enron mentions rise fall enron new york times 11 02 01 enron debacle business week 11 02 01 derivatives danger business week 11 02 01 commentary enron clout sway sec business week 11 02 01 afl cio amalgamated bank call enron redirect mission newly created special committee outside directors must adopt independent role pr newswire 11 02 01 williams ceo sees validation co bandwidth model dow jones energy service 11 02 01 usa enron shares plunge section rise fall enron 11 02 2001 new york times page 24 column 1 c 2001 new york times company earlier year companies would loved enron problems californians resented energy trading company huge profits energy crisis democrats washington raised questions enron influence within white house cozy relationship enron chairman kenneth lay vice president dick cheney nobody seemed better positioned thrive bush presidency houston based apostle deregulation wall street impressed enron strategy swooping formerly regulated markets broker contracts natural gas electricity unused telecom bandwidth company celebrated paragon american ingenuity stodgy gas pipeline company reinvented high tech clearinghouse ever expanding roster markets enron push force utilities internet age online trading systems seemingly handsome profit became epic tale dot com revolution appears enron tale may cautionary epic enron envy crashed along company stock price serious questions emerge bookkeeping enron disclosed earlier month 1 2 billion market value vanished result controversial deal entered private partnerships run chief financial officer andrew fastow alarming enron reluctance shed light management wheeling dealing related party transactions accountants call fraught conflicts interest though much remains learned transactions scope lack transparency suggest enron may effect created private hedge fund assume risk mask losses complex trading extent company insiders profited partnerships yet clear enron scrambled dampen wall street concerns acknowledging credibility problem insisting health core businesses wednesday brought william powers dean university texas school law review transactions securities exchange commission launched formal investigation mr fastow forced resign following jeffrey skilling man credited driving enron new cutting edge businesses door enron former admirers wall street mindful recent scandals involving high profile companies doctoring earnings spectacular collapse long term capital management hedge fund 1998 alarmed carole coale prudential securities summed prevailing sentiment told times bottom line really difficult recommend investment management disclose facts analysts well media entirely blameless enron mention albeit passing troubling related party deals early march 2000 analysts bothered raise questions time company revenues profits stock price soaring harvey pitt new securities exchange commissioner must pursue enron inquiry aggressively order assure investors vigilant predecessor arthur levitt comes protecting integrity financial markets indeed even enron cleared wrongdoing regains past luster well might company preaches merits self regulating marketplaces reminded us need strong regulator wall street copyright 2000 dow jones company inc rights reserved november 12 2001 finance business week enron debacle byzantine deals shattered energy outfit credibility executives high flying enron corp ene never seemed overly concerned rest world viewed business practices earlier year california attorney general get court order collect documents industrywide investigation energy price fixing analyst challenged former ceo jeffrey k skilling conference call produce enron balance sheet skilling called ass still even enron executives worried company gone far two complex partnerships set 1999 buy company assets hedge investments enron chief financial officer acting general manager partnerships position personally benefit investments potential conflict interest backlash investors seemed overwhelming internally everybody said good idea says source close company one could predicted jaw dropping outcome nation largest innovative energy trader since oct 16 enron revealed 35 million charge earnings reflect losses partnerships forced knock 1 2 billion shareholders equity company stock plunged 60 securities highly ballyhooed business trading high speed communications capacity crippled telecom industry meltdown calamitous foray water business azurix corp already cost enron least 574 million write offs bad bets expensive ljm shock investors worried else might lurking enron many sticking around find think lack disclosure financial engineering killed credibility management team says richard giesen manages munder power plus fund dumped enron shares month ago clear many balance sheet financing vehicles enron used time created years ago finance oil gas producers analysts sources close deals say particular risk enron shareholders interconnected entities whitewing osprey atlantic water trust marlin water trust way get assets longer central enron strategy balance sheet freeing capital credit core energy business ventures like broadband table entice institutional investors pension funds insurers deals enron promised kick equity asset sales enough cover debt mandatory equity deals used least half dozen others energy telecom industries including el paso epg williams dominion says standard poor director todd shipman nobody going find anything particularly unique board deals says one investment banker specializing energy business worst case shipman considers unlikely enron could hook 3 billion mandatory equity deals could mean diluting shares 25 today prices analyst john e olson sanders morris harris inc smhg figures 9 dilution likely even 