[I remember this terrific article from two years ago and I thought it
might be pertinent to reread now]
Titans of the Enron Economy
by SCOTT KLINGER & HOLLY SKLAR
The Nation
[from the August 5, 2002 issue]
The pivotal lessons from the Enron debacle do not stem from any
criminal wrongdoing.
by David B. Shemano
Charles Brown writes:
>> Hey , on an old thread, I haven't "seen" you since Enron. What to you
think
>> about bookcooking on Wall Street,now ?
What do I think about it? I am against it.
Look, fraud is illegal in a capitalist economy. There is
ravi wrote:
>
>
> can we define such a thing as "public property"? i.e., something that
> belongs (i would prefer 'open' or 'available' to 'belong') to everyone
> (all species)? if so, anyone appropriating such property for personal
> use, excluding access to othres, could be said to be committing
"Devine, James" wrote:
>
> you don't understand Locke. He didn't think of his servant as a human being, so that
> the servant's labor didn't produce property for her (according to Locke's labor
> theory of property). Instead, she was like Locke's horse.
This is misleading. Until the millenia-ol
Jim C. writes:
>Since so much of primitive
accumulation of original capitalist property that formed the foundations
of present-day property and gains is not gained through any "just war",
discovery, or sale/gift/bequest of legally titled property, capitalist
property continues to be tainted and s
Smith (III.v,12, 362) even lumped together "labouring cattle" and "productive
labourers" in his description of a world dominated by stock.
On Thu, Jul 01, 2004 at 01:59:41PM -0700, Devine, James wrote:
> you don't understand Locke. He didn't think of his servant as a human being, so that
> the
Michael P wrote:
It is worse that Jim says: "Thus the Grass my Horse has bit; the Turfs
my Servant has cut; and the Ore I have digg'd ... become my Property"
(Locke 1698, p. 307),
On Thu, Jul 01, 2004 at 01:39:27PM -0700, Devine, James wrote:
John Locke wrote that such stealing of public property
vine [EMAIL PROTECTED] & http://bellarmine.lmu.edu/~jdevine
> -Original Message-
> From: PEN-L list [mailto:[EMAIL PROTECTED] Behalf Of Michael
> Perelman
> Sent: Thursday, July 01, 2004 1:50 PM
> To: [EMAIL PROTECTED]
> Subject: Re: [PEN-L] Enron
>
>
> It is
It is worse that Jim says: "Thus the Grass my Horse has bit; the Turfs my Servant has
cut; and the Ore I have digg'd ... become my Property" (Locke 1698, p. 307),
On Thu, Jul 01, 2004 at 01:39:27PM -0700, Devine, James wrote:
> John Locke wrote that such stealing of public property was the basis o
inal Message-
> From: PEN-L list [mailto:[EMAIL PROTECTED] Behalf Of ravi
> Sent: Thursday, July 01, 2004 12:40 PM
> To: [EMAIL PROTECTED]
> Subject: Re: [PEN-L] Enron
>
>
> David B. Shemano wrote:
> >
> > The argument that capitalism is legalized fraud and t
k hanly wrote:
> What is assumed as just is that a
> person should be able to appropriate the value of what they produce through
> their labor...
>
naive question: does this not assume that the person produces (through
his labour) in a vacuum? aren't a whole slew of living and non-living
things wh
David B. Shemano wrote:
>
> The argument that capitalism is legalized fraud and theft
> is a very interesting thesis which I would love to explore. (For
> instance, doesn't that statement, as a normative statement, assume
> the justness of private property, because if not, what is wrong with
> the
Ken Hanly wrote:
What is assumed as just is that a
person should be able to appropriate the value of what they produce
through
their labor and that private property in the means of production makes
this
impossible and so is inherently unjust.
