ENRON

REPORTS compiled by D. Boje

Key Reports on Enron Pick Different characters to blame

• Enron Annual Report 2000 - in PDF format. Pay special attention to the spectacle-presentation of the Enron characters and to the dialogs (i.e. the rhetoric and the footnotes). Signature date of Enron Annual report is Feb 23, 2001
• Enron Financial Statements - Released June 17. (188 pages in PDF; 0.5 MB) filed with Bankruptcy court. 
• William Powers Jr Report. focus is Misbehavior of Three Enron Executives - Feb 1 2002 PDF File
  • The Powers Report blames Enron's collapse on Lay's lack of governance, Skilling's short-term focus "get stock price up," and Andrew Fastow's off-the-balance sheet partnership. Note Powers Jr. was added to the Enron board in apparent effort to head off the SEC investigation by policing the Enron house and putting the blame on Fastow, Causey, Buy, Skilling and a few other munchkins. 
  • More on raptor partnerships. See Anthony Murrell (2002) Lehman College web site titled Enron Disclosure Issues. 

• New report: Harmful Enron practices widespread

  Awards to most Enron-like companies; GE is No. 1

  Download the Report (PDF, 475 KB)

  "Titans of the Enron Economy: The 10 Habits of Highly Defective Corporations," a new report by financial analyst Scott Klinger, reveals that key maneuvers leading to Enron’s meltdown are legal and widely practiced.

   
• Enron's dirty Laundry Newsweek article (reprint) March 11, 2002 p. 22-28. focus on Misbehavior of two Enron Executives

  • The Newsweek magazine (March 11, 2002) blames Enron's collapse partly on a vicious 10-year rivalry between Jeffrey Skilling, the former chief executive, and Rebecca Mark, who headed the company's water arm Azurix. Ms Mark, known as Mark the Shark, claims she was forced out by the Skilling camp, a hard-working, hard-partying team which members called "The Mighty Man Force". A spokesman for Mr Skilling insisted he never saw Ms Mark as a rival. Skilling and Lay ditched their wives for secretaries, like Rebecca Carter, a former Andersen auditor with a Master's degree in accounting was dubbed "Va Voom" got approval from Enron Board of Directors to date Skilling and was then made Executive Secretary to the Board at a salary of $600,000. Carter married Skilling Mar 2nd. Ken Kenneth Lay and Enron secretary Linda (Phillips). Lou Pai, former head of Enron Energy Services married a strip tease artist. 

  • Similar theme - Enron bought ranches - then firm
    bought the farm Washington Post Feb. 26, 2002 19:05:00 Think strip clubs and Ferraris. Bigger houses, better boats, new wives. It was quite a ride they took, Enron's top brass.
• Enron's Pawns Report - PDF File puts the blame of Political Influence burying in the service of Global Empire Building 
  • This report by Sustainable Energy and Policy Network charts how Enron got financial support from 21 U.S. government organizations which allowed the Energy giant to put fight protestors (killing 8 in the Dominican Republic), create a $30 billion agreement with India for a power plant to charge higher rates than the competition, help Guatemala's president dissolve its Congress after they protested selling the energy sector of their economy to Enron, etc.  Financial help form U.S. government included $3.68 billion in OPIC loans and $2.6 billion in risk insurance, $761 million in loans for projects from World Bank, $2 billion from export credit agencies, etc. Together the WTO, IMF and WB helped Enron implement energy deregulation and privatization in countries around the world.
• Enron Chapter 11 filings
• Center for Public Integrity Report on Enron
• Federal Energy Regulatory Commission Report - The documents, made public by the Federal Energy Regulatory Commission, appear to show that power traders at Enron deliberately manipulated California's electricity markets even as the state was scrambling to avert blackouts. According to the memos, the strategies, which had colorful names like Fat Boy and Ricochet, were designed to exploit flaws in California's system for pricing power — and to circumvent its price caps (source).
• Public Citizen Reports
  • Enron and Bush connections 

  • Articles:

    (8/15/02) Fact-Finding Investigation of Potential Manipulation of Electric and Natural Gas Prices, prepared by the Federal Energy Regulatory Commission  [pdf 544 KB] (7/17/02) Analysis of corporations and consulting fees paid to accountants (1/14/02) President's View (Public Citizen News - January/February 2002)

• Blame the Politicians - C-SPAN's Campaign Finance Database 
  • Bush-Lay Letters  (from The Smoking Gun)
• Watkins Memo to Lay. PDF file
  

