http://www.youtube.com/watch?v=m9GbE8hCV_k
http://www.rense.com/general49/midfing.htm
Excerpt:
Trying the cover up in court was the then General Counsel of the now-infamous accounting book-cookers, Arthur Andersen (Enron, etc.) The court lawyer was Kennedy Family in-law R. Sargent Shriver, father-in-law of California governor usurper Arnold SchwartzenNAZI.
http://whatreallyhappened.com/WRHARTICLES/sec_gao.html
Excerpt:
SEC Chairman Harvey Pitt, who took office in August of this year, after most of the acts leading to the Enron collapse had been committed, was, according to a Jan. 9, 2001 report by the Center for Public Integrity, a partner in the law firm of Fried, Frank, Harris, Shriver and Jacobson. In that capacity he represented accounting firm Arthur Andersen, Enron’s auditor, which disclosed in a press release dated yesterday, that “in recent months individuals in the firm involved with the Enron engagement disposed of a significant but undetermined number of electronic and paper documents and correspondence related to the Enron engagement.”
This is significant because Andersen, one of the big five accounting firms, had routinely signed off on falsified financial statements concealing almost $20 billion in “off-balance-sheet” debt from stock and bond holders, regulatory agencies and Enron employees. Many of Enron’s pre-bankruptcy 20,000 employees were barred by the company from cashing in their 401(k) retirement plans, primarily consisting of Enron stock, while key executives including Chairman Kenneth Lay, former President and CEO Jeff Skilling, and CFO Andrew Fastow reportedly personally made more than $1 billion selling Enron shares before the collapse.
http://dc.tie.org/speaker/16/harvey-pitt
Excerpt:
Harvey Pitt
CEO
Kalorama Partners, LLC
Harvey L. Pitt is the Chief Executive Officer of the global business consulting firm, Kalorama Partners, LLC. Prior to founding Kalorama Partners, Mr. Pitt was appointed by President George W. Bush to serve as the twenty-sixth Chairman of the United States Securities and Exchange Commission. In that role, from 2001 until 2003, Mr. Pitt was responsible, among other things, for overseeing the SEC’s response to the market disruptions resulting from the terrorist attacks of 9/11, for creating the SEC’s “real time enforcement” program, and for leading the Commission’s adoption of dozens of rules in response to the corporate and accounting crises generated by the excesses of the 1990s.
For nearly a quarter of a century before becoming the Commission’s Chairman, Mr. Pitt was a senior corporate partner in the international law firm, Fried, Frank, Harris, Shriver & Jacobson. He also was a founding trustee and the first President of the SEC Historical Society, and participated in a wide variety of bar and continuing legal education activities to further public consideration of significant corporate and securities law issues. Mr. Pitt served as an Adjunct Professor of Law at Georgetown University Law Center (1975-84), George Washington University Law School (1974-82) and the University of Pennsylvania School of Law (1983-84) and The Yale Law School (2007).
For nearly a quarter of a century before becoming the Commission’s Chairman, Mr. Pitt was a senior corporate partner in the international law firm, Fried, Frank, Harris, Shriver & Jacobson. He also was a founding trustee and the first President of the SEC Historical Society, and participated in a wide variety of bar and continuing legal education activities to further public consideration of significant corporate and securities law issues. Mr. Pitt served as an Adjunct Professor of Law at Georgetown University Law Center (1975-84), George Washington University Law School (1974-82) and the University of Pennsylvania School of Law (1983-84) and The Yale Law School (2007).
Lehman Brothers : Enron while Ernst & Young : Arthur Andersen
http://jpm.cc/lehman-brothers-enron-while-ernst-and-young-aEnron Commercial - Weather - YouTube
http://adtunes.com/forums/showthread.php?p=801572
http://en.wikipedia.org/wiki/Weather_derivative
Excerpt:
After that humble beginning, weather derivatives slowly began trading over-the-counter in 1997. As the market for these products grew, the Chicago Mercantile Exchange introduced the first exchange-traded weather futures contracts (and corresponding options), in 1999. The CME currently trades weather derivative contracts for 18 cities in the United States, nine in Europe, six in Canada and two in Japan. Most of these contracts track cooling degree days or heating degree days, but recent additions track frost days in the Netherlands and monthly/seasonal snowfall in Boston and New York. A major early pioneer in weather derivatives was Enron Corporation, through its EnronOnline unit.
