Wednesday, August 17, 2011

PG&E/Enron


http://www.nytimes.com/1995/07/26/business/company-news-bronfmans-in-bid-for-olympia-s-united-states-holdings.html?src=pm

http://en.wikipedia.org/wiki/Portland_General_Electric
Excerpt:

http://en.wikipedia.org/wiki/First_Boston
Excerpt:

http://en.wikipedia.org/wiki/Timeline_of_the_Enron_scandal
Excerpt:
1997
Andrew Fastow creates Chewco (managed by Enron's Michael Kopper) in an effort to hide debt and inflate profits, but Chewco doesn't meet requirements to keep it off Enron's balance sheet.
Enron closes its acquisition of Portland General Electric in a 2 billion dollar stock swap. Enron and UNOCAL executives along with the then governor of Texas, George W. Bush met with the Taliban in Houston to discuss a trans-Afghan pipeline project to bring Caspian Sea petroleum to the Indian subcontinent, partially to supply the Dabhol, India power plant with a cheap source of fuel.[citation needed]

[edit] 1998

Enron enters into several capital intensive ventures that turn into financial disasters including a water distribution scheme and power plants in Brazil.
Enron promotes Andrew Fastow to Chief Financial Officer.
Enron buys Wessex Water, a British water utility. Wessex become Enron's new water unit, Azurix.

[edit] 1999

Enron board of directors waive conflict of interest rules in order to allow Andrew Fastow to run private companies that do business with Enron. He creates LJM that buys poorly performing Enron assets. In reality, LJM is used to hide debt and inflate profits for Enron in order to prop up its stock price. It is believed that this is the beginning of the complex and questionable accounting practices that lead to Enron's demise.
Enron withdraws from oil and gas productions by divesting its remaining stake in Enron Oil & Gas.
Enron announces the launch of EnronOnline, its internet-based commodity trading.

http://en.wikipedia.org/wiki/Donaldson,_Lufkin_%26_Jenrette
Excerpt:
Renewable energy sales
In 2008, 2009, and 2010 the utility ranked #2 in nation-wide sales of renewable energy to customers according to the National Renewable Energy Laboratory.[9][10][11]

[edit] Vehicle charging stations

The utility is installing 12 electric vehicle charging stations in Portland and Salem as part of a demonstration project to develop the transportation infrastructure needed to support electric vehicles, and specially anticipate the demand plug-in cars.[12]

http://online.wsj.com/public/resources/documents/info-enrongloss-0603.html
Excerpt:

Enron Glossary


Bear hug

A business jargon term that applies to a friendly approach to a takeover bid, carrying an implicit threat to the target that events could turn hostile. In the case of Enron, Andy Fastow used this term regarding assurances he received from Jeff Skilling that he wouldn't lose money on some of the deals he did with Enron as head of the LJMs.

http://blog.washingtonpost.com/enron/2006/04/skilling_day_two_bear_hugs_and.html
Excerpt:

Skilling, Day Two: Of Bear Hugs and Barges

On Tuesday, there was talk of bear hugs and Nigerian barges.
To try understand what these two seemingly disparate concepts have to do with Enron is to gain a glimpse into how sprawling this company was at its height and how many far-flung, grandiose projects it tried, one of which came out in Tuesday's defense testimony of former Enron chief executive Jeffrey Skilling under direction of his lawer, Dan Petrocelli. (Read Post reporter Carrie Johnson's write-up here.)
Start with the barges.
Enron owned nine barges loaded with electrical generators that run on liquid fuel or natural gas. Essentially, they are giant, floating electricity machines. Enron had bought them with the idea that they could deploy them around the world, sailing to parts of the globe that were experiencing power shortages.
Sort of like AAA tow trucks roaming the highways with cans of gasoline for drivers who've run out.

http://www.ontariotenants.ca/electricity/articles/2005/gm-05h03.phtml
Excerpt:

CIBC to pay $2.4-billion to settle Enron investors suit

Massive U.S. agreement raises questions about the future direction of the bank

Globe and Mail - August 3, 2005
by Sinclair Stewart


Canadian Imperial Bank of Commerce unveiled a massive $2.4-billion (U.S.) legal settlement with Enron investors yesterday, a move that provides some costly closure on CIBC's troubled past and at the same time raises serious questions about the bank's future direction.

http://en.wikipedia.org/wiki/Canadian_Imperial_Bank_of_Commerce
Excerpt:

http://www.nytimes.com/2006/10/02/business/businessspecial3/02enron.html?ref=canadianimperialbankofcommerce
Excerpt:
Lawyers have already won settlements for $7.3 billion of the $40 billion investors claim they lost in Enron’s collapse. Most of that money has come from banks, like J. P. Morgan Chase, Bank of America, Citigroup and Canadian Imperial Bank of Commerce. Seven other banks have not settled.

http://uniset.ca/other/cs5/2005WL3504860.html
Excerpt:
ROYAL BANK OF CANADA, Royal Bank Holding Inc., Royal Bank DS Holding Inc., RBC



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