The ultimate idea of "right" that Marx defends is "from
-talk and
missing a much more fundamentally egalitarian position.
dd
-Original Message-
From: PEN-L list [mailto:[EMAIL PROTECTED] Behalf Of k hanly
Sent: 01 July 2004 05:25
To: [EMAIL PROTECTED]
Subject: Re: Enron
Why does the statement assume the justness of private property? Sure
s personal
possession is freedom not theft.
Cheers, Ken Hanly]
- Original Message -
From: "David B. Shemano" <[EMAIL PROTECTED]>
To: <[EMAIL PROTECTED]>
Sent: Wednesday, June 30, 2004 8:48 PM
Subject: Re: Enron
> In defense of David Shemano, Michael Perelman writes:
- Original Message -
From: "David B. Shemano" <[EMAIL PROTECTED]>
To: <[EMAIL PROTECTED]>
Sent: Wednesday, June 30, 2004 8:48 PM
Subject: Re: Enron
> In defense of David Shemano, Michael Perelman writes:
>
> >> David is a conservative. He speaks Engl
dnesday, June 30, 2004 8:48 PM
Subject: Re: Enron
> In defense of David Shemano, Michael Perelman writes:
>
> >> David is a conservative. He speaks English with a right wing dialect,
but he does so
> >> with humor (not snottiness). We can disagree with him. I usually do,
ks. They should be called what
> they are. Jim C. called it right. He shouldn't have backed down.
>
>
>
>
>
> - Original Message -
> From: "David B. Shemano" <[EMAIL PROTECTED]>
> To: <[EMAIL PROTECTED]>
> Sent: Wednesday, June 30,
OTECTED]>
To: <[EMAIL PROTECTED]>
Sent: Wednesday, June 30, 2004 6:48 PM
Subject: Re: [PEN-L] Enron
> In defense of David Shemano, Michael Perelman writes:
>
> >> David is a conservative. He speaks English with a right wing dialect,
but he does so
> >> with humor
We used to get conservatives here who came to convert us. All they did
was to create irritation. David never has done that. Sometimes he
tweaks us -- always in good humor.
Michael Perelman
Economics Department
California State University
Chico, CA
95929
As a I said when I first participated o
In defense of David Shemano, Michael Perelman writes:
>> David is a conservative. He speaks English with a right wing dialect, but he does
>> so
>> with humor (not snottiness). We can disagree with him. I usually do, but we can
>> still be polite.
>>
>> I don't see him as a red meat class warr
David is a conservative. He speaks English with a right wing dialect,
but he does so with humor (not snottiness). We can disagree with him.
I usually do, but we can still be polite.
I don't see him as a red meat class warrior, but as a sincere [albeit
misguided] conservative].
Response: Jim C
David is a conservative. He speaks English with a right wing dialect, but he does so
with humor (not snottiness). We can disagree with him. I usually do, but we can
still be polite.
I don't see him as a red meat class warrior, but as a sincere [albeit misguided]
conservative].
On Wed, Jun 30,
While many of us might agree with Jim, we should address David more
respectfully.
Response Jim C: I'm sorry, did I break some list protocol? This guy can
make snotty passive/aggressive sarcasm (about fraud being not possible
under socialism) and basically pimp a totally bullshit
revisionist/myopic
While many of us might agree with Jim, we should address David more respectfully.
On Wed, Jun 30, 2004 at 03:34:35PM -0700, Craven, Jim wrote:
> David Shemano writes:
>
> What do I think about it? I am against it.
>
> Look, fraud is illegal in a capitalist economy. There is a certain
> percentag
Charles Brown writes:
Hey , on an old thread, I haven't "seen" you since Enron. What to you
think about bookcooking on Wall Street,now ?
David Shemano writes:
What do I think about it? I am against it.
Look, fraud is illegal in a capitalist economy. There is a certain
pe
Charles Brown writes:
>> Hey , on an old thread, I haven't "seen" you since Enron. What to you think
>> about bookcooking on Wall Street,now ?
What do I think about it? I am against it.