US SEC Testimony on Enron and more 

Full Transcripts of Congressional Hearings

• House Financial Services Committee

  • 2-5-2002	Hearing on The Enron Collapse: Impact on Investors and Financial Markets	Capital Markets
    2-4-2002	Hearing on The Enron Collapse: Impact on Investors and Financial Markets	Capital Markets
    12-12-2001	Joint Hearing entitled The Enron Collapse: Impact on Investors and Financial Markets	Oversight / Capital Markets

• US Senate Committee on Energy and natural resources
  • http://www.senate.gov/~energy/
    •  The 2002 Energy Bill
• Tues Feb 15 2003 Senate Hearings - 10 a.m. Energy and Natural Resources
  To hold hearings to examine the President's proposed budget request for fiscal year 2004 for
  the Forest Service of the Department of Agriculture. SD-366
  
• December 12, 2001, Wednesday HEARING OF THE CAPITAL MARKETS, INSURANCE, AND GOVERNMENT SPONSORED ENTERPRISES SUBCOMMITTEE AND OVERSIGHT AND INVESTIGATIONS SUBCOMMITTEE OF THE HOUSE FINANCIAL SERVICES COMMITTEE -- THE ENRON COLLAPSE: IMPACT ON INVESTORS AND FINANCIAL MARKETS -- CHAIRED BY REPRESENTATIVE RICHARD H. BAKER (R-LA). Note this hearing document has been removed from the on line documents. Serial No. 107-51 (Pt. 1) -- The Enron Collapse: Impact on Investors and Financial Markets    TEXT 211K    PDF 3.3M and Serial No. 107-51 (Pt. 2) -- The Enron Collapse: Implications to Investors and the Capital Markets    TEXT 581K    PDF 10M 

  • Other Enron reports are:

    Hearing on The Enron Collapse: Impact on Investors and Financial Markets

    Hearing on The Enron Collapse: Impact on Investors and Financial Markets

    Joint Hearing entitled The Enron Collapse: Impact on Investors and Financial Markets

     

• Dec 18 Hearing on the Collapse of Enron Corporation, December 18, 2001Senate Commerce Committee Hearing. AN OVERVIEW OF THE ENRON COLLAPSE CHAIRED BY SENATOR BYRON L. DORGAN (D-ND) 
• Committee Hearing - The Committee on Energy and Commerce
  W.J. "Billy" Tauzin,  Chairman
  • Commerce Committee Announces Witness List for Feb. 26th Hearing on Enron Collapse
  • Mr. Jeffrey McMahon, President and Chief Operating Officer, Enron Corporation,
              3000 K Street NW, Suite 300, Washington, D.C. 20007.
  • Commerce Committee Announces Details for Feb. 12th Hearing on Enron Collapse 
  • Mr. William Powers, Jr., Member of the Enron Board of Directors and Chairman of the Special   Investigation Committee, 3600 Murillo Circle, Austin, TX 78703

1. House Energy and Commerce Committee
2. House Education and the Workforce Committee
3. House Financial Services Committee
4. House Government Reform Committee
5. Senate Banking, Housing & Urban Affairs Committee
6. Senate Commerce, Science and Transportation Committee
7. Senate Energy and Natural Resources Committee
8. Senate Finance Committee
9. Senate Governmental Affairs Committee
10. Senate Health, Education, Labor, and Pensions Committee

Other Hearings and Reports

1. The Houston Grand Jury 
   • Houston Chronicle archives. 
2. Search Senate Hearing Archives 

Enron Case Studies

• New Mexico State Enron is Theatre Case Study 1984 to 2002, with Seven Sisters analysis - Boje
• Emerge International's Enron Case Study blames it on 'corporate culture'
• Darden Business School is making a business out of its Enron Case Study - program fee is $195 (U.S.).
  • The Darden Graduate School of Business at the University of Virginia will release an updated streaming case, "Enron, 1986-2001," which explores the rise and fall of the Enron Corporation. So far, the case blames the fall of Enron on failure to deal effectively with collapse of broadband market and analysts in 2000 failed to see that Enron's books were not as good as Duke energy (a competitor) whose stock traded 2.5 times less.
  • Darden Media case retails for $7.50  The case covers accounting methods; deregulation; ethical issues; finance, introduction; leadership; option pricing; vision setting
• NYU Stern School Enron case probes lapses of fiduciary responsibility in the boardroom and among senior executives.
• Accountancy Age focus on Enron Case is putting more of the blame on Andersen
• Front Runner had a short 2 page PDF Enron Case - puts the blame of their Enron Case on identifying network security issues
• Harvard Business School has Enron cases
  • Enron Entrepreneurial Energy (HBS 9-700-079)
  • Enron Gas Services (HBS 9-294-076).

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