3 billion debt included enron balance sheet debt capital ratio would climb 54 49 end june change would pressure enron credit rating push investment grade says shipman huge hit fastow ljm private equity fund different kind animal according sources familiar arrangements bought energy assets enron booked gains losses deals ljm also involved complex hedging supposed reduce volatility enron investments including stakes high tech telecom businesses interest new power co markets power consumers enron terminated deals september took 1 2 billion hit equity immediate question whether trading partners stick company first place might show enron highly successful online platform trades everything gas electricity weather derivatives reassure partners enron scrambling shore liquidity already tapped 3 billion credit lines trying arrange another 1 billion shipman says seen signs massive customer defections drastically worsened credit terms still rival traders wary certainly taken closer look enron last week 10 days continue manage credit risk still business company usual says keith g stamm ceo power gas trader aquila inc ila speeding train still stock battered rating agencies considering downgrades could rapidly change recent days uncertainty enron future reduced investors appetite enron debt one wants speculate direction likelihood survival says credit derivatives salesperson really difficult get front speeding train even lay calm trading partners management team face much tougher task restoring credibility wall street stock hovering around 14 high 90 august 2000 even believe enron could takeover target likes ge capital royal dutch shell group rd declined comment would enron sell one source close company says enron talked possible mergers strategic alliances past royal dutch shell among others really worried liquidity might take easy way says enron pull crisis suspect humbler risk averse place company believed could expand trading logistics empire manner commodities advertising space steel forced scale back grandiose visions something investors applaud company focus strengths says william n adams senior energy analyst banc america capital management major shareholder far less exciting place enron energy cowboys ever hoped roam stephanie anderson forest wendy zellner dallas heather timmons new york november 12 2001 finance business week derivatives danger lately owners enron ene equity bonds loans struggling understand exposed company risks losses know fuller picture enron entanglements partnerships begins emerge investors something else worry credit default swaps known cdss short financial marketspeak insurance bonds bank loans owners pay premium coverage reimburses losses investments go bad cds market existed two years growing fast goldman sachs co gs others estimate bonds loans face value 1 trillion 1 5 trillion covered surprisingly big banks hefty balance sheets j p morgan chase jpm merrill lynch mer deutsche bank db dominate market enron however player significant one also bank competitors say although enron issued 500 million 700 million worth cdss far year ambitious plans offer online belong market says one trader understand implications enron return calls seeking comment course neither enron others pay unless loans bonds insuring turn bad trouble year potentially doozie losses corporate debt corporate defaults could reach record 100 billion says standard poor like businessweek unit mcgraw hill companies regulators say shaky bank loans hit record 193 billion early october enron insured bad debt might take charges losses exceed premiums getting happening recent weeks last thing needs heather timmons new york november 12 2001 finance mike mcnamee commentary enron clout sway sec securities exchange commission chairman harvey l pitt sec investigation enron corp ene could hardly come worse time future pitt ambitious agenda reforms securities regulation could depend well handles case enron political clout close ties president george w bush create real risks sec enron ceo kenneth l lay longtime bush backer company biggest corporate contributor president campaign bush appointee pitt attempting delicate balancing act made clear wants speed sec enforcement part rewarding companies cooperate probes insists sec still come hard true corporate miscreants knows signs let could jeopardize rest reform agenda enter enron probe fine shadings securities enforcement cases settled negotiated penalties court imposed fines often make hard outsiders tell whether sec tough lenient pitt must go way make clear enron case handled book getting strict scrutiny sec less connected company top sec aides say happening sec enforcement div washington looking whether enron adequately disclosed shareholders risks complex deals andrew fastow company former chief financial officer agency insiders say pitt fellow commissioners briefed case proceeds insist pitt heard white house enron political allies top lobbyist enron connections numerous besides lay links bush enron director wendy lee gramm wife texas senator phil gramm top republican senate banking committee enron spreads lobbying budget 2 13 million 2000 across parties year hired four lobbying firms democratic roots enron says lobbies heavily operates regulated industries notes electric utilities outspend 35 1 oct 31 special committee enron board hired william r mclucas former sec enforcement director represent mclucas know attempt muscle stock cops likely backfire pitt joined sec law school 1968 remembers nixon era sec tainted turning blind eye fugitive financier robert vesco says agency veteran pitt much riding enron probe let connections sway judgment mcnamee covers finance washington afl cio amalgamated bank call enron redirect