Quotes about enrons (16 Quotes)


    This report highlights the current gap in federal oversight that is a major problem and needs immediate correction, ... Enron's deceptions were shocking, and equally shocking was the extent to which respected U.S. financial institutions like (J.P. Morgan) Chase, Citigroup, and Merrill Lynch helped Enron carry out its deceptions and mislead investors and analysts about the company's finances.

    Our inquiry to date raises serious questions about whether FERC appropriately discharged its duties to monitor and regulate energy markets, followed through on warranted reviews of Enron's energy trading business, and heeded important warning signs of problems in Enron's business activities,


    Enron's practice of using prepaid transactions to understate debt and overstate cash flow from operations made its financial statement look much stronger that in turn helped Enron maintain its investment rate credit rating and support -- even boost -- its share price,

    By December 2, 2001, Enron stock had plummeted and the conglomerate declared bankruptcy. That's when the congressional investigations started, ... They were shocked that this Fortune 7 Company could spiral out of control. At least 13 different congressional committees held formal investigations into Enron's demise. One of them, the House Energy and Commerce Committee, stumbled across my memos to Ken Lay in a box of documents they had subpoenaed from Enron.


    What the committee found was systemic and catastrophic failure across the board, ... Despite the magnitude of Enron's implosion, no one in the system that was supposed to protect investors saw the disaster coming or did anything about it.


    Our investigation needs to find out whether Enron's actions were legal, somewhat questionable, highly questionable or even illegal, ... In the end, what's legal for any company could be the most shocking of all.

    From everything I understood he was pretty ruthless and feared within the company. There is not a lot of sympathy for him among former colleagues or among a lot of people in the Houston community who in a real way were damaged by Enron's collapse.

    A spokesman for Andersen reiterated the firm's statement given on Wednesday. Reaching out to the groups affected in this case is consistent with our commitment to address the issues raised by Enron's collapse in a straightforward and constructive manner, ... We think it is in the best interests of all parties to deal expeditiously and responsibly with what has occurred.

    What we knew, what I knew, I think what those of us in the administration knew was public property, ... Everyone knew from Enron's disclosures that they were struggling. We didn't know more than that.



    Having to admit we were a very large trader, and frankly a good one, would put significant pressure on Enron's stock because the investment community does not put a significant multiple on trading revenues.


    I think we're finding what may clearly end up being security fraud, ... Attempts not to hedge or put debt out of the company, which many companies do, but literally fraudulent, phony attempts to do so in violation of current accounting practices, practices that should've been discovered by Enron's auditors at Arthur Andersen.



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