enron mentions usa wrapup 1 credit quality broad decline defaults soar reuters english news service 10 29 01 usa u firms say deals enron normal levels reuters english news service 10 29 01 enron bonds stabilize market players concerned capital markets report 10 29 01 enron stock continues slide credit woes associated press newswires 10 29 01 uk uk power mkt focuses prompt low peak deal reuters english news service 10 29 01 usa update 2 enron says talks banks new credit line reuters english news service 10 29 01 usa trade idea junk rating likely enron reuters english news service 10 29 01 usa enron shares drop near seven year lows reuters english news service 10 29 01 enron long term ratings placed review downgrade moody afx news 10 29 01 enron shares fall moody cuts credit rating update 6 bloomberg 10 29 01 enron lenders demand harsher terms analysts say update 2 bloomberg 10 29 01 enron credit cut moody cp rating put review update 3 bloomberg 10 29 01 enron may royal dutch shell takeover target newsletter says bloomberg 10 29 01 insiders electric utilities showing faith thestreet com 10 29 01 debacle like enron undermine entire market realmoney com 10 29 01 moody downgrades enron debt enron asking banks credit cbsmarketwatch com 10 29 01 enron goes begging forbes com 10 29 01 challenging times enron deserves thanks houston chronicle 10 29 01 usa wrapup 1 credit quality broad decline defaults soar 10 29 2001 reuters english news service c reuters limited 2001 wraps financial creditquality moodys financial defaults p jonathan stempel new york oct 29 reuters corporate credit quality likely grow much worse gets better 100 billion corporate debt likely go default year united states heads recession according reports issued monday two top credit rating agencies moody investors service said put ratings review downgrade 122 u companies 543 billion debt third quarter dwarfing 22 companies 66 billion debt put review upgrade reviews leading indicator direction corporate credit wide excess rating reviews downgrade upgrades third quarter suggests credit deterioration persist least early next year said john puchalla moody senior economist meanwhile standard poor said 200 companies default 100 billion debt year compared 117 defaulting record 42 3 billion 2000 said default rate junk bonds rated bb plus lower p bal lower moody credit risks reach 9 4 percent year end moody forecasts 10 percent rate u economy clearly recession said p chief economist david wyss statement although standard poor expects relatively mild end early 2002 risk longer deeper downturn high agencies said sept 11 attacks contributed deepening three year slump corporate credit quality moody blamed 38 reviews downgrade september alone attacks costs rise protection weakens u corporate credit quality falling many reasons include weakening economy inability many marginal companies raise cash tolerable interest rates share buybacks debt financed merger activity fallout attacks industries airlines insurance travel many companies financial difficulties see funding sources dry pushed brink said david keisman managing director p risk solutions even well known companies suffering rating declines monday alone example p downgraded mcdonald corp world largest fast food chain said buy back 5 billion stock time p said company growth prospects future less optimistic meanwhile moody downgraded enron corp warned may downgrade energy trading giant struggling vanishing investor confidence reflected share price plunged half two weeks tries keep access cash needs run business puchalla said credit quality decline could slow next year part interest rates low companies managing balance sheets conservatively lower borrowing costs slowing debt growth reduce debt servicing costs fiscal stimulus federal government boost business revenues said still friday moody said fourth quarter may downgrade 47 companies upgrade four copyright 2000 dow jones company inc rights reserved usa u firms say deals enron normal levels andrew kelly 10 29 2001 reuters english news service c reuters limited 2001 houston oct 29 reuters major u wholesale natural gas electricity traders said monday deals troubled enron corp still running normal levels keeping wary eye company finances credit status downgrade one major rating agencies certainly well aware exposure watching daily basis chief executive marce fuller atlanta energy marketer mirant corp told reuters point would categorize pretty much business usual enron keep close eye move forward said fuller officials companies houston natural gas firm el paso corp columbus ohio utility holding company american electric power co inc expressed similar sentiments saying nothing changed dealings houston based energy company least time continue trade said spokeswoman jennifer pierce charlotte based utility duke energy corp always meticulous credit management continue see added enron shares fell yet another new low monday company said lobbying banks new credit line rating agency moody investor service downgraded company senior unsecured debt two notches junk bond status since oct 12 enron stock fallen 60 percent company reported first quarterly loss four years wrote shareholders equity 1 2 billion dollars failed quell investors jitters series complex balance sheet financial deals confidence crumbles analysts say confidence enron continued crumble could restrict company access credit thus create problems core energy trading operations european energy industry sources told reuters earlier monday already evidence european companies shying away trading enron credit worries several large energy groups frozen dealings enron europe hold