enron mentions 11 17 01 11 18 01 left behind big piles money houston chronicle 11 18 01 economic news helps stocks bonds new york times 11 18 01 bullish patient energy stocks new york times 11 18 01 aquila energy makes provision dynegy withdrawal ft says bloomberg 11 18 01 tale greed hubris sarasota herald tribune 11 18 01 counting blessings along losses los angeles times 11 18 01 pudd n head diversify washington post 11 18 01 wessex water sold independent london 11 18 01 uk press westlb makes grab gbplb wessex water dow jones international news 11 18 01 quanta steels takeover bid houston chronicle 11 17 01 business briefs houston texas houston chronicle 11 17 01 enron big dogs ate first portland oregonian 11 17 01 finance week dealing reeling financial times 11 17 01 world stock markets bears take upper hand wall st financial times 11 17 01 brief energy pension funds consider action enron los angeles times 11 17 01 enron investors hope filing shed light finances bloomberg 11 17 01 uk trade bank buyers circle enron wessex water reports reuters english news service 11 17 01 user guide living calgary people moving houston find cities much alike national post 11 17 01 westlb offers buy enron u k water unit newspaper says bloomberg 11 17 01 enron closes 550 million loan j p morgan salomon bloomberg 11 16 01 business jim barlow left behind big piles money jim barlow staff 11 18 2001 houston chronicle 2 star 1 copyright 2001 wonders never cease last week couple heavy hitters left money table mark mcgwire home run hitting baseball player st louis retired let known never signed two year 30 million contract agent negotiated last spring wanted find injured right knee would allow play well decided worth kind money ken lay chairman enron corp said take 60 6 million coming severance agreement comes play enron sold dynegy corp course neither mcgwire lay ever consider fallback retirement plan sacking groceries supermarket carrying car hoping big tip still class act parts mcgwire hit 187 last season well lifetime average lay well let say rarely history american capitalism company sunk fast enron remember earlier year stock hit top 82 share hovering single digit level enron forced sell smaller rival stock price incentive enron get position put blame company relentless drive push stock price big reason push comes way american companies compensate top executives last couple decades executive compensation soared average chief executive officer today makes 531 times much salary bonuses stock options average factory worker apologists executive pay say kinds figures really relevant money top executives receive come base pay bonuses stock options options usually work way executives given hundreds thousands shares stock buy company future date sales price anything 10 cents price stock date options granted stock increases past exercise price option executive buy stock sell making big bucks stock dropped option price underwater jargon options worthless granting options aligns interests top executives shareholders favor sort incentive say true talking traders true looking interests majority hold stocks long term keeping debt hidden keeping stock price soaring brought enron hype stock enron execs hiding debt took fuel amazing growth dicier investments partnerships enron supposedly minority partner deals way could move large portion debt books partnership turn made company earnings look better enron executives finally fessed write profits past years 20 percent real irony 80 percent still heck lot money time majority shareholders simply faith enron bookkeeping look lay compensation 1999 exercised stock options made 44 million 2000 sales options brought 123 million year 26 million according study published bloomberg news lay deliberating deceiving investors keep stock options profitable think simply following latest fad corporate governance aligning interests shareholders shareholders happy high stock price nobody besides stock analysts complained enron often impenetrable bookkeeping stock price started fall would enron bookkeeping different top executives received fewer stock options maybe fewer stock options would mean lower pay top guys one would want job going make 10 million year instead 100 million kidding copyright 2000 dow jones section 3 databank economic news helps stocks bonds jonathan fuerbringer 11 18 2001 new york times page 17 column 3 c 2001 new york times company stocks rallied bonds plunged last week investors digested positive reports economy inflation consumer level declined last month retail sales surged falling september weekly initial unemployment claims slowed news led investors conclude economy might troubled appeared aftermath terrorist attacks good stock market bad many bond investors assuming worst week nasdaq composite index rose 70 10 points 3 8 percent 1 898 58 dow jones industrial average climbed 258 99 points 2 7 percent 9 866 99 standard poor 500 stock index gained 18 33 points 1 6 percent 1 138 65 bond prices tumbled yields move opposite direction soared yield treasury 10 year note rose 4 85 percent 4 31 percent week ago biggest weekly move percentage terms since note first regularly issued 25 years ago jump rates also showed many investors longer expect federal reserve policy makers cut short term interest rates meet next month jonathan fuerbringer chart stocks news amr nyse amr stock parent company american airlines along airline companies rebounded factors including lower oil prices passage aviation security bill friday close 20 06 week change 10 65 est 01 p e dynegy nyse dyn part planned 9 billion acquisition enron dynegy receive right acquire northern natural gas potentially lucrative pipeline system even larger deal completed friday close 42 47 week change 9 57 est 01 p e 20 29 home depot nyse hd nation largest home improvement chain said third quarter profit rose 20 percent year earlier period friday close 45 80 week change 8 76 est 01 p e 36 03 dell computer nnm dell rebounding loss second quarter dell reported third quarter profit 429 mil lion company also predict pc sales would increase later year friday close 26 60 week change 3 30 est 01 p e 41 05 sungard data systems nyse sds appeals court rejected government effort stop sungard buying unit comdisco filed