Look, fraud is illegal in a capitalist economy. There is a certain percentage
ER 10 - 16, 2003
Pluggging the Latest Conspiracy Theory
Internet buzzes about the recall schemes of Arnold and Enron
by Howard Blume
Call it the most electric scandal yet to circulate about the governor-elect. As the story goes, Arnold Schwarzenegger conspired with energy barons in May 2001 to
LA Weekly/OCTOBER 10 - 16, 2003
Pluggging the Latest Conspiracy Theory
Internet buzzes about the recall schemes of Arnold and Enron
by Howard Blume
Call it the most electric scandal yet to circulate about the governor-elect. As the
story goes, Arnold Schwarzenegger conspired with energy
[who needs Jerry Springer when we've still got these folks...]
Enron Sues Citigroup, J.P. Morgan, Four Other Banks
Sept. 25 (Bloomberg) --
Enron Corp. sued Citigroup Inc. and J.P. Morgan Chase & Co., its two
largest creditors, and four other banks, alleging their business dealings
The Spring Issue of the Journal of Economic Perspectives contains
three articles under the above heading that you may find
interesting. The Healy and Palepu article on "The Fall of Enron"
is an excellent summary of what happened at Enron and may be
quite useful for those who are interes
- Original Message -
From: "michael perelman" <[EMAIL PROTECTED]>
Pipe Dreams is a very nice book.
==
See, folks, there's just no way to catch up with him..
Ian
Pipe Dreams is a very nice book.
Michael Pollak wrote:
> London Review of Books
> Vol. 25 No. 10
> 22 May 2003
> Donald MacKenzie
>
> Empty Cookie Jar
>
> Pipe Dreams: Greed, Ego and the Death of Enron by Robert Bryce |
> PublicAffairs, 394 pp, £9.99
>
>
London Review of Books
Vol. 25 No. 10
22 May 2003
Donald MacKenzie
Empty Cookie Jar
Pipe Dreams: Greed, Ego and the Death of Enron by Robert Bryce |
PublicAffairs, 394 pp, £9.99
Enron: The Rise and Fall by Loren Fox | Wiley, 384 pp, £18.50
Can the managers of a corporation like Enron be
Title: Enron recap
This was posted by a California Nader group.
("Nader 2000 | California"
<[EMAIL PROTECTED]>)
Enron: Under Cover of Dark and the War
By Matt Bivens
WASHINGTON (Moscow Times [Russia], Feb. 17) -- The Enron scandal
has all but disappeared from view. Let&
- Original Message -
From: "Devine, James" <[EMAIL PROTECTED]>
> Ian writes: >Some questions I've been asking while looking at the Enron
> document:
>
> >Are there sets/classes of optimal contracts whereby fraud is rational?
> [espec
few of Enron's thousands of partnerships and was filled
with caveats about its own incompleteness.
Gutless - but that's the basis for a much longer critique.
A close analysis of the dealings at Enron leads to three key conclusions, each
counter to the prevailing wisdom about the comp
Title: Enron and P/A
[was: RE: [PEN-L:34711] Re: RE: re: What is wrong with the mainstream economics?]
I wrote:>> why can't Enron be explained using the (relatively mainstream) theory of the principal/agent problem?<<
Ian writes: >Some questions I've been as
arted going up again.
When Enron collapsed in late 2001, it shattered some investors' beliefs and
took a few other stocks down with it. Then Global Crossing and WorldCom
declared bankruptcy, and dozens of corporate scandals materialised as the
leading stock indices lost a quarter of their va
Title: Enron/Bush video
<http://www.latimes.com/business/la-fi-enron17dec17,0,6225837.story?coll=la%2Dheadlines%2Dbusiness>
Videotape From '97 Enron Party Jokes About Accounting
From Associated Press
December 17 2002
Five years before Enron Corp. collapsed in a big accounting
In a message dated 12/12/2002 1:41:33 AM Eastern Standard Time, [EMAIL PROTECTED] writes:
For instance, at a time when Wall Street executives say a $100 million
daily trading profit was considered sizable for a major trading
operation, Enron recorded a $485 million profit on Dec. 4, 2000. For
[New York Times]
December 12, 2002
Despite Denial, Enron Papers Show Big Profit on Price Bets
By DAVID BARBOZA
Even as Enron's top executives were insisting that the company did not
engage in speculative trading, Enron was reaping the bulk of its profits
during the California energy cris
>Carr may be a sleaze (for all I know), as suggested by the second article
>below, but the first article is a straight reporting job. I can't find
>anything wrong with it. It's not trashing Salon or Krugman as much as
>reporting on the article being pulled.