mission newly created special committee outside directors must adopt independent role 11 02 2001 pr newswire copyright c 2001 pr newswire washington nov 2 prnewswire shareholder letter sent today board directors enron corporation nyse ene afl cio amalgamated bank called enron expand mission newly created special committee enron board adopt package reforms designed restore investor confidence battered energy firm america working families significant shareholders enron stock pension health welfare benefit funds among suggestions letter urges board expand special committee mandate examine transactions entities enron employees directors interest adopt procedures reviewing insider participation investments commence extraordinary review executive compensation adopt stricter definition director independence disclose director conflicts interest special committee mandate far narrow address current crisis said richard trumka secretary treasurer afl cio light enron recent balance sheet write downs share price decline credit rating deterioration special committee must forward looking consider sweeping governance reform measures explained time crisis outside directors must reform enron traditional lack transparency communicate directly shareholders said gabriel caprio president ceo amalgamated bank particularly important since several outside directors apparent conflicts interest compromise objectivity added afl cio affiliate unions sponsor benefit funds 400 billion assets hold estimated 3 1 million enron shares afl cio joined call reform amalgamated bank trustee longview funds hold 251 304 shares enron amalgamated bank longview funds collective investment trusts manage equity assets behalf workers benefit funds copy letter sent enron board directors available contacting afl cio office investment 202 637 3900 online http www shareholdervalue org make opinion count click contact lane windham 1 202 637 5018 bill patterson 1 202 637 3900 afl cio 13 39 est copyright 2000 dow jones company inc rights reserved williams ceo sees validation co bandwidth model 11 02 2001 dow jones energy service copyright c 2001 dow jones company inc houston dow jones beginning year two telecommunications units born energy companies seemed symbolize different ways sell bandwidth enron corp ene viewed hot pioneer blazing trail selling telecommunications network capacity commodity like natural gas electricity hand williams communications group wcg seemed promote old fashioned method telecommunications companies used making long term agreements thursday wcg reported third quarter earnings 22 6 million taxes interest wcg chairman chief executive howard janzen told dow jones newswires earnings validated williams model bandwidth company provider services trader commodities think bandwidth trading place janzen said developing relatively slowly reality bandwidth commodity except lower capacity services certain routes large amounts capacity enron reported 80 million third quarter loss broadband services unit janzen views bandwidth defined technology used provide bandwidth sell five years different selling today changes technology said taxes interest williams reported loss 272 7 million revenue 297 8 million third quarter extraordinary gain 223 7 million repurchase senior redeemable notes open market enabled williams post positive result taxes interest period year ago williams reported net loss 150 5 million revenue 209 million williams also announced thursday agreed buy assets coreexpress company operated williams network coreexpress guarantees data delivery multiple networks developed software monitor quality service multiple networks terms agreement disclosed deal close undisclosed conditions met williams also announced 20 year agreement valued 267 million provide bandwidth boeing co erwin seba dow jones newswires 713 547 9214 erwin seba dowjones com copyright 2000 dow jones company inc rights reserved usa enron shares plunge p credit rating cut 11 02 2001 reuters english news service c reuters limited 2001 new york nov 2 reuters shares enron corp dropped 8 percent early trade friday stock took new plunge two week free fall day credit rating cut second time week enron 89 cents 7 4 percent 11 10 new york stock exchange briefly slipping 10 95 price also touched briefly tuesday last closed july 1992 enron nation largest energy trader lined 1 billion new credit thursday bid restore investor confidence even standard poor cut enron credit rating stock markets closed thursday saying could situation worsens enron rocked stock slide slashed two thirds share price since oct 16 company reported 1 billion charge caused part dealings linked chief financial officer subsequently ousted houston based enron facing investigation u securities exchange commission dealings issue balance sheet deals limited partnerships run cfo andrew fastow contributed 1 2 billion reduction shareholder equity copyright 2000 dow jones company inc rights reserved goldman declines enron request loan amid credit concerns 2001 11 02 11 22 new york goldman declines enron request loan amid credit concerns new york nov 2 bloomberg goldman sachs group inc refused participate 1 billion loan enron corp unwilling risk capital client falling credit ratings using investment banking services less often according people familiar matter enron chief executive kenneth lay asked line credit meeting bankers goldman j p morgan chase co citigroup inc last month discuss ways alleviate cash crunch j p morgan citigroup agreed lend condition houston based energy trader pledge two pipelines collateral goldman refusal highlights reluctance provide credit lines top fee paying clients lending enron firm also able advise companies want buy enron