urgent talks u group setting new credit arrangements sources said talking us bank letters credit said head risk management one u k utility halted trade enron last week people still trading restrictive basis traders u wholesale energy markets said monday continuing deal enron still regard company reliable trading partner problems dealing enron especially since day ahead trades heard rumors people wanting deal one natural gas trader u southeast told reuters trader specializes longer term deals forwards market electricity said publicity enron woes yet led loss market liquidity obviously concern financial situation factor trader said despite public words reassurance many speaking enron major competitors trading partners continue monitor situation closely time counterparty starts looking like credit rating deteriorating would certainly signal us become worried said mirant fuller copyright 2000 dow jones company inc rights reserved enron bonds stabilize market players concerned michael c barr dow jones newswires 10 29 2001 capital markets report copyright c 2001 dow jones company inc new york dow jones uncertainty enron corp ene continues dog investors concerned future houston based energy services company fluid situation market would like see clarification company circumstances said eric bergson portfolio manager northern trust global investments chicago occurs outlook company bonds choppy added enron drew 3 billion credit lines last week increase cash reserves calm jittery markets buying back outstanding commercial paper currently negotiating bank group additional 1 billion 2 billion new credit according report monday wall street journal enron troubles began earlier month announcement 618 million third quarter loss disclosure 1 2 billion erosion investor equity related transactions conducted former chief financial officer andrew fastow company learn mistakes others ahead game disclosure said mitch stapley portfolio manager chief fixed income officer fifth third investment advisors grand rapids mich becomes harder regain investors trust said moody investors service lowered company senior unsecured long term debt rating monday baa 2 baal debt rated triple b plus standard poor corp negative outlook fitch also maintains triple b plus rating placed debt rating watch negative late last week fitch moody cited negative investor reaction recent company developments moody added analysis developing situation focus management success lining liquidity support ability retain credit availability major counterparties one money manager said concerned fallout impact company ability trade energy company bonds already suffered result uncertainty bonds 6 40 coupon maturing 2006 offered dollar price 80 friday many investors believe 80 dollar price point demarcation separating high yield debt distressed debt levels company bonds improved little monday 83 dollar price seeing offerings bids said harold rivkin principal h rivkin 201 938 2008 michael barr dowjones com copyright 2000 dow jones company inc rights reserved enron stock continues slide credit woes 10 29 2001 associated press newswires copyright 2001 associated press rights reserved houston ap enron corp stock slid new lows monday pushed part moody investors service announcing possible downgrade company credit rating pending review downgrade came enron negotiates banks establish new credit lines largest u natural gas power marketing company struggles bounce back disappointing third quarter earnings scandal losses stemming partnerships managed company former chief financial officer trading monday afternoon new york stock exchange enron shares nearly 9 percent dlrs 1 38 share dlrs 14 02 lowest level nearly seven years year ago enron stock sold nearly dlrs 85 share enron efforts acquire credit came houston based company last week decided cash dlrs 3 billion revolving credit various banks shore investor confidence discussions new credit lines enron spokeswoman karen denne said monday taking action restore investor market confidence denne would disclose much credit company seeking wall street journal quoted unidentified sources said amount dlrs 1 billion dlrs 2 billion deal close completed denne said dlrs 3 billion credit enron cashed last week dlrs 2 billion used pay short term debt currently plans dlrs 1 billion said moody monday placed enron long term debt obligations review downgrade citing substantially reduced valuations several businesses oct 16 enron reported net loss dlrs 638 million third quarter taking one time charge dlrs 1 01 billion attributed investment losses troubled assets unit restructurings enron stock hammered next week became apparent losses tied partnerships managed enron former chief financial officer andrew fastow concerns potential conflict interest touched inquiry securities exchange commission enron ousted fastow last week moody said press release magnitude announced charges reduce enron equity base increase nominal financial leverage somewhat 50 percent slashing earnings copyright 2000 dow jones company inc rights reserved uk uk power mkt focuses prompt low peak deal 10 29 2001 reuters english news service c reuters limited 2001 london oct 29 reuters interest britain electricity markets focused prompt sale peak power unexpected low price tugged prompt contracts lower traders said market surprised sale day ahead peak power efa blocks three four 0700 1500 13 50 pounds per megawatt hour said coal gas fired power stations operating cost interesting day hard believe someone could sell prices marginal costs said one trader day ahead baseload opened relatively firm 19 50 20 50 pounds slipped day around 18 pounds traded 17 56 