>
>
>Jim Dev
Title: RE: [PEN-L:31203] The New York Times, Salon, Enron and Me
Carr may be a sleaze (for all I know), as suggested by the second article below, but the first article is a straight reporting job. I can't find anything wrong with it. It's not trashing Salon or Krugman as much as re
NY Times, Oct. 4, 2002
Web Article Is Removed; Flaws Cited
By DAVID CARR
The online magazine Salon has removed an article charging Thomas E. White,
secretary of the Army, with participating in accounting practices that led
to the collapse of Enron while he was vice chairman of Enron Energy
In a message dated 8/14/2002 1:05:18 AM Eastern Daylight Time, [EMAIL PROTECTED] writes:
It's just the only in-depth description of the charges I've
been able to find, and this is pretty significant news IMO.
The notes from the House subcommittee of the financial services committee from May pre
rom: Ben Day
>To: [EMAIL PROTECTED]
>Sent: 8/13/2002 8:37 PM
>Subject: [PEN-L:29426] "Big Labor?s Enron"
>
>August 13, 2002, 8:45 a.m.
>Big Labor's Enron
>by Joel Mowbray for National Review Online
The Wall Street Journal also wrote about the union scam. What I found
interesting about this story was the way right wing activists jumped on
it.
I wish I saw a comparable energy among the well-financed parts of the
supposed left.
--
Michael Perelman
Economics Department
California State Univ
Title: RE: [PEN-L:29426] "Big Labor?s Enron"
is NATIONAL REVIEW -- a right-wing McCarthyite rag -- a reliable source? is the National Right to Work group -- an anti-union organization -- someone to trust?
Jim
-Original Message-
From: Ben Day
To: [EMAIL PROTECTED]
Sent: 8
August 13, 2002, 8:45 a.m.
Big Labors Enron
by Joel Mowbray for National Review Online
At the same time that AFL-CIO president John Sweeney is telling the public
that unions are the best protector of workers amidst the "corporate crime
wave sweeping the country," "big labor&q
http://www.mtholyoke.edu/courses/sgabriel/post_structuralist_firm.htm
Title: The Invisible Robert Rubin (and Enron)
from SLATE:
chatterbox
The Invisible Robert Rubin
He's in Citigroup's upper management. Why don't the scandal stories say so?
By Timothy Noah
Posted Wednesday, July 24, 2002, at 2:53 PM PT
Monday's New York Times story al
USA TODAY, June 18, 2002
Copyright 2002 Gannett Company, Inc.
USA TODAY
HEADLINE: Payouts anger former Enron workers 152 execs, managers got more
than $745 million
BYLINE: Edward Iwata
BODY:
Less than a week after a workers' severance-pay agreement was announced,
former Enron employee
http://www.commondreams.org/headlines02/0613-05.htm
--
Michael Perelman
Economics Department
California State University
Chico, CA 95929
Tel. 530-898-5321
E-Mail [EMAIL PROTECTED]
The Enron nine
By William Greider
http://www.workingforchange.com/article.cfm?itemid=13260
Charles Jannuzi (and others) no doubt would be interested in Frank Partnoy's
testimony to the U.S. Senate Committee on Governmental Affairs. Partnoy is
also extremely critical of the ratings agencies. Partnoy wrote the
investment banker insider story, F.I.A.S.C.O., a few years ago and is now a
law
below.
