Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Politics : The Donkey's Inn -- Ignore unavailable to you. Want to Upgrade?

To: JEB who wrote (1786)	1/4/2002 9:38:37 AM
From: TigerPaw	Read Replies (1) \| Respond to of 15516

Har Har, Enron is a Bush baby, with Wendy Gramm as midwife. TP

To: JEB who wrote (1786)	1/4/2002 2:22:49 PM
From: Mephisto	Respond to of 15516

You are moderated off this forum! You do not have the right to post here.

To: JEB who wrote (1786)	1/4/2002 7:23:06 PM
From: Karen Lawrence	Read Replies (1) \| Respond to of 15516

JEB You can't possibly believe that malarky. It's the biggest stretch since Joan Rivers' last facelift. Kenneth Lay the head of Enron pre-dates the Spock babyboom generation. Certainly, the idiot who wrote the article is way old as well. Heck he's not even an American!!! ~ Dateline D.C." is written by a Washington, D.C.-based British journalist and political observer... who is, no doubt, a humorless, effete curmudgeon used to lying to get whatever kind of free fix British medicine will give him. Here's a timeline written up in the Houston Chronicle November 9, 2001, before the bankruptcy filing. Nov. 9, 2001, 11:01PM Enron timeline 1985 · Houston Natural Gas merges with Omaha, Neb.-based InterNorth to create the company that would eventually be named Enron Corp. The deal integrated several pipeline systems to create the first nationwide natural gas pipeline system. 1986 · Ken Lay, who had been chief executive officer of Houston Natural Gas, is named chairman and chief executive officer. The company chooses the name Enron after rejecting Interon. 1987 · Enron discovers that oil traders in New York have overextended the company's accounts by almost $1 billion. The company ultimately works this loss down to $142 million. This leads to Enron developing a myriad of services to help reduce the risk of price swings for everything from gas to advertising space. 1988 · Enron opens its first overseas offices in England to take advantage of the country's privatization of its power industry. The company's major strategy shift -- to pursue unregulated markets in addition to its regulated pipeline business -- is revealed to executives in a gathering that became known as the "Come to Jesus" meeting. 1989 · Jeffrey Skilling joins the company and Enron launches its Gas Bank, a program under which buyers of natural gas can lock in long-term supplies at fixed prices. The company also begins to offer financing for oil and gas producers. 1992 · Enron acquires Transportadora de Gas del Sur, Enron's first pipeline presence in South America and the start of a push to expand on the continent. 1993 · Enron's Teesside power plant in England begins operation, one of the first big successes for the company's international strategy. 1994 · Enron makes its first electricity trade, beginning what will turn out to be one of the company's biggest profit centers in the next few years. 1995 · Enron Europe establishes a trading center in London, marking the company's entry into European wholesale markets. Europe is now considered one of the company's prime growth markets. 1996 · Construction begins on the first phase of the Dabhol power plant in India. The $2 billion project would be plagued with political problems throughout its construction. Enron puts its stake in the project up for sale in 2001. · In December, Skilling is elected president and chief operating officer and will continue in his role as chairman and CEO of Enron Capital & Trade Resources. 1997 · To expand its electricity business, Enron buys Portland General Electric Corp., the utility serving the Portland, Ore., area. In 2001, Enron agrees to sell Portland General Electric to Northwest Natural Gas Co. for about $1.9 billion. · Enron Energy Services is formed to provide energy management services to commercial and industrial customers. 1998 · Enron acquires Wessex Water in the United Kingdom, which forms the basis for its water subsidiary Azurix. 1999 · Enron forms its broadband services unit. The first phase of the Dabhol project begins operations. One-third of Azurix is sold to the public in an initial public offering. After an early rise, shares fall sharply as the year goes on and the problems facing the company become apparent. Enron Online, the company's commodity trading Internet site, is formed. It quickly becomes the largest e-business site in the world. Enron Energy Services turns its first profit in the fourth quarter. 2000 · Rebecca Mark resigns from her position as Azurix chairwoman and the company announces a plan to take the troubled water subsidiary private. · Annual revenues reach $100 billion, more than double the year before, reflecting the growing importance of trading. · Enron Field is opened in downtown Houston. In addition to buying the naming rights, Enron Chairman Ken Lay helped raise financial support for the construction project. · The Energy Financial Group ranks Enron the sixth-largest energy company in the world, based on market capitalization. · Enron and strategic investors, IBM and America Online, launch The New Power Co. to provide electric service in a deregulated market. 2001 · In February, Jeff Skilling takes over as chief executive officer. Ken Lay remains as chairman. · In March, Enron and Blockbuster call off deal to bring movies into homes over the Internet. · In April, Enron discloses it is owed $570 million by bankrupt California utility Pacific Gas & Electric Co. · In August, Skilling unexpectedly resigns for personal reasons. Lay takes back the CEO job. Wall Street starts cranking up its requests for Enron to provide more detailed financial information about its performance. · In October, Enron releases third-quarter earnings, with $1.01 billion in charges, including $35 million related to investment partnerships formerly headed by Andrew Fastow, Enron's chief financial officer. Fastow is replaced as CFO. The Securities and Exchange Commission launches a formal investigation into the partnerships. · In November, Enron restates earnings for 1997 through 2000 and the first three quarters of this year. · On Friday, Dynegy announces it wants to merge with Enron. Enron's stock closes at $8.63 per share, an 89 percent drop since the beginning of the year.