bankruptcy protection july antitrust investigation proceeds friday close 28 64 week change 9 56 est 01 p e 32 11 yahoo nnm yhoo wall street analysts expressed confidence turnaround prospects company outlined plans increase fee based revenue reduce work force friday close 15 47 week change 12 76 est 01 p e 309 40 philip morris nyse mo philip morris says plans change name altria group pending approval shareholders friday close 48 13 week change 2 78 est 01 p e 11 90 cv therapeutics nnm cvtx biotechnology company said clinical trials ranolazine showed drug developed effective treating chest pain angina friday close 51 67 week change 48 97 est 01 p e source bloomberg financial markets copyright 2000 dow jones section 3 investing bullish patient energy stocks jan rosen 11 18 2001 new york times page 8 column 2 c 2001 new york times company despite last week plunge price crude oil shares big oil companies wall street analysts remain upbeat long term prospects energy stocks dramatic downturns great buying opportunities said tina vital oil gas analyst standard poor recommends broad group integrated oil companies including exxon mobil chevrontexaco royal dutch shell bp totalfinaelf excellent management top dividend yield safe investors said provided investors patient bear short term swings last week price declines set russian oil companies refusal accept demands organization petroleum exporting countries big production cuts reminder sector extremely volatile oil could go 10 barrel short term said certainty oil producers could reach agreement january sending prices upward long term expects see production cuts demand energy grown 0 5 percent year prices declining time crude oil gasoline drivers seen gas pump west texas intermediate crude closed friday 18 03 new york mercantile exchange 58 cents thursday close lowest since june 1999 economic recovery expected late 2002 could cause demand pick analysts say oil prices dropped prices oil stocks much overall market since beginning 2000 period p energy index lost 8 percent p 500 stock index 23 percent report issued last week energy department said sept 11 terrorist attacks intensified country economic slowdown expected result long term volatility energy markets report estimated commercial energy demand would rise 1 7 percent year 2020 instead 1 2 percent predicted year ago predictions assume increased use computers office equipment slower increases fuel efficiency cars trucks warn possibility wild price shifts months ahead analysts similarly bullish long term l bruce lanni senior oil analyst g edwards 12 month target 34 remain confident said company annual oil gas production grow 4 percent average next several years conoco debt 55 percent capital relatively high expects company strong cash flow equaled 5 33 share last year reduce debt level 46 percent next year 38 percent 2003 company tax interest cost 3 5 percent said mr lanni also favors kerr mcgee natural gas exploration production company bp calling undervalued regards exxon mobil royal dutch shell chevrontexaco fully priced recommending buying hold said william featherston executive director oil gas exploration analyst ubs warburg said felt near term caution medium term optimism sustainably higher natural gas prices said would encourage investors consider buying shares exploration production companies next two months top picks apache kerr mcgee eog resources stocks highly volatile said trading oriented vehicles short term volatility commodity prices generally provides attractive entry exit points said natural gas prices declined throughout year prices rose startling pace 1 75 per million cubic feet end september 3 per million cubic feet within weeks cited three reasons price rally decline gas surpluses predictions colder normal winter called pathetic third quarter natural gas production despite record drilling activity tangled finances enron corporation also factor recent price increase natural gas futures said enron marketed 25 billion cubic feet day natural gas 40 percent nation demand investigation securities exchange commission announced 1 2 billion reduction shareholder equity deals partnerships involving former chief financial officer also reported third quarter loss restated earlier earnings enron agreed taken dynegy smaller rival 9 billion stock dynegy also assuming 13 billion debt anxiety whether enron investigation would disrupt deliveries market repercussions led increase prices difficult quantify enron factor mr featherston said short term effects natural gas prices seem factors course could also mean bumpy ride energy investors next several months status war terrorism president bush decision fill strategic petroleum reserve thus helping opec reducing excess global capacity united nations review food oil deal iraq expected december could significant impact battered oil prices nevertheless ms vital said long term energy probably short supply new sources must developed also likes prospects two drilling companies noble drilling nabors industries took beating last week along oil companies sees buying opportunities bern fleming portfolio manager axp utilities income fund minneapolis stakes dynegy duke energy dominion resources said three good prospects growth thanks mix assets management respect solid business plans photo workers oil well near lafayette la although oil prices plunged analysts say still good long term potential stocks energy companies marty katz new york times chart power play energy stocks generally outperformed overall market since beginning 2000 graph shows conoco shares p energy composite p 500 index since january 2000 source bloomberg financial markets copyright 2000 dow jones company inc rights reserved aquila energy makes provision dynegy withdrawal ft says 2001 11 18 19 52 new york houston nov 19 bloomberg aquila energy corp one several energy traders limiting trading enron corp case dynegy inc pulls bid company financial times said citing aquila aquila said began making contingency plans case dynegy withdrew 24 billion takeover enron paper reported enron largest energy trader decided sell shares plunged year federal investigation accounting irregularities limited ability finance operations enron collapse would caused upheaval energy markets company one quarter