Posted by Charles Jannuzi
--
http://www.twnside.org.sg/title/twe275f.htm
Even as the US financial system reels under damaging disclosures about its
deficiencies sparked by the Enron collapse, one major player in the capital
markets has thus far larg
This article is like A.G. Frank's analysis of Latin America prospering
during the Depression.
--
Michael Perelman
Economics Department
California State University
Chico, CA 95929
Tel. 530-898-5321
E-Mail [EMAIL PROTECTED]
[Financial Times]
Enron failure boosts Latin America
By Richard Lapper
Published: March 17 2002 18:41 | Last Updated: March 17 2002 22:32
When policymakers studied the impact of last year's two big
financial disasters, Latin America seemed more vulnerable to the
impact of debt defaul
If the facts of their timeline check out, then Enron was, true to its rootin
tootin Texas roots, even into exploration in Asia (though as has been noted,
they were dumping fixed assets to raise cash). Another interesting thread is
how Unocal has been interested in buying up Enron assets. And just
>. And I haven't heard anything
> about Enron having a piece of the oil concessions. Enron, furthermore,
has had
> for the last two or three years a strategy of not owning hard assets.
They had
> been burned on almost all their investments -- water, electric power, etc.
En
I continue to have strong disbelief of the Enron and Afghanistan pipeline
story. The profits from such a pipeline would come from producing and selling
oil, not the investment in the pipeline per se. And I haven't heard anything
about Enron having a piece of the oil concessions.
> This wouldn't rule out an Enron role in the Oil pipeline, but there
> were already enough giant companies fighting each other that letting a
> new boy in doesn't make much sense.
Enron was such a mix of things that I think traditional journalism, however
earnest, is
Michael Perelman wrote:
> In case some of you have not seen this yet. I would be
> interested in Gene Coyle's take on this.
Sorry to be so slow. I've been traveling and just catching up.
I didn't find this story credible. It conflates the Enron
headline-grabber with
Ripplewood Pt. 3
And as things become totally bizarre and muddled (mostly because Koizumi
deregulation and liberalization are going to have immediate postive
effects), we find Ripplewood/Shinsei and its good friends, Goldman Sachs,
mixed up in it all. A lot of it, by the way, has to do with wha
Ripplewood Pt. 2
I would say that the difference this time is that most Japanese investments
in the US turned out very bad for them, while the private equity groups like
Carlyle and Ripplewood know how to make a buck. It's the same way GE Capital
makes money too. They aren't in Japan to re-tool t
What does Ripplewood know about running a credit bank in Japan? Pt. 1
The Ripplewood plan is simple actually: use high equity valuations and
inflated asset prices in the US and an ability to operate as largely
unregulated capital worldwide to buy up and profit from distressed Asia
(Asia post 199
> I know nothing of Ripplewood except a short 10 Dec. Business Week article.
>
> Charles Jannuzi wrote:
>
> > The public side
> > of the bubble still awaits deconstruction. The non-public side of it,
such
> > as Carlyle Group, Ripplewood and Lonestar may never be cracked.
> >
Well, complete ignora
In case some of you have not seen this yet. I would be
interested in Gene Coyle's take on this.
http://www.alternet.org/print.html?StoryID=12525
AlterNet February
28, 2002
The Enron-Cheney-Taliban Connection?
By Ron Callari, Albion Mo
I know nothing of Ripplewood except a short 10 Dec. Business Week article.
Charles Jannuzi wrote:
> The public side
> of the bubble still awaits deconstruction. The non-public side of it, such
> as Carlyle Group, Ripplewood and Lonestar may never be cracked.
>
> Charles Jannuzi
--
Michael Pere
There are far more interesting artifacts out there on the internet that just
begged to be pieced together to see how Enron really worked. (One
interesting source has been doing google searches which return html pages
even after the pdf has been taken down.)