pounds low peak trades traders said forward curve quite contracts ending slightly lower attention focused troubled u energy trader enron european companies shying away dealing utility credit concerns several large energy groups frozen dealings enron hold urgent talks u group setting new credit arrangements enron one largest traders uk market traders said early see impact liquidity friday monday tend quieter anyway hard tell effect enron said one trader enron london declined comment situation copyright 2000 dow jones company inc rights reserved usa update 2 enron says talks banks new credit line 10 29 2001 reuters english news service c reuters limited 2001 changes paragraph 1 adds background details byline updates stock price david howard sinkman new york oct 29 reuters energy trading giant enron corp shares new free fall near seven year lows said monday seeking additional credit bolster investor confidence tapping 3 billion credit last week enron nation biggest energy trader declined comment size credit line banks talks expects complete agreement new credit line want restore investor market confidence nothing instills confidence like cash said enron spokesman mark palmer houston referring company efforts secure new credit company shares tumbled monday shedding 1 57 10 13 percent 13 93 midday trade new york stock exchange wall street darling stock tumbled half price since enron released earnings two weeks ago losing 15 1 billion market capitalization investors fretted transparency balance sheet transactions moody investors service monday cut enron senior unsecured debt rating two notches junk status warned may cut well rating enron commercial paper rating agency standard poor thursday revised outlook enron ratings negative stable enron credit worthiness direct affect price pays take loans perception among trading partners company ability make good trades moody said enron suffering deteriorating financial flexibility since announced big write downs equity charges previously undisclosed partnership investments said triggered difficulties rolling commercial paper industry sources monday said several large energy companies europe shying away trading enron amid concerns company credit status sign weakness enron shares tumbled since company reported first quarterly loss four years oct 16 company also wrote 1 2 billion equity including transactions partnerships formerly run chief financial officer forced step enron last week sell sparked investor concern transparency transactions securities exchange commission examining enron last week replaced cfo andrew fastow part efforts restore investor confidence wall street journal reported monday size credit line enron negotiating 1 billion 2 billion enron said drew 3 billion credit lines last week net cash liquid position excess 1 billion however many industry observes see request enron 63 4 billion energy assets additional credit sign weakness clearly stock bond market view enron dire straits said independent research firm gim credit analyst carol levenson specializes high grade corporate bonds opinion drawing one backup bank lines demonstration financial strength instead act desperation copyright 2000 dow jones company inc rights reserved usa trade idea junk rating likely enron 10 29 2001 reuters english news service c reuters limited 2001 new york oct 29 reuters collapse market confidence could hurt credit quality energy trading giant enron corp bonds likely end junk territory fixed income research service gimmecredit said monday moreover enron bonds could undervalued company balance sheet obligations amount 3 billion reported gimmecredit said worst case enron look like junk credit gimmecredit analyst carol levenson said perception clearly stock bond markets view enron dire straits enron bonds fell sharply friday energy giant drew 3 billion credit line said talks banks obtain new multibillion dollar credit line company stock lost half value last two weeks investors questioned balance sheet transactions company two limited partnerships run former chief financial officer andrew fastow u securities exchange commission looking transactions possible conflicts interest admit management financial disclosure remains woefully inadequate gimmecredit said however botched investor communication necessarily equate illegal fraudulent behavior still enron move last week draw backup bank lines act desperation gimmecredit said move eventually may lead renegotiated bank agreements could expensive restrictive could also subordinate position bondholders said plus side belief management everything power preserve company investment grade ratings firm said another positive precedent rating agencies set kmart corp mid 1990 tried avoid cause company financial downfall gimmecredit said moody investors service monday cut enron senior unsecured rating baa 2 baal kept review downgrade moody said actions prompted deterioration enron financial flexibility since company announced significant write downs equity charges previously undisclosed partnership investments last thursday standard poor revised outlook enron negative affirming bbb plus long term rating copyright 2000 dow jones company inc rights reserved usa enron shares drop near seven year lows 10 29 2001 reuters english news service c reuters limited 2001 new york oct 29 reuters enron corp shares fell lowest level almost seven years early trade monday following news north america largest natural gas electricity trader considering tapping additional credit lines ease financial concerns sent stock slumping 50 percent past two weeks enron shares 1 55 10 percent 13 95 new york stock exchange shares 14 since