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

To: stockman_scott who wrote (1946)	3/20/2002 4:36:45 PM
From: Raymond Duray	Respond to of 3602

Hi Scott, I think it is a complete outrage that some District Judge's vacation schedule is going to determine the start of one of the most important trials of the decade. I'm totally disappointed at the small-mindedness and mendacity of Judge Melinda Harmon. She should be ashamed that her petty self-interest should have any bearing whatsoever on a trial of such great national importance. Who does she think she is anyway? An Enron Hottie? -Ray

To: stockman_scott who wrote (1946)	3/21/2002 2:09:28 AM
From: Raymond Duray	Read Replies (1) \| Respond to of 3602

Moody's: Enron lied to us salon.com Moody's: Enron lied to us By Marcy Gordon March 20, 2002 \| Washington -- An official of a major Wall Street credit-rating agency told Congress Wednesday that Enron Corp. executives lied to his agency in late 1999 about partnerships that were used to conceal massive debts. Lawmakers and regulators dissecting the biggest corporate failure in U.S. history are examining why the big credit-rating agencies, such as Moody's Investors Service, Standard & Poor's and Fitch Ratings, maintained high ratings for Enron until a few days before its bankruptcy filing Dec. 2. The complex web of partnerships, improperly buttressed by Enron stock, ultimately brought down the energy-trading company. The agencies' grading of companies' creditworthiness is closely watched by the markets. John Diaz, managing director of Moody's, told a Senate panel that Enron gave the agency information on its finances in the fall of 1999 that company executives described as a comprehensive, "kitchen sink" disclosure. "We now know that material information was missing" and that Enron failed to disclose the existence of three of the partnerships, Diaz said in testimony for a hearing by the Senate Governmental Affairs Committee. Furthermore, based on what has become known recently about Enron, Diaz said, "Much of the information that was provided was inaccurate." He said Enron had made a concerted effort to get an upgrade of the rating of its long-term debt. After Moody's reviewed the information the company provided, the agency upgraded the long-term debt in March 2000, Diaz told the committee. The Securities and Exchange Commission, which is pursuing a civil investigation of Enron and its former auditor, the Arthur Andersen accounting firm, also is examining the role of the credit-rating agencies. The agencies detected signs of financial trouble at Enron last spring but didn't warn investors by lowering Enron's credit rating until the fall, when the company had spun out of control. The SEC is trying to determine whether the delay was due to pressure from investment banks that were trying to put together a merger to rescue Enron.

To: stockman_scott who wrote (1946)	3/22/2002 9:35:01 PM
From: Glenn Petersen	Read Replies (2) \| Respond to of 3602

From today's Chicago Tribune: David Greising This marchin' just a sign of the Enron times Published March 22, 2002 Andersen partners and employees are staging demonstrations in Washington, D.C., Chicago, Houston and other cities. Pinstriped protesters? The times they are a-changin'. Here's a reworked Bob Dylan anthem to help them out: Come Andersen partners wherever you are And admit it, our futures might not stretch very far. Who'd ever have thought we'd need a bail-bond loan Or for bankruptcy we might be filing? Come consultants, auditors who counted the beans And scored Enron "profits" by whatever means. Didn't ask no questions, didn't create no tax liens. There's no telling what assets we're hiding. For the losses were all reported as gains And the bottom line was ever-changing. Come clients, friends, spouses, please understand. The work of accountancy once seemed so bland. But your sons and your daughters took Enron's command. The fees looked so good back then. Who could've guessed that Skilling was such a slick man? Enron checks, they weren't a-bouncing. Come congressmen, prosecutors, please heed the call. If you throw us in jail, we can't go to the mall. We tried to settle, you wouldn't listen at all. For investors and justice you think you stand tall. Shredded records have you a-raging. From the looks of the indictment, you don't care at all, If Andersen's future you're dating. We're marching on Washington, throughout the land. We think it's important that you understand That we're coming to you with hat in hand. Sympathy, we are a-needing. Just because we helped Enron shouldn't mean we're all damned. But our clients, they now are fleeing. We have a slogan, "I am Andersen" That includes all employees, each and every one, Even those who did Sunbeam, and Waste Management. The numbers looked good, who were we then to know That our clients were guesstimating? They said they made money. We said, "Agreed." Investors they took a beating. Kenny Boy seemed so honest, a Bush crony, too. In the soup line, we'll all be eating. At first it was Enron, that was bad stuff. Pretty soon it was Qwest, and then sure enough Global Crossing and Kmart. What's next, Toys "R" Us? All accountants people are doubting. Who'd have guessed that the public would be in such a huff Over simple financial accounting? Andersen shouldn't only be getting it rough. Other firms, they need a pounding. We hired Paul Volcker to clean up our act. Then the ex-Fed chairman gathered the facts. He said stop the tax dodges, the consultancy. Don't help clients hide losses in strange entities. Quit paying your partners huge finder's fees. There was just one big problem with what Volcker said. If we did it, our firm would surely be dead, And our resumes we'd all be mailing. Some firms want to buy us, but then just as fast They look at us twice, and soon take a pass. Lawsuits are intimidating. We clearly won't now be mating. And the first partner out of here won't be the last. Andersen's hopelessly fading.