It would seem that traditional
rch 3, 2002
A select group of blue-chip investors was offered big profits based on
insider dealing at one of the Enron Corp. partnerships that later
brought down the Houston energy company, internal documents show.
The investors, the records show, were told that their investments would
benefit from
The Financial Express
February 26, 2002
Enron Japans Creditors May Be Left Disappointed
Singapore, February 25: Creditors to Enrons Japanese units could be left in
the cold as the companys assets may cover little more than the cost of
liquidation, a source said on Monday.
Creditors will
< http://www.thenation.com >
FEATURE STORY | March 11, 2002
Reformer From Goldman Sachs
by WILLIAM GREIDER
Jon Corzine, the freshman senator from New Jersey, is uniquely
positioned to deal with the swirling scandals of Enron and other
related malpractices in high finance. He was a Wall
California lawmakers: Arrest Enron execs
Author: Tim Wheeler
People's Weekly World Newspaper, Feb 16, 2002
Houston workers demand justice
WASHINGTON * A committee of the California State Senate has demanded that Kenneth Lay
and other Enron officials be brought to Californ
Help for the Needy Enron Execs
Source: Solidarity4ever
Posted: February 14, 2002
Dear kind-hearted friends...
Now that the holiday season has passed, please look into your heart to help
those in need. Enron executives in our very own country are living at or
just below the seven-figure salary
Debating the Enron Effect
Business World Divided on Problem and Solutions
By Steven Pearlstein
Washington Post Staff Writer
Sunday, February 17, 2002; Page A01
To Thomas J. Donohue, the pugnacious president of the U.S. Chamber of
Commerce, Enron is a rogue corporation, an unfortunate and
still have $16.6 billion, or nearly 5% of their equity
capital, exposed to 2001's two biggest credit problems -- Enron Corp. and
Argentina -- according to a report released Wednesday by the Federal Deposit
Insurance Corp.
Loans to the collapsed energy trader and the South American country ma
Ian posted the article below about OPIC and Enron. But note:
Enron isn't the only company using OPIC (and the US military) to do its dirty work.
Mission Energy, a
subsidiary of Edison International, a new holding company arisen out of the electric
utility, Southern
California E
< http://www.atimes.com >
Heat from Enron's meltdown hits credit agencies
By Danielle Knight
WASHINGTON - The scandal and crisis surrounding the collapse of energy giant Enron
Corp have reached
the doors of US government agencies that finance and facilitate private projects in
regarding VCs, my personal experience is that things are opening up a
bit again, but most of late 2001 VCs shifted to investing most of their
money into existing investments (second-round) with brighter prospects.
i think the numbers are: ~ $70b raised by VCs 2000, $55b 2001. from CNN
money:
Rakesh wrote:
> I know VC firms are sitting on a $100bn or so, but I wouldn't
> think they'd like to see it go to covering enormous legal costs
> of their start ups. But hell what else are they going to do
with
> it--create another NASDAQ bubble though led this time by
biotech
> and medical equip
Steven,
thank you for your many illuminating posts.
This marking to market seems similar to the false revenue recognition
by software firms which were seem to have thumbing their noses at SEC
standards which differ for software and hardware firms. Aren't there
a whole bunch of lawsuits agains
This crucial story in the LA Times explains the link between the California
energy crisis and the collapse of Enron. As the excerpt below indicates,
Enron needed huge amounts of cash to act as a market maker in energy
futures. The company then assumed that its early profit margins in this
yield securities in order to avoid liquidation altogether. So the
short answer is that the money UBS pays to Enron (if the trading operation
generates sufficient returns) will be used to continue to pay creditors. Of
course, while in bankruptcy there are various ways to delay paying out cash
to
some key
staff. They didn't take over any of Enron's old positions.
dd
-Original Message-
From: Michael Perelman [mailto:[EMAIL PROTECTED]]
Sent: 12 February 2002 01:03
To: [EMAIL PROTECTED]
Subject: [PEN-L:22723] Enron question
Can anybody explain how Enron was able to give its
< http://www.atimes.com >
Trashed at home, Enron takes it out on India
By Praful Bidwai
NEW DELHI - As the Enron scandal sends wave after shock wave
through the US political system, the international repercussions
of history's most spectacular case of corporate bankruptcy are
jus
Hindustantimes.com
February 05, 2002
After Enron, debt stalks corporate world seeking new victims
AFP
London , 04-02-2002
To be or not to be? Debt is the question.
