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Politics : The Donkey's Inn
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To: Karen Lawrence who wrote (1232)11/30/2001 9:20:46 AM
From: E. T.  Read Replies (1) of 15516
 
Enron rode a wave of energy deregulation in the past decade to grow rapidly from a sleepy gas pipeline operator into the world's biggest energy trader and a significant player in other commodities. But the company unravelled with astonishing speed once it revealed last month it would have to take a huge equity writedown because of losses in certain partnerships that were designed to hide debt and that several years of reported profit would have to be restated, because they were not accurate. Regulators launched a probe of the dealings, investors fled in droves and credit agencies slashed Enron's vital debt rating to junk status.

Such is the vast, octopus-like reach of the company that its woes affect not only the financial and energy sectors but the global derivatives market, metals and minerals, pulp and paper and other commodities in which it made markets.
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