assets make bid enron decision makes harder resist demands existing lenders made company give collateral pay higher interest rates get new loan people smell resistance enron said glenn reynolds analyst creditsights com independent research firm balance power banks kathleen baum spokeswoman goldman said firm long history putting capital work clients comment firm relationship enron karen denne spokeswoman enron said confirm talks shut enron needed 1 billion secured loan supplement cash reserves help company pay existing debt yesterday standard poor cut enron long term credit rating bbb second lowest investment grade rating bbb sec investigating partnerships run former chief financial officer andrew fastow bought sold enron shares assets trades cost enron 35 million company also lost 1 2 billion shareholder equity enron dealings partnerships shut commercial paper markets corporations borrow money days weeks lenders concerned company may losses trading business week ago enron tapped 3 billion credit lines arranged j p morgan citibank pay 2 2 billion commercial paper outstanding already loaded enron debt j p morgan citibank forced enron pay much 2 5 percentage points london interbank offered rate libor new loan according people familiar matter five times spread enron paying existing lines according bloomberg data extra yield sufficient incentive goldman lend securities firms goldman required value lending commitments market prices exposing potential losses declines loan prices banks j p morgan citibank allowed carry assets full value falling prices enron existing loans already fallen 80 90 cents dollar since company drew according traders company 6 4 percent coupon notes due 2006 fell much 6 cents dollar today price indications 68 73 cents traders said yesterday traders bid bonds 74 cents offered sell 77 cents goldman getting less investment banking business enron 3 u securities firm capital arranged bond sale enron since 1995 enron picked goldman advise acquisition sale since least 1993 according bloomberg data firm dealer enron 3 billion commercial paper program arranged six company 15 preferred share sales without steady flow investment banking fees goldman reluctant make loans tie capital business less profitable advising mergers underwriting securities among clients firm turned ford motor co second largest automaker vodafone group plc europe largest cellular phone company goldman extend 2 billion credit corp part 25 billion credit facility last year largest u long distance phone company one firm lucrative clients however paying 100 million investment banking fees past five years refusing lend enron goldman unlikely advise energy trader planned 2 1 billion asset sales people familiar said j p morgan advising enron sale azurix north american water business may retained along citigroup salomon smith barney unit look disposals possible sale whole company people said goldman energy trading business may already advising potential buyers enron businesses lining bid reynolds said may well see goldman pop side would explain reticence lend said power points time bronx miracle houston mark golden 11 02 2001 dow jones energy service copyright c 2001 dow jones company inc dow jones newswires column new york dow jones two outs bottom ninth two runs one man enron corp ene needs nothing less home run stay game home run enron must come full disclosure assets liabilities troubled partnerships kept balance sheet proof corporation cover difference stockholders bondholders trading partners demanding time running enron produced going get number soon tell people said source enron know quickly disclosure would come whether would independently audited environment going absolutely sure accurate enron 3 3 billion debt two key partnerships payable 2003 company sell assets partnerships worse case scenario face 1 billion shortfall could covered selling stock company assets enron said company hopes time comes issue new stock shares trading closer 20 current 11 investors however acting reassured part trouble analysts credit rating firm standard poor said friday morning enron sells assets nobody knows sure worth deep partnerships hole p confident enron raise enough capital fill hole provided trading partners key energy markets continue business company credit derivative fizzle see pickle world premier energy franchise one needs look credit derivatives trading desk relatively new innovative operation getting ground nicely desk able transact three weeks since value enron stock bonds began plummet according another enron employee enron respond request comment enron credit division europe said release lines constrained market continues evaluate company credit position recently customers would buy credit derivative enron cover exposure bankruptcy third company big supplier financially troubled company like xerox corp xrx lucent technologies lu example might pay enron 1 million year payout say 10 million event bankruptcy pay premium insurance unless sure insurance company could pay claims likewise enron creditworthiness doubt reason pay lot money exchange lucent risk enron risk holds true though less obviously enron core business energy trading utilities large industrial companies energy trading companies could see profits ruined natural gas prices already rise 3 per million british thermal units shoot 10 winter last winter guard risk companies buy contracts delivery winter set prices company wants lock winter gas 3 turn enron gas rise 10 january enron deliver enron counterparty paid good price protection enron failed 10 gas market would send hundreds companies scrambling supplies gas could go 20 heartbeat leading role asset enron man base company important energy market