gas power trades dynegy agreement buy enron allows withdraw transaction certain circumstances ft said perspectives tale greed hubris waldo proffitt 11 18 2001 sarasota herald tribune f 2 copyright 2001 anyone already disenchanted idea total deregulation public utilities recent installment miserable enron story unfolded last week serve convincing example folly relying unregulated profit driven enterprises supply energy year ago enron darling wall street poster boy utility industry stock selling 85 share last week stock worth 10 percent company agreed bought competitor fear company bond rating might fall junk level happened take months years untangle details clear main culprit greed closely followed hubris many years ago enron small struggling gas pipeline company houston deregulation spread states enron began acquiring pipelines gas producers utilities also acquired friends high places especially bush family key political advisers discovered could make money faster selling trading energy producing enron sold many generating plants became biggest power broker nation though means largest winner con game bilked california consumers tens billions dollars enron one first power barons take advantage california flawed deregulation law virtually written state state utility companies california fiasco soured probably americans utility deregulation enron singled calumny management saw reason examine business ethics contrarywise management visions even greater profits felt obligation share ordinary stockholders chief financial officer high ranking executives set affiliated subsidiary partnerships made deals enron understand details arrangements neither independent accountants securities exchange commission congressional investigators seem clear enron insiders made millions enron acknowledges without explaining stockholder equity dropped 1 2 billion last quarter last five years overstated profits 600 million whether design mistake dispute sort thing tends undermine confidence investors much greed back hubris seems unlikely enron leaders felt might punished modest amount corner cutting friends high places chief executive kenneth l lay personal friend george w bush easy access white house many months new administration took office karl rove bush top political strategist owned enron stock valued 100 000 250 000 sold able secure ruling pay capital gains tax immediately sold avoid conflict interest lawrence lindsey president chief economic coordinator lewis libby vice president cheney chief staff owned stock enron lindsey paid 50 000 last year consultant enron enron employees gave anyone else bush four political campaigns one unsuccessful congress two governor one president 2000 enron employees gave 113 000 bush campaign 250 000 republican national committee 300 000 presidential inauguration committee cabinet appointments affecting energy policy key sub cabinet appointments administration action inaction california energy mess overall energy policy administration could hardly favorable interests enron couple questions possible unusual financial maneuvers enron went unnoticed even unsuspected savvy texas oilmen bush administration heavy investments enron unconcerned conduct company enron right thinking friends government would hurry investigate reprimand light preoccupation terrorism enron case get much attention federal government voters waldo proffitt former editor herald tribune copyright 2000 dow jones financial desk market beat counting blessings along losses tom petruno times staff writer 11 18 2001 los angeles times home edition c 1 copyright 2001 times mirror company try finishing sentence best thing experience investor 2001 many americans contemplating losses suffered year stock market might say nothing best happened fact nothing good perhaps might worse share prices rise damage portfolios lessened even stocks post strong gains next six weeks keep market worst calendar year since 1977 blue chip standard poor 500 index rose 1 6 last week still 13 8 year date yet losses certainly trivial especially obscure arguably positive aspects year experiences investing adversity important teacher success trouble thanksgiving week finding reasons thankful anything investment related try size asset allocation longer quaint theory paramount investing rule always spread money around reduce risk took worst stock bear market 25 years bring lesson home many people thought equities rose value millions investors far better appreciation much lose stocks bonds short term cash savings offset market losses preserve capital hard lesson sure investors take asset allocation heart laying much solid foundation money long run underestimate mean peace mind long term wisdom saving money regular basis relearned late 1990 many economists lamented u savings rate continued shrink people felt little need put significant new sums savings stocks stock mutual funds owned seemed rising nonstop words many americans letting stock market saving share prices rising 20 year shares likelihood much moderate returns stocks decade clear many people find way save regularly going meet long term financial goals especially retirement may pleasant reality better people faced fact sooner rather later may time make lost ground healthy skepticism replaced mindless euphoria stocks tout market slide discredited legion wall street analysts money managers others whose knowledge understanding judgment clearly lacking retrospect investors come see blind faith present experts highly dangerous strategy called strategy sure may fun technology stocks shooting moon nobody much use reviewing company fundamentals investing speculating massive ultimately ruinous scale people learned less trusting others say market likely beneficial detrimental portfolios long run ask anyone shifted entire 401 k retirement savings sum aggressive growth mutual funds first quarter 2000 right market peaked bullish comments 25 year old tech stock analyst investors likely make move like free market forces weeding weak players phonies capitalism may harsh efficient good times end time find companies truly talent staying power deserve capital hundreds dot coms failed really misses harder find want internet probably would much worse concerned companies sucked investors funds