BusinessCompany NewsHiding losses at Enron ‘standard operating procedure’

Hiding losses at Enron ‘standard operating procedure'

New witness backs claims made by former top accountant

In another day of testimony in the trial of former CEOs Ken Lay and Jeff
Skilling, a former senior executive at the energy firm has testified that hiding
losses was ‘standard operating procedure’, the BBC reported.

‘At Enron, we tended to be pretty fast and loose with its rules,’ David
Delainey testified before a Houston Court.

Earlier in the week, Wesley Colwell, a former chief accountant at a large
Enron unit, testified that he moved $14m from one account to another so that the
firm could beat Wall Street profit targets.

Both Lay and Skilling deny they presided over a multi-billion dollar fraud at
the Houston-based business.

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