http://www.rense.com/general19/swind.htm
Excerpt:
Shriver went into a discussion of how his client, Arthur Andersen & Co., had the right to move their business structure to Switzerland, beyond the jurisdiction of Judge Will and a subpoena, and reform themselves in a European-style operation called Societe Generale [which is neither a partnership, limited or otherwise, as U.S. practices require of lawyers and accountants, nor a corporation, limited or otherwise.] He did not adequately explain why it was done just as they had to respond to a court subpoena. He denied it was simply to evade the subpoena, although done apparently just at that point in the litigation.
http://www.salon.com/news/feature/2003/10/14/enron/print.html
Excerpt:
But what the Journal didn't mention is that the Enron e-mail library posted on FERC's Web site also contains a remarkable glimpse into the culture of Enron -- how the family of Ken Lay lived large in the glory days, how Tom DeLay and other members of Congress used the company as a veritable ATM for campaign contributions, how Enron plotted to place employees in the Bush-Cheney administration, how company executives almost obsessively followed the investigation into price gouging during California's energy crisis, and ultimately how Enron employees suffered when the company collapsed.
http://www.salon.com/technology/how_the_world_works/2007/07/06/amaranth
Excerpt:
Friday, Jul 6, 2007 16:15 ET
The long arms of Enron reach beyond the grave
The Senate's report on the rise and fall of the hedge fund Amaranth is a case study in the dangers of unregulated markets. And Enron is largely to blame
"Excessive Speculation in the Natural Gas Market," a 139-page report released June 25 by the United States Senate's Permanent Subcommittee on Investigations, is a masterpiece of its genre. An account of the energy market shenanigans engaged in by the now-defunct hedge fund Amaranth, the report is well-written, extensively documented, and makes a dramatically persuasive argument: A broken regulatory system allowed Amaranth the leeway to distort natural gas prices, and the system needs to be fixed.
There are two major exchanges where contracts to buy and sell natural gas futures are traded; the New York Mercantile Exchange (NYMEX) and the Intercontinental Exchange, (ICE). But there's a huge difference between the two. NYMEX is regulated, ICE isn't.
Excerpt:
There were two immediate beneficiaries of the deregulation: the Intercontinental Exchange (ICE) and Enron (which is why the latter effort is known as "the Enron Loophole"). In May 2000, just before deregulation became the law, BP, Shell, TotalFinaElf, Goldman Sachs and Morgan Stanley, among others, came together in Atlanta to form ICE as their own privately held futures exchange, specializing in the very trades deemed outside the CFTC's jurisdiction.
http://www.sourcewatch.org/index.php?title=Third_Way_organization
Excerpt:
http://www.grenzeloos.org/artikel/viewartikel.php/id/360.html
Excerpt:
Broadband, of course, was just one of many, many sectors Enron sought to master. On December 6, the Economist analyzed the evolution of what it called "the amazing disintegrating firm," noting that it had only been a year since "Enron unveiled its master plan for domination of the universe. Not content with changing from an obscure gas-pipeline concern into the world's biggest energy trader, Enron's bosses set their sights higher. Jeffrey Skilling, then president, vowed to skyrocket past ExxonMobil to become the world's leading energy firm - quite an ambition, given that Exxon had just posted a quarterly profit of over $4 billion. But even that was not enough for Mr Skilling. He had a business insight so powerful that it would transform Enron into the world's leading company, period: the 'disintegration' of the traditional corporation."
"Mr. Skilling believed that deregulation and market forces would force traditional, asset-heavy companies to break up into thousands of niche players. Rather than being vertically integrated, companies would be "virtually integrated"- by enterprises such as Enron that would "wire those thousands of firms back together cheaply and temporarily."
http://www.forbes.com/2000/07/20/mu4.html
Excerpt:
Enron, Blockbuster Partner For Movie Mania
Forget Doom. Forget trading recipes in your favorite chat group. Curling up on the sofa to watch the latest Jim Carrey flick has become the killer app for broadband services.
Network provider Enron Broadband Services, a subsidiary of Enron ene (nyse: ene - news - people), partnered with Blockbuster bbi (nyse: bbi - news - people) yesterday in a 20-year exclusive deal that aims to sell movie-on-demand services, including 500 titles, on its broadband network by year's end.
