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Politics : PRESIDENT GEORGE W. BUSH -- Ignore unavailable to you. Want to Upgrade?

To: maried. who wrote (206511)	12/2/2001 8:17:20 PM
From: Skywatcher	Read Replies (2) \| Respond to of 769669

Enron's loss of credibility in the market stemmed from revelations that its chief financial officer was running partnerships that allowed the company to keep half a billion dollars in debt off its books. In early November, Enron restated its earnings back to 1997, eliminating more than $580 million in reported income. Dynegy swooped in to rescue its neighbor with an $8.4 billion buyout, but even top officials at the smaller rival were surprised when Enron later disclosed it had a $690 million debt within a week. Amid negotiations to reduce the purchase price, the Dynegy-Enron deal fell apart after Enron's credit was reduced to junk status. Congressional leaders are calling for hearings into the Enron fallout, the Securities and Exchange Commission is investigating. Both investors and employees have filed several lawsuits. On Friday, accounting firm Arthur Andersen LLP said that the SEC had issued it subpoenas related to its auditing of Enron's accounts. Andersen said it had provided the information. Andersen also said its own review would be expanded to include procedures at its Houston office, which did the Enron audits. Enron sought bankruptcy protection for itself and 14 subsidiaries, including Enron North America Corp., its wholesale energy trading business; Enron Energy Services, the company's retail energy marketing operations; Enron Transportation Services, the holding company for Enron's pipeline operations; Enron Broadband Services, the company's bandwidth trading operation; and Enron Metals & Commodity Corp. Companies not included in the filing include Northern Natural Gas Pipeline, Transwestern Pipeline, Florida Gas Transmission, EOTT, and other Enron international entities. Not included in the filing is Enron's Portland General electric utility, which is being bought by Northwest Natural Gas Co [NYSE:NWN - news]. McAuliffe noted that Transwestern and Northern Natural Gas has secured liens, and Portland utility committed to sale. ``Everything else seems to be senior unsecured, included $3 billion in committed lines.'' According to BankruptcyData.com, Texaco Inc. (TX - news) filed the largest bankruptcy in history in 1987 when it had $35.9 billion in assets. Adjusted for inflation, that amount would be about $56.4 billion today, the Boston-based company said. This one is gonna come hard on the W.....his great "friends" who sold out everyone and sold all THEIR stock high while changing 401K administrators to INSURE that NOONE could sell their entire life savings of stock in their own company......and they had to watch it all go down the drain for the benefit of the rich and greedy. CC