another year instead failing market eliminating small companies never much future financial near collapse energy giant enron corp exposed business twisted accounting rules benefit point company concedes financial statements way back 1997 relied upon also weeded though longer time period mutual fund managers whose performance running peoples money nightmare investors meaning returns produced far worse investors would achieved average fund particular sector managers know hopefully shareholders know well vote feet free market also reminding cartels tough control prices organization petroleum exporting countries lost ability prop crude oil prices sunk two year lows amid weak global economy lousy opec great every energy consumer market woes altered many investors priorities better wild bull market late 1990 demanded peoples attention got stocks became obsession portfolios dominated lives especially actively trading shares believed going rich richer smart people humbled market process realized want mood determined portfolio day date price changes sept 11 terrorist attacks course also changed many peoples view truly matters money important stocks life daily stock quote tom petruno reached tom petruno latimes com recent columns web go www latimes com petruno copyright 2000 dow jones company inc rights reserved financial investing james k glassman pudd n head diversify james k glassman 11 18 2001 washington post final hol copyright 2001 washington post co rights reserved warren buffett probably greatest investor 20 th century fond quoting salacious actress mae west saying much good thing wonderful market motto would lead avoid diversification instead concentrate portfolio stocks really really like peter lynch probably best mutual fund manager 20 th century calls spreading thin diworseification smart witty brilliant picking stocks buffett lynch may need diversification rest us one stock limb example analysts without conflict interest predicted shares enron energy trading company would tumble 90 percent year put eggs basket like end gooey mess stocks long different industries overall riskiness portfolio modulated reason want super risky portfolio simple warren buffett may calm prescient enough ride severe dips value holdings investors portfolio increases price 10 percent every year worth exactly end three years portfolio falls half first year rises three quarters second rises 52 percent third reasonable investors prefer consistent ride prevents something stupid selling stocks losing half money first disastrous year consider sad case james mccall earlier month resigned manager merrill lynch focus twenty mutual fund two years ago merrill wanted mccall services desperately firm went court pry mccall away previous employer pilgrim baxter rang impressive gains late 1990 big success called pbhg large cap 20 got mccall merrill brokers raised 1 5 billion clients invest average growth stock mutual fund owns 100 stocks top 10 holdings representing one fourth portfolio total value mccall specialized called concentrated portfolios case merrill lynch focus twenty owned name implies 20 stocks last report top 10 holdings accounted whopping two thirds fund assets mccall spread 20 stocks among say dozen different industries might smoothed ride instead 69 percent assets went technology firms focus fund smaller one mccall ran called premier growth launched march 2000 within 17 months 650 million clients original 1 5 billion vanished hard imagine losing much focus twenty even tried nov 9 week mccall resigned fund 72 percent year compared loss 14 percent standard poor 500 stock index benchmark fund managers according latest report morningstar mutual funds 19 mccall 20 stocks declined 2001 exception harley davidson amazing 16 19 losers fallen least half way enron mccall seventh largest holding fund wretched existence wrote morningstar analyst kunal kapoor admit grudging admiration mccall perseverance mccall faith may turn well placed time kapoor said unfortunately time ran point pick mccall reveal perils concentration buying focus twenty technology fund consigning one fifth holdings rest assets diversified conventional stocks funds might made sense focus twenty touted long term capital appreciation fund sector fund failed maybe manager made concentrated fund popular tom marsico ran janus twenty took care spread holdings around successor scott schoelzel suffered losses lately 28 percent year date total gain 546 percent preceding five years nearly catastrophic good reason schoelzel last report lists among top 10 holdings three tech stocks two financials one drug company one energy firm whoops enron one industrial one consumer durables company one services firm investors individual stocks important question much diversification enough risk inherent even broadest portfolio called market systematic risk past 75 years market risk measured standard deviation 20 percent words two thirds years annual return loss 9 percent gain 31 percent still volatile invest stocks live live anything volatile objective building portfolio try approximate systematic risk avoid called idiosyncratic extra risk portfolio stocks one like mccall overloaded single sector lots idiosyncratic risk 1977 influential study found investors could nearly eliminate extra risk owning 20 stocks wide variety sectors fact owning eight 10 stocks depressed risk sharply recently however market appeared far volatile new study group economists headed john campbell harvard found many stocks needed around 50 bring portfolio level riskiness broad market campbell group found neither market individual sectors become volatile 1990 stocks within sectors need owning 50 stocks pain neck brings buffett lynch admonitions much diversification hard take time make selections even buy hold investors need keep track companies spot adverse changes management product failures new competition mention enron style accounting shenanigans signs time sell one good answer achieve balance owning combination mutual funds stocks example might want put 50 percent money allotted stocks fund mimics p like vanguard index 500 charges rock bottom expenses guarantees risk exceed systematic levels could also consider broad fund managed human beings meridian value baron growth recommended sheldon