For many corporate giants wondering if they will survive the downturn or go
the way of US energy titan Enron, debt is emerging
Re: Enron SPV's (Doug's theory)
by Doug Henwood
04 February 2002 20:02 UTC
Yeah, it looks like the rentiers were screwed - at least some of
them, those that didn't get to play with the SPVs. But now they're
pissed, and there's going to be a big fight to reassert t
transport, one of my spies has given me
inside info on this whole Enron scandal.
Andersen has been working with ADIC (Advanced Digital
Information Corp.), Enron, the Securities and Exchange
Commission, and lawyers to recover lost electronic
documents. Andersen has a backup strategy that
includes a
Enron and Economic Recovery
by Michael Perelman
04 February 2002 00:34 UTC
CB: Whatever happened to Dave our conservative bankruptcy attorney ? He could tell us
a thing or two now.
Humorous story from the Wall Street Journal
Chaker, Anne Marie et al. 2002. "Enron Debacle
Rakesh Bhandari wrote:
>Front page story in today's WSJ is pretty darn lucid.
>
>Doug, in Wall Street, you chart the shifting relations between
>rentiers and corporate insiders.
>
>Does this Enron case indicate that the relations have shifted again?
>An anomalo
Front page story in today's WSJ is pretty darn lucid.
Doug, in Wall Street, you chart the shifting relations between
rentiers and corporate insiders.
Does this Enron case indicate that the relations have shifted again?
An anomalous case? It seems that the rentiers have been juked fo
Fred,
The private placements are debt instruments (or variations on what is near
equity-like deeply subordinated debt), backed by the collateral of the asset
sold to the SPV by the parent. Often, the parent may continue to hold on to
some risk associated with the SPV. And the SPV's equity (i.e.
Humorous story from the Wall Street Journal
Chaker, Anne Marie et al. 2002. "Enron Debacle Means Extra Work for
Companies and Professionals." Wall Street Journal (31 January): p. B 1.
Estimated number of attorneys at Weil, Gotshal & Manges working on
behalf of Enron in its bankr
Stephen: iv) Enron books the $100 mn as revenue today tho it may have
made various
promises to the bank and to future investors in the SPV to make them
whole
for losses (through warrants or issuance of additional ENE stock, again
without full disclosure to current public shareholders).
v) the
Rakesh: Another question is who the creditor is. The creditors could be
US in
origin operating out of offshore accounts for purposes of tax
advantage. But I don't believe the Fed's Flow of Data allows one
track creditors working through offshore accounts back to their
nations of origin.
Karl: So
PROTECTED]
> Subject: [PEN-L:22248] Re: Re: Enron SPV's and debt
>
> Fred, the Portnoy testimony that Steve mentioned is excellent is laying
> out the mechanism.
>
> On Sat, Feb 02, 2002 at 09:04:12PM -0500, Fred B. Moseley wrote:
> >
> > Steve, thanks for
Fred, the Portnoy testimony that Steve mentioned is excellent is laying
out the mechanism.
On Sat, Feb 02, 2002 at 09:04:12PM -0500, Fred B. Moseley wrote:
>
> Steve, thanks for your very clear and helpful description of the typical
> SPV. Better than anything I have read yet.
>
> My main ques
Steve, thanks for your very clear and helpful description of the typical
SPV. Better than anything I have read yet.
My main question at the moment has to do with step (ii), the money the SPV
borrows. This debt is off the balance sheet of the Parent, although the
Parent still has contingent lia
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