december 1994 earlier credit rating agency moody investor service placed long term debt obligations enron review downgrade following company announcement significant write downs charges reflecting substantially reduced valuations several businesses moody said actions affect enron broadband operations merchant portfolio azurix water company holdings last week enron shares lost almost 14 billion market value series piecemeal disclosures company involvement complex partnerships began trickle many industry observers see enron request additional credit company tapped banks 3 3 billion last week sign weakness opinion drawing one backup bank lines demonstration financial strength instead act desperation said carol levenson analyst independent research firm gimmecredit com copyright 2000 dow jones company inc rights reserved enron long term ratings placed review downgrade moody 10 29 2001 afx news c 2001 afp extel news ltd new york afx moody investors service said placed long term debt obligations enron review downgrade following company announcement significant write downs charges reflecting substantially reduced valuations several businesses magnitude announced charges reduce enron equity base increase nominal financial leverage somewhat 50 pct slashing earnings moody said statement company previously announced sale portland general however result cash proceeds approximating 1 8 bln usd management earmarking debt reduction addition sale remove approximately 1 bln usd debt obligations enron balance sheet however moody noted transaction go long way help restore enron balance sheet requires regulatory approval likely take year complete enron baal senior unsecured rating lj information contact afx www afxnews com www afxpress com copyright 2000 dow jones company inc rights reserved enron shares fall moody cuts credit rating update 6 2001 10 29 16 46 new york enron shares fall moody cuts credit rating update 6 adds bondholder quote background commercial paper new york oct 29 bloomberg enron corp shares declined ninth day moody investors service lowered credit rating raising concern largest energy trader would cut raising cash needs fund day day operations moody lowered enron senior unsecured long term debt ratings baa 2 two levels junk baal also placed houston based company p 2 rating commercial paper review downgrade moody may downgrade enron commercial paper rating would make harder firm borrow short term cash needed run trading businesses ahead potential cut enron took bank lines repay 2 billion commercial paper last week largely removing borrowing arena pretty much already written coming commercial paper market said shannon bass holds enron bonds 50 million helps manage pacific investment management co real issue trying get house order pimco well underweight enron bonds relative bond benchmarks portfolios matched bass said shut companies xerox corp shut commercial paper market year ago credit ratings reduced forced borrow bank credit lines access cash investors commercial paper borrowings due nine months less also stopped buying motorola inc lucent technologies inc short term debt forcing firms restructure borrowing sell assets find alternative financing sources typically cost enron shares plunged 1 59 10 percent 13 81 continuing slide dates back oct 17 enron reported 1 01 billion losses investments outside business energy trading stock traded near 90 september 2000 touched seven year low 13 55 today enron lost 50 billion market value year dec 31 company market capitalization 62 7 billion today market value 10 5 billion deterioration enron shares sank 60 percent week bonds 20 percent company stock typically falls faster debt bondholders first claim assets bank loans paid company 6 4 percent bonds maturing 2006 fell 4 cents 80 cents 1 face value moody downgrade yields risen 12 1 percent 10 8 downgrade traders said bonds trading 100 cents week moody said cut prompted deterioration enron financial flexibility since write downs charges partnership investments disclosed month led substantial loss investor confidence according moody credit downgrade punitive far borrowing power said joe correnti follows enron wayne hummer investments llc chicago good place somewhat aggressive expansion plans enron recent woes many investors factoring credit rating reduction move anticipated said mike dineen holds enron bonds 5 billion fixed income assets helps manage mony life insurance co 15 8 billion enron bonds outstanding almost 9 billion comes due 2003 2006 according bloomberg data cash needed last week enron ousted chief financial officer andrew fastow u securities exchange commission asked information transactions conducted partnerships headed august jeff skilling quit enron chief executive eight months taking position chairman ken lay moved back position enron trying get 1 billion 2 billion loans citigroup inc j p morgan chase co banks calm investors wall street journal reported company stock plummeted 57 percent since oct 17 fastow partnerships disclosed enron uses investment grade credit rating borrow money cash needs every day settle commodities trades keep trading partners act middleman need high credit ratings likely trading volumes go energy financial firms seek higher rated trading partners said sean egan managing director egan jones ratings co gives enron credit junk grade bb enron long term ratings outlook changed last week negative stable standard poor p affirmed firm rating bbb equivalent moody baal split rated affect growth said karen denne spokeswoman houston based enron still investment grade enron lenders demand harsher terms analysts say update 2 2001 10 29 16 08 new york