participants desperately want enron survive company moves lock enron market could regret enron survives big dog enron trading partners pretty consistent position point continuing trade enron avoiding long term deals increase exposure company acceptable long term deals offset deals done earlier unless bill goes unpaid keep delivering enron like rest u energy industry paid bills september gas deliveries oct 20 september electricity deliveries oct 25 next power gas bills come due third week november means trading companies generally seven weeks receivables risk enron creditworthiness faces another test exchange taking small risk keep great market maker business lenders show concerns lenders whether holding enron bonds providing loans luxury energy trading companies keeping deals short leash lenders supply cash front longer periods time usually years outside long term commitments worries banks presumably got good look enron books enron unable make big bets long term energy deals kept profitable years service liabilities known unknown sell profitable assets like pipelines power plants otherwise put assets risk lower earnings enough pay rising credit costs happens greatest asset traders leave droves work elsewhere enron chance needs energy trading profits keep rolling continue service debt far year trading wholesale operations accounted 2 2 billion 2 4 billion net recurring income interest taxes comparison enron made 617 million interest payments far year j p morgan chase 201 938 4604 mark golden dowjones com copyright 2000 dow jones company inc rights reserved enron says remains biggest player eu gas power 11 02 2001 dow jones energy service copyright c 2001 dow jones company inc london dow jones enron corp ene said statement friday remains biggest buyer seller gas power europe enrononline platform continues key trading platform europe company issued statement response widespread rumors several companies ceased trading gas power enron since share price took nosedive last week statement enron added worldwide transactions power gas markets averaging 3 billion 4 billion day 30 day average 2 5 billion close business friday oct 26 enron defensive announcing third quarter loss 618 million two weeks ago followed news took 1 2 billion equity write based partly transactions involving handful officers wednesday enron disclosed sec elevated inquiry enron alleged related party transactions formal probe enron corp secured 1 billion new credit lines week deal appease credit rating agency standard 44 0 20 7842 9345 sarah spikes dowjones com copyright 2000 dow jones company inc rights reserved usa update 1 enron shares fall investor concerns linger janet mcgurty 11 02 2001 reuters english news service c reuters limited 2001 new york nov 2 reuters shares enron corp u energy trading giant facing federal probe dealings declined friday amid lingering investor concern management credibility outcome pending lawsuits shares enron 62 cents 5 2 percent 11 37 early afternoon trade new york stock exchange recouping losses plunging briefly 10 95 closing price last seen july 1992 touched intraday trade tuesday enron debt due 2006 declined another 6 points trading 65 cents dollar bonds trading 1 01 two weeks ago enron announced oct 16 1 billion charge caused part dealings linked partnerships run recently chief financial officer ousted last week form part federal probe remain several fundamental issues believe need addressed clouds clear enron skies said ronald barone brokerage ubs warburg apart probe securities exchange commission barone said concerns include evolving state company balance sheet management credibility ultimate outcome shareholder lawsuits handful law firms sued enron saying overstated operating results failed write assets timely basis concealed investments might require company issue large amounts shares cover loses enron woes put intense investor scrutiny company losing 17 billion market capitalization past two weeks afl cio union umbrella urged enron friday review executive compensation adopt procedures insider investments among recommendations afl cio affiliate unions sponsor benefit funds hold estimated 3 1 million enron shares premium player risk management shares also plunged friday fallen two thirds past two weeks standard poor cut enron credit rating late thursday second cut week although p said another rate cut could ensue enron situation worsens team p analysts told investors conference call friday confident aware company financial obligations enron criticized providing scant details dealings leading concerns riskiness obligations enron premium player risk management area said ronald barone member p team related ubs barone p analysts said using 1 5 billion amount balance sheet items half 3 billion calculated past years change reporting international energy assets longer puts non recourse debt onto balance sheet places like india south america p analysts also said felt enron move secure 1 billion line additional credit earlier week sent enron clear commitment credit quality also said seemed reasonable expect long term solution fix enron hard understand balance sheet would assume infusion long term equity well asset sales p ratings team also said closely monitoring enron trading partners change credit stance toward enron date seen significant change cautioned could change time reason putting enron credit watch listing enron chairman chief executive officer ken lay criticized providing public enough details enron show business conference houston scheduled speak friday morning enron executive robert bradley declined respond questions reuters speech said sent replace lay ken better putting fires enron copyright 2000 dow jones company inc rights reserved