Enron plans to deliver the movies to consumers' PCs or television sets via digital subscriber line (DSL)--technology that sends high-speed data over phone lines--through its relationships with SBC Communications sbc (nyse: sbc - news - people), Verizon Wireless vz (nyse: vz - news - people), Qwest Communications International q (nyse: q - news - people), Covad Communications covd (nasdaq: covd - news - people), Telus and ReFlex networks.
While the exact financial details of the deal--including the subscription and pricing models for the service--were not disclosed, Enron execs say the services will be offered in a similar way as pay-per-view services on cable channels.
Both companies expect to generate significant revenue. The in-home entertainment industry is huge, predicted by analysts to reach $20 billion this year. "We think this service will help expand the pie. Consumption of entertainment has gone up every year," says Steve Pantelick, senior vice president of strategic planning at Blockbuster.
http://www.forbes.com/2003/03/13/cx_da_0313topnews.html
Excerpt:
The charges themselves against Kevin Howard and Michael Krautz, while quite narrow, come closer than those issued previously to striking at the heart of how Enron did business. They detail a single transaction in which Enron allegedly created "partnerships" it in fact controlled and then transferred assets between the partnerships, creating revenue that Enron reported to the public.
The criminal complaint and parallel civil charges filed by the U.S. Securities and Exchange Commission focus on a deal known as Braveheart. It was devised by Enron in 2000 soon after the company entered into a joint venture with Blockbuster (nyse: BBI - news - people ) to build a "video-on-demand" service that would theoretically allow customers to download films from the Internet.
http://www.justice.gov/criminal/vns/caseup/howardk.html
Excerpt:
According to the superseding indictment and the plea agreement, Howard knowingly and willfully caused Enron’s Form 10K for the year-ending 2000 to be falsified because it did not accurately and fairly reflect, in reasonable detail, the transactions and dispositions of Enron’s assets. In January 2000, Enron officially unveiled EBS to the public as Enron’s newest “core” business group and announced that EBS would report a loss of $60 million for the year 2000. According to court documents, by the fourth quarter of 2000, EBS had failed to generate any significant revenue. Howard admitted that he and others at EBS and Enron knew that absent a large revenue-generating transaction, EBS would miss the announced target by a wide margin. According to court documents, while EBS had little revenue, it had entered into an agreement with Blockbuster to provide video on demand (VOD) services. This agreement had anticipated future revenue in the hundreds of millions of dollars. Howard admitted that, in an attempt to generate earnings sufficient to meet the earnings target, he and others at EBS structured a transaction known as “Project Braveheart” designed to “monetize” or book a portion of the anticipated hundreds of millions of dollars of future earnings from EBS’s agreement with Blockbuster in the fourth quarter of 2000.
There are two major exchanges where contracts to buy and sell natural gas futures are traded; the New York Mercantile Exchange (NYMEX) and the Intercontinental Exchange, (ICE). But there's a huge difference between the two. NYMEX is regulated, ICE isn't.
http://www.alternet.org/story/104133/
ICE has no legal obligation to monitor trading, no legal obligation to prevent manipulation or price distortion, and no legal obligation to ensure that trading is fair and orderly.
Excerpt:
There were two immediate beneficiaries of the deregulation: the Intercontinental Exchange (ICE) and Enron (which is why the latter effort is known as "the Enron Loophole"). In May 2000, just before deregulation became the law, BP, Shell, TotalFinaElf, Goldman Sachs and Morgan Stanley, among others, came together in Atlanta to form ICE as their own privately held futures exchange, specializing in the very trades deemed outside the CFTC's jurisdiction.
http://www.sourcewatch.org/index.php?title=Third_Way_organization
Excerpt:
Third Way calls for more troops, more propaganda
On May 18, 2007, The Hill reported that "A new security study released by the Third Way, a Democratic-leaning think tank," and authored by two former Clinton administration officials, discusses how to rebuild U.S. credibility overseas. "American voters yearn for an alternative to the Bush administration's aggressive foreign policy stance," say the Brookings Institution's William Galston and Harvard's Elaine Kamarck, "but neither Democrats nor Republicans are articulating a different path." Their study calls for "a robust military response to the terrorist threat," along with "a massive public relations effort akin to the Cold War propaganda machine." Militarily, the study suggests 100,000 more ground troops and "reinvigorated intelligence services." It also calls for "a massive increase to the $140 million the United States spends annually on public diplomacy," and "re-creating the United States Information Agency, which was folded into the State Department during the Clinton administration." [3]http://www.grenzeloos.org/artikel/viewartikel.php/id/360.html
Excerpt:
Roots of the EnronOnline Strategy
Broadband, of course, was just one of many, many sectors Enron sought to master. On December 6, the Economist analyzed the evolution of what it called "the amazing disintegrating firm," noting that it had only been a year since "Enron unveiled its master plan for domination of the universe. Not content with changing from an obscure gas-pipeline concern into the world's biggest energy trader, Enron's bosses set their sights higher. Jeffrey Skilling, then president, vowed to skyrocket past ExxonMobil to become the world's leading energy firm - quite an ambition, given that Exxon had just posted a quarterly profit of over $4 billion. But even that was not enough for Mr Skilling. He had a business insight so powerful that it would transform Enron into the world's leading company, period: the 'disintegration' of the traditional corporation."