enron lenders demand harsher terms analysts say update 2 updates closing share price last paragraph houston oct 29 bloomberg enron corp get low interest short term loans faces skeptical lenders demand increasingly harsher terms largest energy trader tries get cash bank credit analysts said anyone providing new funding going nervous said sean egan managing director egan jones ratings co likely lenders going demand collateral enron trying get 1 billion 2 billion loans citigroup inc j p morgan chase co banks calm investors 52 percent drop company stock since oct 17 wall street journal reported company needs cash every day settle commodities transactions keep trading partners company thursday tapped 3 3 billion bank credit lines last week pay 2 billion commercial paper short term corporate loans week ago enron said u securities exchange commission began inquiry related party transactions cost company 35 million 1 2 billion lost shareholder equity banks driver seat enron little desperate said peter petas debt analyst creditsights inc think interest rates loans would go sells assets cash companies enron situation often agree bank terms order secure loans petas said include agreeing use proceeds selling assets pay debt putting assets collateral enron attempting sell assets raise cash two related partnerships osprey marlin depend selling power plants similar assets repay 3 3 billion borrowed buy plants enron may pay difference debt sales proceeds company plans complete 2 9 billion sale portland general electric oregon utility northwest natural gas co next year shares houston based enron fell 1 59 10 percent 13 81 stock tumbled 82 percent past 12 months enron may royal dutch shell takeover target newsletter says 2001 10 29 13 31 new york houston oct 29 bloomberg royal dutch shell group second largest publicly traded oil company may interested buying enron corp seen stock price plunge last two weeks industry newsletter power finance cp rating put review update 3 2001 10 29 12 29 new york enron credit cut moody cp rating put review update 3 adds yield data fourth paragraph adds moody comments sixth seventh paragraphs new york oct 29 bloomberg enron corp credit rating cut moody investors service largest energy trader wrote value assets losses private partnerships moody also said may downgrade enron commercial paper rating could make harder company borrow short term cash needs run trading business future company borrowed banks repay 2 billion commercial paper last week move anticipated said mike dineen holds enron bonds 5 billion fixed income assets helps manage mony life insurance co enron 6 4 percent coupon notes due 2006 fell much 4 cents bid 80 cents 1 face value moody downgrade traders said bonds tumbled par value week ago yields risen 12 1 percent 10 8 downgrade traders said shares enron fell much 1 85 12 percent 13 55 moody lowered senior unsecured long term debt ratings enron baa 2 two levels junk baal ratings company said may lowered moody placed company p 2 rating commercial paper review downgrade moody said cut prompted deterioration enron financial flexibility since write downs charges partnership investments disclosed enron recent disclosures led substantial loss investor confidence moody said news release cash needed enron reported 1 01 billion losses month investments outside business trading commodities electricity natural gas chief financial officer andrew fastow quit u securities exchange commission asked information transactions conducted partnerships headed enron trying get 1 billion 2 billion loans citigroup inc j p morgan chase co banks calm investors wall street journal reported company stock plummeted 57 percent since oct 17 partnerships disclosed enron uses investment grade credit rating borrow money cash needs every day settle commodities trades keep trading partners enron definitely depends higher ratings dineen said enron long term credit ratings outlook changed last week negative stable standard poor give call 1 800 862 8686 3 4 p moody downgrades enron debt enron asking banks credit lisa sanders cbsmarketwatch com 10 29 01 new york cbs mw shares enron fell monday moody investors service downgraded enron long term debt notch enron hit 52 week high 84 88 dec 29 well way another year low monday heading ninth straight day losses enron shed 9 percent 1 41 13 99 stock active mover new york stock exchange close 28 million shares changed hands moody said cut senior unsecured long term debt baa 2 baal ratings remain review potential additional downgrades action follows enron reported 1 01 billion charge third quarter driven expectation write downs swift deterioration company financial picture said stephen moore vice president moody however feel move enron made draw revolvers pay commercial paper smart business move said stephen moore vice president moody rating agency said would review prime 2 rating enron commercial paper last thursday enron announced tapped lines credit provide 1 billion cash liquidity would use 2 billion pay commercial paper decision pay commercial paper said accomplishes two goals increases liquidity short term basis additionally enables focus areas need focus right moore said working setting additional facility capital support wholesale trading business karen denne enron spokesperson confirmed monday company discussions banks financing additional credit would help boost enron liquidity position lingering concern moody yet may something else gets credibility issue enron moore said heart credibility issue two limited partnerships lmj lmj 2 created 1999 former cfo andy fastow since dissolved enron ousted fastow last week see related story market