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Gold/Mining/Energy : A to Z Junior Mining Research Site

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To: 4figureau who wrote (857)	8/7/2002 10:31:52 AM
From: 4figureau	Read Replies (1) of 5423

WSJ: Investigators Widen Enron Probe >>The paper said the investigators were trying to determine if Enron improperly used two of its publicly-regulated pipeline subsidiaries to secure the loans and then transfer the money to Enron's accounts, with no plans to repay the companies.<< NEW YORK (Reuters) - Federal investigators appear to have widened an inquiry into U.S. energy trader Enron Corp, probing whether the company or its executives committed accounting fraud by borrowing $1 billion in a last-minute bid to stave off bankruptcy, the Wall Street Journal reported. Enron could not immediately be contacted for comment. The paper said the investigators were trying to determine if Enron improperly used two of its publicly-regulated pipeline subsidiaries to secure the loans and then transfer the money to Enron's accounts, with no plans to repay the companies. An Enron spokesman defended the transactions to the Journal as "common" and "an acceptable practice," and said they were fully disclosed at the time. He declined to discuss the loans or their accounting treatment in detail. biz.yahoo.com

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