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To: Eric who wrote (57849)2/21/2002 4:20:51 PM
From: willcousa  Read Replies (1) | Respond to of 77400
 
Offshore is not the issue. Offshore subsidaries have been used for decades for many legitimate business reasons. The problem with Enron is that it appears financial statements were published where the substance of transactions was hidden.. If the substance had been known the transactions would have had to be reported differently. If this is the case then the problem is fraud.



To: Eric who wrote (57849)2/21/2002 4:28:10 PM
From: Bill  Read Replies (1) | Respond to of 77400
 
That's the legal achilles heal, but my understanding is that they secured SEC waivers for the offshore accounting and will defend their actions based on technicalities. It sure does smell bad, but they'll need more than the sniff test to send officers to jail.


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