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Politics : Stockman Scott's Political Debate Porch -- Ignore unavailable to you. Want to Upgrade?

To: T L Comiskey who wrote (8638)	10/31/2002 2:37:33 PM
From: stockman_scott	Read Replies (1) \| Respond to of 89467

SEC to investigate their own chairman Harvey Pittiful... <<...The Securities and Exchange Commission this morning asked the agency's inspector general to investigate the role played by SEC Chairman Harvey Pitt and SEC Chief Accountant Robert Herdman in the selection of former FBI director William Webster to lead a new board intended to police auditors of public companies... ...At issue is why Pitt and Herdman failed to disclose to the commission, which approved Webster's nomination Friday, that Webster was a director and chaired the audit committee of U.S. Technologies Inc., a firm that faces fraud allegations in lawsuits filed by investors...>> washingtonpost.com

To: T L Comiskey who wrote (8638)	10/31/2002 3:32:28 PM
From: Sully-	Read Replies (3) \| Respond to of 89467

Former Enron Exec Fastow Indicted on 78 Counts Thursday, October 31, 2002 Former Enron executive Andrew Fastow was indicted Thursday by a federal grand jury in Houston on fraud and other criminal charges involving the collapsed energy trading powerhouse. Fastow, the former chief financial officer who is alleged to have masterminded secret partnerships at Enron Corp., previously had been charged in a criminal complaint with money laundering and conspiring to divert millions of dollars for his own profit. The indictment, returned by a grand jury in Houston and released in Washington by the Justice Department, is notable for the sheer number of charges, which include fraud, money laundering and conspiracy. If convicted, Fastow faces hundreds of years in jail and millions of dollars in fines. Deputy Attorney General Larry Thompson, head of the Bush administration's corporate fraud task force, said the indictment does not end the investigation into Fastow. He also said federal officials "will use every appropriate measure to recover the ill-gotten gains of these corporate schemers." Enron, No. 7 on the Fortune 500 list two years ago, filed for bankruptcy last year after revealing a $618 million loss and eliminating $1.2 billion of shareholder equity. Fastow is the most prominent Enron figure targeted so far by the Justice Department. Prosecutors are expected to pressure him to find out what he might say about his former colleagues, including former Enron chairman Kenneth Lay and former chief executive Jeffrey Skilling. Fastow protege Michael Kopper pleaded guilty on Aug. 21 and implicated his former boss in a series of kickback and fraud schemes. He is cooperating with prosecutors. Prosecutors allege Fastow designed transactions that helped Enron massage its earnings by removing money-losing assets from its balance sheet. Fastow, 40, appeared briefly in court on Oct. 2 and is free on a $5 million bond agreement. The Associated Press contributed to this report. foxnews.com