At the trial of former Enron CEOs Ken Lay and Jeff Skilling, a former top
manager at the energy company said a 2001 analyst report valued Enron at less
than half its market value, five months before it collapsed into bankruptcy.
Testifiying at the Houston trial, Kevin Hannon, former chief operating
officer at Enron Broadband Services, said the report, published in May 2001 by
the Off Wall Street Consulting Group, was discussed at a meeting of Enron’s
senior managers, including Lay and Skilling, Reuters reported.
At the meeting one executive claimed the report was valid in its criticisms
of the company, Hannon said.
According to Hannon, Jeff Skilling responded by saying: ‘They’re onto us.’
Skilling is charged with 31 counts of conspiracy, fraud and money laundering,
and Lay is charged with seven counts of conspiracy and fraud. They both deny any
Does Darwin's theory apply to taxation? Colin ponders...
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states
Accountancy watchdog the FRC has dropped its investigation into the former chief financial officer of Tesco, nearly two years after the supermarket was engulfed in an accounting scandal
Colin imagines how Apple's logo might change in the wake of the EC's ruling over its Irish tax arrangements