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.

Non-Tech : The ENRON Scandal -- Ignore unavailable to you. Want to Upgrade?

To: Patricia Trinchero who wrote (762)	1/17/2002 7:52:15 PM
From: Jerome	Read Replies (1) \| Respond to of 5185

>>He still is a crook!! <<< Does this mean no more barbecue invitations at the Bush ranch? Or does he get a rain check good for when Bush is out of office? Jerome

To: Patricia Trinchero who wrote (762)	1/18/2002 7:00:30 AM
From: C.K. Houston	Respond to of 5185

Lay ditched stock days after learning about financial woes - Houston Chronicle Watkins warned Lay in an Aug. 15 letter of accounting problems. One of the newly disclosed Andersen memos obtained by congressional investigators indicates that her meeting with Lay had been scheduled for Aug. 22 and it had been scheduled by Aug. 20. It was on Aug. 20 and Aug. 21 that Lay exercised options on 93,620 shares of stock for $2 million. At the time, the shares were worth $3.5 million. Lay did not report selling the stock, but a lawyer for Enron disclosed earlier this week that some shares had been used to repay a previously undisclosed loan from Enron. Enron has declined to discuss details of the repayment, but it seems likely that the shares purchased then were used to repay the loan. Had Lay not planned to use the shares for that purpose, there would have been no apparent reason to exercise the options then. Under rules of the Securities and Exchange Commission, corporate officials are required to disclose sales of their company's stock by the tenth day of the month after the sale. But there is an exception when the shares are surrendered to the company to repay the loan. Disclosures of such transactions can be delayed until 45 days after the company's fiscal year ends. For Enron, that will be Feb. 14. … chron.com