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.

Strategies & Market Trends : John Pitera's Market Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: Hawkmoon who wrote (5439)	1/14/2002 9:26:16 PM
From: bob3nc	Read Replies (1) \| Respond to of 33421

Former Enron CEO Skilling shorted competitor's stock NEW YORK, Jan 14 (Reuters) - Jeffrey Skilling, the former chief executive of Enron Corp. (NYSE:ENE - news), sold short AES Corp.'s stock last summer in a bet that the competing power company's share price would fall, his spokeswoman said on Monday. Skilling's spokeswoman said he decided to short the stock after reading a newspaper article that reported AES (NYSE:AES - news) would be hurt by Brazil's weakening currency. AES, based in Arlington, Virginia, has a significant power business in Brazil. ``He was well aware of what a challenging environment Brazil was for companies at that time,'' said spokeswoman Judy Leon. Skilling, however, did not trade on any inside information he may have received during his job as CEO of Enron, his spokeswoman said. She declined to discuss specifics of the trade, including how much money was involved. ``We're not commenting on his personal finances,'' Leon said. The trade was initiated on Aug. 24, or about 10 days after Skilling resigned as Enron's president and CEO, according to the Wall Street Journal, which first reported the short sale. The Wall Street Journal said the trade could have made Skilling a profit of more than $15 million, depending when he closed out the trade, since shares of AES fell steadily in the weeks after he shorted the stock. Indeed, on Sept. 26 shares of AES dropped almost 50 percent after it warned it would fall well short of 2001 earnings estimates. Shares of other energy companies also fell during the period. Skilling -- who along with other past and present Enron executives is facing shareholder lawsuits because of the company's collapse -- has denied any wrongdoing in Enron's spiral into bankruptcy. Skilling joined Enron in 1990 after leaving McKinsey & Co.'s energy c Du Du Co.'s energy c Du Du Just passing thru..hope this helps Bob