jacobs editor load fund investor newsletter another 25 percent holdings go sector funds specialize technology real estate energy small caps final 25 percent portfolio 10 20 individual stocks 16 last count many valid variations emulate mark twain letter clients recently anthony maramarco david l babson co cambridge mass investment firm recalled aphorism twain pudd n head wilson put eggs one basket watch basket unfortunately philosophy emphatically work stock investing twain learned sank nearly fortune paige linotype machine flopped make mistakes twain pointed human beings animals blush need smart diversification helps investors avoid worst james k glassman invites comments jglassman aei org answer queries http www washingtonpost com copyright 2000 dow jones company inc rights reserved business wessex water sold heather tomlinson 11 18 2001 independent london foreign 1 copyright 2001 independent newspapers uk limited wessex water water sewage company understood sale following offer take owner enron dynegy us energy group three years ago enron spent pounds 1 4 bn wessex water dynegy understood want concentrate us european energy assets interested non core assets hope regain amount money could derailed industry put regulatory problems company results worsened due imposed price cuts past year going fire sale international assets core businesses continue pursue said enron spokesperson right price sell scottish southern energy united utilities touted potential buyers yet industry insiders believe uk regulator ofwat take dim view bids uk water companies large buy copyright 2000 dow jones company inc rights reserved uk press westlb makes grab gbplb wessex water 11 18 2001 dow jones international news copyright c 2001 dow jones 44 207 842 9289 copyright 2000 dow jones company inc rights reserved business quanta steels takeover bid nelson antosh staff 11 17 2001 houston chronicle 3 star 1 copyright 2001 quanta services builds maintains power communications lines said friday fighting creeping takeover utilicorp united one nation largest utility holding companies thursday quanta board members changed houston company shareholder rights agreement called poison pill defense takeovers deter utilicorp acquiring controlling stake action taken negotiations utilicorp fell apart kansas city mo based company announced intention resume purchases quanta stock spokesman told bloomberg news oct 4 utilicorp wanted increase stake mid 40 percentage range would give effective control vote management utilicorp invested 320 million quanta september 1999 february 2000 said utilicorp spokesman ethan hirsh bringing ownership 28 percent adding stock since owned 38 percent standstill agreement stopped purchases early october part shareholder rights amendment limits purchases quanta reducing trigger point poison pill 39 percent quanta outstanding shares instead 49 9 percent effect utilicorp addition saying utilicorp longer exempt person 39 percent trigger amendments changed kind securities issued event pill triggered could exercised utilicorp higher trigger point potential acquirers already significant shareholder plan initially drafted hirsch think amendments would prevent company buying utilicorp interest houston acquisitions limited quanta also said week would like buy enron share united kingdom power station provides electricity sufficient light 1 88 million homes soon get 27 percent share station near london known teeside power station purchase utility would like 42 5 percent enron owns utilicorp president robert green said conference call green said understood stake enron sale list utilicorp revealed securities exchange commission filing bought 1 538 million shares quanta common stock open market cost 24 million sept 28 oct 3 quanta stock declined 27 cents close friday 15 69 utilicorp rose 10 cents close 27 50 quanta stock 51 percent year date hit 52 week low 9 94 sept 21 many weeks negotiations utilicorp could reach agreement upon strategy would allow utilicorp consolidate financial results accounting purposes terms acceptable quanta john colson quanta chief executive officer said written statement face utilicorp communications last evening breaking negotiations stating intent resume open market purchases quanta stock board acted protect best interests quanta stockholders change control transaction provide appropriate benefit shareholders said quanta mutually beneficial relationship utilicorp hopes negotiations resume colson said copyright 2000 dow jones company inc rights reserved business business briefs business briefs houston texas staff bloomberg news reuters associated press 11 17 2001 houston chronicle 3 star 2 copyright 2001 offer still table canadian hunter burlington resources friday extended 1 96 billion offer canadian hunter exploration ltd dec 3 canadian regulators study bid cash offer expire tuesday investment canada oversees foreign ownership canadian companies complete review burlington said houston based burlington agreed buy calgary based canadian hunter oct 9 azurix settles suit dynegy buyback azurix corp wastewater services management company judge approval friday wilmington del settle shareholders lawsuits parent enron corp 329 million stock buyback march houston based enron soon bought dynegy said october 2000 would pay 7 azurix outstanding shares 275 million take company private seven azurix stock owners sued delaware chancery court seeking money enron eventually agreed pay 8 375 per share adding 54 million offer stockholders agreed settle lawsuit lawyers said sbc adds 2 states long distance rolls san antonio based sbc communications received permission friday federal communications commission begin offering long distance service customers missouri arkansas decision allows sbc offer service five states served sbc southwestern bell subsidiary sbc already received permission compete long distance market texas kansas oklahoma fcc decision unanimous discussion whether sbc made dsl high speed internet access service available resale federal law requires resale commission address issue another proceeding airline canceling 200 layoffs pilots fort worth american airlines friday canceled planned dec 2 layoffs 200 pilots military duty extended pilots called reserve employees took leaves american