To: stockman_scott who wrote (1946)	3/25/2002 3:19:54 AM
From: Raymond Duray	Read Replies (2) \| Respond to of 3602

The Rats are Jumping off the Ship: Message 17240678

To: stockman_scott who wrote (1946)	3/25/2002 5:58:55 PM
From: Glenn Petersen	Respond to of 3602

Playboy soliciting `Women of Enron' for upcoming pictorial news.mysanantonio.com By KRISTEN HAYS (Associated Press Writer) The Associated Press Web Posted : 03/25/2002 1:48 PM Playboy Magazine may entice some of those who lost their shirts in the Enron scandal to reveal more than even investigating congressional committees want to see. The Chicago-based adult magazine is inviting Enron women, past and present, to send snapshots of themselves clad in bikinis if they wish to appear in an upcoming "Women of Enron" issue. "That's rich," said Deborah DeFforge, co-chairwoman of the Severed Enron Employees Coalition. "That's kind of a highlight. We've had so much depressing news or stressful news, and then to all of a sudden come up with something like that, it's kind of cute." Plenty of women at the heart of scandals have appeared on Playboy's pages, from presidential sexual harassment litigant Paula Jones to televangelist mistress Jessica Hahn. Darva Conger, the "Who Wants to Marry a Multimillionaire" bride whose celebrated TV nuptials in February 2000 ended in a quickie annulment, followed pleas for privacy with posing for Playboy. But Elizabeth Norris, spokeswoman for the magazine, said the accounting and finance scandal that emerged from Enron's stunning failure last year didn't necessarily pique Playboy's interest. "This is an opportunity for them to do something fun in the midst of the turmoil that's going on in their lives," Norris said. "I don't think I thought when we decided to do this that these were women of scandal. These are women who are out of a job," she said. "We are offering what you could view as a part-time job, or what might turn into a new career." Norris said the magazine plans to wait for interested women to approach Playboy rather than solicit candidates. They must provide proof of employment at Enron, and the offer is open to current workers as well. Norris also said editors hope to assemble the issue "as soon as possible," but couldn't yet provide a publication date. Enron spokeswoman Karen Denne said the company declined comment on the model search. Rebekah Rushing, one of thousands laid off when Enron filed the largest corporate bankruptcy in history on Dec. 2, initially was speechless. Rushing quickly found another job and has since run one of two funds in which donations are funneled to former workers who need help with basic needs, such as mortgage or rent payments. "I guess that's their way of trying to help, I don't know," Rushing said. "Maybe there's somebody out there who would do it.' DeFforge said she wouldn't pose, but more power to others who might. "I'm sure there are some in the younger set who would be perfect," she said. 03/25/2002