Enron - Natural Gas Industry Message Board

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Gold/Mining/Energy : Enron - Natural Gas Industry

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To: Bryan Steffen who started this subject	2/2/2002 8:09:58 PM
From: Glenn Petersen	Read Replies (1) of 1433

The Powers Report has been released and is posted on the CNN web site. The 218 page report, which is dated February 1, 2002 and is a PDF file, may take some time to download. The report can be found at: cnn.com Enron report: Management missed 'red flags' February 2, 2002 Posted: 7:00 PM EST (0000 GMT) cnn.com -(CNN) -- A report commissioned by Enron's board of directors criticized the energy giant's senior management for failing to notice "red flags" sent up about the company's controversial accounting practices. The so-called "Powers Report," which was conducted by outside investigators, concluded that Enron's management "spent considerable time and effort working to say as little as possible" about partnerships that were set up to hide Enron's debts and inflate its assets. The revelation of those partnerships led to Enron's financial collapse last fall. The report said that the effort to say so little, combined with the importance of the partnerships should have "raised red flags for senior management, as well as for Enron's outside auditors and lawyers. The committee overseeing the report was led by William Powers Jr., member of the Enron board of directors.

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