laid 386 american pilots sept 28 200 nov 1 well 120 twa airlines among 20 000 jobs amr eliminated passenger demand fell company said bring employees back demand improves southwest drops suit orbitz site dallas southwest airlines co agreed drop lawsuit claimed orbitz internet travel site owned five rival airlines displayed incorrect information southwest flights fares gives southwest airlines right restart litigation current point southwest fares ever displayed orbitz said linda rutherford spokeswoman dallas based airline copyright 2000 dow jones company inc rights reserved editorial enron big dogs ate first 11 17 2001 portland oregonian sunrise 6 copyright c oregonian 2001 summary workers ire 401 k plans understandable watching enron bigwigs lose jobs inflating profits may offer satisfaction retirees employees troubled energy marketer bank corporate insiders sell company stroll away millions workers stockholders left peanuts would hard bitter oregonian business writer jeff manning reported friday local employees portland general electric enron subsidiary watched retirement savings sink enron announced oct 16 would lose 618 million fourth quarter came enron officers made 136 million selling stocks earlier year nov 8 enron dropped shoe admitted overstated earnings four years 586 million 20 percent weeks enron shares plunged 33 84 9 close friday four year overstatement developed novel accounting methods enron auditor arthur anderson insist financial reports within proper standards mechanics case included obscuring debt placing ledgers entities parent company profit picture appeared rosier actually weeks mid october early november wrenching employees company changing fund manager powerless make changes 401 k plans pge chief executive peggy fowler points change 401 k plan managers announced last summer although employees could gotten enron stocks history plan enron seemed attractive investment company executives though selling jeffrey skilling promoted enron chief executive early year resigned august sold 5 million company shares according transaction records covering first half year former chief financial officer andrew fastow fired last month action related financial mess made 14 million stock sales betweeen march november last year kenneth lay enron chief executive returned protege skilling left made least 20 million stock sales late last year announced would decline severance package dynegy another texas energy marketing company made bid buy enron probably means best enron pge employees hope dynegy better corporate owner try luck one many shareholder lawsuits filed securities exchange commission investigating enron activities behavior illegal consequences company officers still much offer workers seen retirement savings dissolve copyright 2000 dow jones many years pointed benefits deals often accrue shareholders companies taken investors bidding companies suffer dilution investors know normal market conditions news takeover depress bidder share price bubble market prudent attitudes overwhelmed euphoria well technical factors relating demand fund managers maintain weightings bidder spraying around large quantities new equity also irrational many deals done stock market high low two years ago companies marconi engaged buying sprees daft prices prices much lower hardly acquisitions made investment banks dismissing thousands employees exception deal famine gold mining happens one stock market strongest sectors year another important source irrationality domination stock market analysis stockbroking offshoots investment banks recent years earnings per share forecasts next calendar year average 8 per cent high mistake paid optimistic admittedly attempts made restructure incentives embarrassed investment banks come pressure regulators courts errors judgment bull market remains seen whether much really change mystery anybody would take notice forecasts indeed many professional investors merrill survey incidentally shows fund managers average expect 4 per cent earnings per share growth next year stockbrokers analysts still clinging hope 15 per cent final source distortion tendency companies offer executives wrong sort incentives ruin marconi may appear irrational multi billion pound acquisitions declared worthless two years executives lucrative stock option plans pay gambles go right combined golden goodbye pension packages triggered things go wrong may well consider perfectly rational viewpoint take much bigger risks shareholders employees would consider acceptable moreover sir christopher gent shareholders vodafone remember received controversial 10 personal bonus last year clinching mannesmann takeover deal requires 10 bn write offs normal market conditions valuation equities may tolerably rational bubble market rules thrown window many investors certainly like idea getting rich quickly many people subscribe keenly national lotteries chance winning small worth rational consideration barry riley ft com c copyright financial times ltd rights reserved http www ft com copyright 2000 dow jones company inc rights reserved world stock markets bears take upper hand wall st mary chung 11 17 2001 financial times c 2001 financial times limited rights reserved early game tug war bears took upper hand dow jones industrial average closed 5 40 lower 9 866 99 p 500 index gave 3 59 1 138 65 nasdaq composite slipped 1 98 1 898 59 volume fairly heavy 1 34 bn trades nyse indices earlier bolstered news leaders taliban al qaeda terrorist network killed bombing raids kabul kandahar week however momentum faded investors found little reason keep sending stocks higher following sharp decline us consumer price index index saw steepest monthly drop since april 1986 separately federal reserve reported another drop industrial output last month investors appeared hesitant step market buy stocks several weeks sharp gains however corporate picture looked improving companies dell computer maker reported third quarter results beat analysts estimates penny predicted small rise sales current quarter shares however fell 4 per cent 26 60 rivals hewlett packard shed 2 7 per cent 21 50 compaq gave 3 7 per cent 10 30 yahoo world largest internet portal jumped 4 3 per cent 15 47 announced restructuring job cuts reaffirmed