit forced the company to cover the funds by setting up the flawed Chewco partnership that would eventually start Enron's financial dominoes falling.) By then, says Connell, "We were just happy to get our money...
...CalPERS' Enron experience, Connell hopes the right lesson has been learned. "Obviously I was wrong on the profit side. We clearly made money," she says. "But on the smell test, I was right...
...case for why his party could pick up seats in the coming midterm elections, despite Bush's 80% job-approval ratings, an Alabama lawyer, Tazewell Shepard, cut through Daschle's gauzy talk. Name one issue, Shepard pressed, where the Democrats have the upper hand. Daschle was ready: The Enron debacle has people worried about their retirement security, he said; an issue that barely registered with voters six months ago has people jittery enough to produce "an escalation in the polling data...