unaware existence partnerships moore said quite frankly think anything else said enron huge could happen lingering concern something else might happen confirm deny true meeting soon resolve issues moore said meeting could come soon week wholesale trading business counterparties therein become impacted events could lead slowing growth wholesale business enron engine said moody action monday also negatively affected ratings two trusts marlin water trust osprey combined debt 3 2 billion marlin rated baa 2 osprey carries new rating baa 3 notch potential issue trusts may much equity enron would issue sale underlying assets alone enough pay debt enron anticipating using proceeds sale assets meet obligation lisa sanders dallas based reporter cbs marketwatch com enron goes begging forbes com staff forbes com 10 29 01 11 40 et new york enron said morning talks banks additional credit declining investor confidence sent stock six year low several large energy groups put dealings enron hold last thursday energy trader drew 3 billion credit line causing bonds fall sharply friday enron nyse ene scrambling reassure investors business partners since oct 16 company reported first quarterly loss four years 638 million loss included 1 01 billion charges ill fated investments week later disclosed u securities exchange commission asked information partnerships run chief financial officer andrew fastow executives fastow forced step company last week turmoil makes clearer ever enron problems solved recent departure chief executive jeffrey skilling challenging times enron deserves thanks houston chronicle october 28 2001 bill white enron employees blessed houston many houstonians take time say thanks company experienced highly publicized challenges enron attracted thousands great people houston changed houston economy forever company management encouraged employees active citizens folks responded making big difference community enron lead shaping nationwide market electricity gave birth multibillion dollar new industry houston hub even competed hard win marketplace enron example helped show natural gas pipeline trading firms move even bigger market electricity downtown concentration firms industry leaders including reliant dynegy el paso duke energy led london financial times refer louisiana street wall street electricity explosive growth attracted bright young people average age enron employees 35 turn helped fuel explosion residential growth houston downtown turn helped revitalize downtown retail restaurant scene enron construction large class office tower still going milestone houston growth official end decade large amounts vacant office space virtually every civic charitable activity houston learned count enron financial support thousands hours invaluable volunteer activities enron chairman ken lay led visionary effort hosting meeting g 7 trade ministers recently private funding houston biotechnology center houstonians knew would done right without lay town would lost major league baseball status big league town employees know enron set standard hiring promoting employees based potential glass ceilings women run large divisions subsidiaries many military officers find enron called talents illustrious military careers even ages well past normal corporate entry level highly recruited young people flock company invests heavily training lets rise far fast talent ability work hard would allow enron corporate success reflects stories many employees lived american dream habits work learned family farm missouri ken lay got education ending graduate degree university houston served country government began career gas pipeline business northern natural gas acquired smaller houston natural gas northern chairman surprised folks installing lay successor northern headquarters omaha week merger 16 years ago northern chairman reassured folks could count best young executive business ken lay direct future changing marketplace within 15 years enron revenues profits came businesses even exist lay taken created within firm success diminish farm boy decency sense fairness attracted top talent team enron rewarded innovation many firms afraid alter old formula wondered leadership eroded year year top executives throughout country voted enron nation innovative corporation enron recognized even financial markets innovative firms secure enough accept occasional failure inevitable price successes rather seeking insulation international marketplace many american businesses enron welcomed challenge international market confident american firms could compete win enron also welcomed challenge responsible environmental stewardship called industry address issue global warming even companies feared impact pollution control bottom line enron phenomenal success created incredible perhaps unreasonable expectations early year stock market valued company based 20 percent annual growth forever enron size success made convenient target politicians california india even enron supplied electricity needed sometimes seemed company upstart origins david battling utility goliaths delayed firm perception longer played role underdog enron experiences problems learn strong people let prejudge enron current challenges decade life dedicated trying cases companies hurt consumers investors taught insist truth never jump premature conclusions based headline news story throughout years success enron folks never forgotten find many ways make firm hometown houston better place live work enron enters new phase life let forget express thanks steady support white houston business executive civic leader former government official relationship enron