"Mr. Skilling believed that deregulation and market forces would force traditional, asset-heavy companies to break up into thousands of niche players. Rather than being vertically integrated, companies would be "virtually integrated"- by enterprises such as Enron that would "wire those thousands of firms back together cheaply and temporarily."
http://www.forbes.com/2000/07/20/mu4.html
Excerpt:
Enron, Blockbuster Partner For Movie Mania
Forget Doom. Forget trading recipes in your favorite chat group. Curling up on the sofa to watch the latest Jim Carrey flick has become the killer app for broadband services.
Network provider Enron Broadband Services, a subsidiary of Enron ene (nyse: ene - news - people), partnered with Blockbuster bbi (nyse: bbi - news - people) yesterday in a 20-year exclusive deal that aims to sell movie-on-demand services, including 500 titles, on its broadband network by year's end.
Enron plans to deliver the movies to consumers' PCs or television sets via digital subscriber line (DSL)--technology that sends high-speed data over phone lines--through its relationships with SBC Communications sbc (nyse: sbc - news - people), Verizon Wireless vz (nyse: vz - news - people), Qwest Communications International q (nyse: q - news - people), Covad Communications covd (nasdaq: covd - news - people), Telus and ReFlex networks.
While the exact financial details of the deal--including the subscription and pricing models for the service--were not disclosed, Enron execs say the services will be offered in a similar way as pay-per-view services on cable channels.
Both companies expect to generate significant revenue. The in-home entertainment industry is huge, predicted by analysts to reach $20 billion this year. "We think this service will help expand the pie. Consumption of entertainment has gone up every year," says Steve Pantelick, senior vice president of strategic planning at Blockbuster.
http://www.forbes.com/2003/03/13/cx_da_0313topnews.html
Excerpt:
The charges themselves against Kevin Howard and Michael Krautz, while quite narrow, come closer than those issued previously to striking at the heart of how Enron did business. They detail a single transaction in which Enron allegedly created "partnerships" it in fact controlled and then transferred assets between the partnerships, creating revenue that Enron reported to the public.
The criminal complaint and parallel civil charges filed by the U.S. Securities and Exchange Commission focus on a deal known as Braveheart. It was devised by Enron in 2000 soon after the company entered into a joint venture with Blockbuster (nyse: BBI - news - people ) to build a "video-on-demand" service that would theoretically allow customers to download films from the Internet.
http://www.justice.gov/criminal/vns/caseup/howardk.html
Excerpt:
According to the superseding indictment and the plea agreement, Howard knowingly and willfully caused Enron’s Form 10K for the year-ending 2000 to be falsified because it did not accurately and fairly reflect, in reasonable detail, the transactions and dispositions of Enron’s assets. In January 2000, Enron officially unveiled EBS to the public as Enron’s newest “core” business group and announced that EBS would report a loss of $60 million for the year 2000. According to court documents, by the fourth quarter of 2000, EBS had failed to generate any significant revenue. Howard admitted that he and others at EBS and Enron knew that absent a large revenue-generating transaction, EBS would miss the announced target by a wide margin. According to court documents, while EBS had little revenue, it had entered into an agreement with Blockbuster to provide video on demand (VOD) services. This agreement had anticipated future revenue in the hundreds of millions of dollars. Howard admitted that, in an attempt to generate earnings sufficient to meet the earnings target, he and others at EBS structured a transaction known as “Project Braveheart” designed to “monetize” or book a portion of the anticipated hundreds of millions of dollars of future earnings from EBS’s agreement with Blockbuster in the fourth quarter of 2000.
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