guidance fourth quarter shares starbucks fell 9 per cent 17 50 spite coffee company reporting 22 per cent rise earnings fourth quarter energy prices rose spite continuing dispute oil production opec russia amerada hess put 2 5 per cent 54 59 exxon mobil added 1 per cent 37 54 enron embattled energy trading company however slid 5 per cent 9 dow components lower alcoa slipped 1 per cent 37 12 american express shed 3 7 per cent 33 13 wal mart fell 1 6 per cent 55 10 toronto little changed morning trade spite rally technology cyclical shares first sectors expected respond improving economy however close p tse 300 composite index 0 72 per cent 7 315 30 tech issues continued strengthen overall 11 market 14 sub indexes higher safe gold stocks suffered hopes grew swift conclusion war afghanistan tech heavy industrials sector enjoyed 1 61 per cent gain electronics manufacturer celestica charged ahead rising 3 3 per cent c 64 80 telecoms equipment heavyweight nortel networks jumped c 12 69 several investment firms raised targets c copyright financial times ltd rights reserved http www ft com copyright 2000 dow jones financial desk brief energy pension funds consider action enron reuters 11 17 2001 los angeles times home edition c 2 copyright 2001 times mirror company big pension funds invested enron corp said considering legal options wake energy giant stock collapse regulatory probe dealings spokesmen new york state city comptrollers official amalgamated bank trustee workers retirement funds said looking lawsuits stemming enron murky financial dealings stock plunge pension funds mutual funds big holders enron wall street darling whose stock plunged 89 year five new york city pension funds hold 2 9 million enron shares said david neustadt spokesman new york city comptroller office funds serve teachers police city workers enron shares fell 48 cents 9 new york stock exchange copyright 2000 dow jones company inc rights reserved enron investors hope filing shed light finances 2001 11 17 11 06 new york enron investors hope filing shed light finances houston nov 17 bloomberg enron corp investors hope energy trader third quarter report u securities exchange commission answer questions sent shares tumbling led proposed sale rival dynegy inc enron criticized failing clearly explain makes money may disclose monday filing much owed company affiliated partnerships well planned job cuts cost saving moves related dynegy 24 billion buyout investors looking anything affects likelihood dynegy deal going timing deal said edward paik helps manage liberty utilities fund owns 1 6 million enron shares enron agreed sell stock plunged 67 percent three weeks amid sec investigation partnerships run enron executives investors worry new disclosures previously unreported debt might threaten enron credit rating scuttle merger possibly pushing enron bankruptcy much skepticism enron liabilities partnerships looking quantify said glen hilton fund manager montgomery asset management lp holds dynegy shares enron chairman kenneth lay admitted last week failed investments loss investor confidence forced sale dynegy executives pledged open investors lay 59 said last week accept severance package 60 million could collected following takeover enron shares fell 48 cents yesterday 9 dynegy fell 1 53 3 5 percent 42 47 balance sheet enron third quarter report expected last week delayed dynegy talks restatement earnings chief financial officer jeffrey mcmahon said enron reduced net income four years combined 586 million include losses affiliated partnerships monday filing called 10 q include balance sheet summarizing assets debts enron years omitted balance sheets sec requires part 10 q press releases announcing earnings investors renewed criticisms practice lay mentioned conference call last month dealings two partnerships reduced enron shareholder equity assets minus liabilities 1 2 billion disclosure led ouster chief financial officer andrew fastow everyone trying make assessment enron ultimate liability need said commerzbank securities analyst andre meade rates shares hold monday report probably give complete answer said louis gagliardi analyst john herold inc balance sheet list liabilities partnerships set buy enron assets get debt company books spell enron share said net liability balance sheet gagliardi said really know number credit rating dynegy said back acquisition enron legal liabilities exceed 3 5 billion balance sheet help us see good deal dynegy said kathleen vuchetich co manager 1 4 billion strong american utilities fund owns 284 000 dynegy shares companies based houston filing also might offer details sec probe may say sec looking rating agencies told said christopher ellinghaus analyst williams capital group added though expect much enron stock drop led moody investors service cut company debt rating lowest investment grade dynegy held purchase agreement concern rating would cut junk jeopardizing enron ability raise cash needed settle daily power natural gas trades enron may reveal expects cut jobs much pay departing employees paik said chief operating officer greg whalley said last week fourth quarter profit hurt severance payments reorganization costs give details jobs likely eliminated businesses company plans sell including money losing telecommunications unit operations europe analysts said enron 21 000 employees two thirds u fifth u k 600 traders divided london houston enron employs 7 500 many enron workers already preparing layoffs said lyndon taylor houston based recruiter heidrick struggles international inc executive placement firm got 56 resumes last week enron taylor said equal number got past year margot habiby dallas jim polson princeton uk trade bank buyers circle enron wessex water reports 11 17 2001 reuters english news service c reuters limited 2001 london nov 17 reuters financial trade buyers considering bids wessex water uk utility owned crisis hit u energy group enron weekend press reports said according uk trade magazine utility week enron rescue buyer dynegy wants offload wessex soon possible focus integrating enron core energy businesses report sunday telegraph newspaper named german bank westlb possible buyer price 1 billion pounds 1 4 billion westlb financial backer management buyout team owns another southern england regional utility mid kent water utility week raised possibility uk power utility scottish southern might interested copyright 2000 dow jones company inc rights reserved financial post canada user guide living calgary people moving houston find cities much alike claudia cattaneo financial post 11 17 2001 national post national fp 7 c national post 2001 rights reserved u oil companies setting shop downtown usually picking high quality office space lots open space anadarko petroleum corp located fifth avenue place burlington resources inc bow valley square devon energy corp canterra tower end offices companies acquire conoco inc moved gulf canada square big takeover wave led reshuffling downtown space today shortage large spaces increase small ones available sublease would like get towers occupy named landlords resist naming building one tenant disincentive others oilmen favourite hangout calgary petroleum club founded u canadian oilmen 1948 palliser hotel members reciprocal membership petroleum club houston calgary pete club bargain compared texas counterpart initiation fee calgary 2 000 monthly dues 65 minimum amount members must spend year 600 initiation fee full membership petroleum club houston us 3 500 monthly dues us 110 minimum house account us 75 per quarter u executives running canadian oil gas operations earn substantially canadian counterparts compensation competitive u market u oil companies purchase canadian operations like keep much canadian staff possible since even aware canadian rivals war talent recruiting locally u firms pay competitively course pay must get best candidate also offer competitive benefits stock option plans u employers gulp generous holidays enjoyed canadian oilpatch employees american neighbourhood calgary although many recent arrivals buying homes close city core particularly high end neighbourhoods mount royal elbow park britannia homes sell 500 000 2 million u companies purchase condominiums areas eau claire bow river house u executives transit ted zaharko broker owner royal lepage says americans driven lifestyle choices fact afford buy expensive homes living near americans important cost living lower calgary many comparable u cities however u cities become competitive high income earners personal income taxes canada higher u higher income levels offsetting factors include access health care clean air short commute work nearby mountain playground tend important affluent people u oil types may strange accents many come southern states oilpatch jargon pretty much calgarians americans understand one another talk dry holes discovery wildcat wells exploration wells roughnecks rig workers language money also barrels u dollars oilpatch humour also borderless one latest jokes circulating e mail courtesy oilpatch investment dealer peters co called understanding enron u energy giant trouble use balance sheet transactions keep debt books feudalism two cows lord takes milk fascism two cows government takes hires take care sells milk pure communism two cows neighbours help take care share milk applied communism two cows must take care government takes milk totalitarianism two cows government takes denies ever existed milk banned mexican democracy two cows government takes drafts army european democracy two cows eu commission decides regulations feeding milking apply invent pay milk cows take cows shoot one milk pour milk drain require fill forms accounting missing cows american democracy government promises give two cows vote election president impeached speculating cow futures press dubs affair cowgate supports president cows sue breach contract legal bills exceed annual income settle court declare bankruptcy capitalism two cows sell one buy bull herd multiplies economy grows sell retire income enron venture capitalism two cows sell three publicly listed company using letters credit opened brother law bank execute debt equity swap associated general offer get four cows back tax exemption five cows milk rights six cows transferred via intermediary cayman island company secretly owned majority shareholder sells rights seven cows back listed company annual report says company owns eight cows option one copyright 2000 dow jones bid water company u k worth least 30 million pounds must referred competition commission newspaper said enron bought wessex 1 4 billion pounds 1998 rwe ag germany europe fourth biggest power company also interested wessex enron thinks u k regulators approve rwe bid company already owns thames water large u k water company westlb also reported preparing buyout railtrack group plc insolvent owner u k train tracks stations paper said enron closes 550 million loan j p morgan salomon 2001 11 16 17 36 new york enron closes 550 million loan j p morgan salomon houston nov 16 bloomberg enron corp closed wednesday 550 million loan j p morgan chase co salomon smith barney inc secured assets transwestern pipeline co spokesman vance meyer said enron largest energy trader said nov 1 received commitment 1 billion loans investment banks would used debt payments supplement cash reserves enron secured loans assets transwestern northern natural gas co two pipeline systems combined 19 000 miles long deliver much 6 billion cubic feet gas day remaining 450 million loan secured northern natural gas assets documentation stage expected close next week meyer said enron agreed week ago acquired dynegy inc transaction valued 24 7 billion stock assumed debt move followed loss investor confidence company shares fallen 90 percent year amid federal investigation accounting irregularities limited ability finance operations chevrontexaco corp second biggest u oil company dynegy largest shareholder 26 percent provided enron dynegy 1 5 billion cash infusion tuesday part buyout agreement return dynegy acquired preferred stock rights enron unit owns northern natural gas merger completed dynegy right acquire northern natural gas enron said regulatory filing wednesday chevrontexaco provide dynegy another 1 billion merger closes maintain equity stake shares enron fell 48 cents 9 shares dynegy fell 1 53 42 47 companies based houston shares san francisco based chevrontexaco fell 35 cents 83 45 margot habiby dallas newsroom 214 954 9452