We had a server outage, and we're rebuilding the site. Some of the site features won't work. Thank you for your patience.
imc indymedia

Los Angeles Indymedia : Activist News

white themeblack themered themetheme help
About Us Contact Us Calendar Publish RSS
Features
latest news
best of news
syndication
commentary


KILLRADIO

VozMob

ABCF LA

A-Infos Radio

Indymedia On Air

Dope-X-Resistance-LA List

LAAMN List




IMC Network:

Original Cities

www.indymedia.org africa: ambazonia canarias estrecho / madiaq kenya nigeria south africa canada: hamilton london, ontario maritimes montreal ontario ottawa quebec thunder bay vancouver victoria windsor winnipeg east asia: burma jakarta japan korea manila qc europe: abruzzo alacant andorra antwerpen armenia athens austria barcelona belarus belgium belgrade bristol brussels bulgaria calabria croatia cyprus emilia-romagna estrecho / madiaq euskal herria galiza germany grenoble hungary ireland istanbul italy la plana liege liguria lille linksunten lombardia london madrid malta marseille nantes napoli netherlands nice northern england norway oost-vlaanderen paris/Île-de-france patras piemonte poland portugal roma romania russia saint-petersburg scotland sverige switzerland thessaloniki torun toscana toulouse ukraine united kingdom valencia latin america: argentina bolivia chiapas chile chile sur cmi brasil colombia ecuador mexico peru puerto rico qollasuyu rosario santiago tijuana uruguay valparaiso venezuela venezuela oceania: adelaide aotearoa brisbane burma darwin jakarta manila melbourne perth qc sydney south asia: india mumbai united states: arizona arkansas asheville atlanta austin baltimore big muddy binghamton boston buffalo charlottesville chicago cleveland colorado columbus dc hawaii houston hudson mohawk kansas city la madison maine miami michigan milwaukee minneapolis/st. paul new hampshire new jersey new mexico new orleans north carolina north texas nyc oklahoma philadelphia pittsburgh portland richmond rochester rogue valley saint louis san diego san francisco san francisco bay area santa barbara santa cruz, ca sarasota seattle tampa bay tennessee urbana-champaign vermont western mass worcester west asia: armenia beirut israel palestine process: fbi/legal updates mailing lists process & imc docs tech volunteer projects: print radio satellite tv video regions: oceania united states topics: biotech

Surviving Cities

www.indymedia.org africa: canada: quebec east asia: japan europe: athens barcelona belgium bristol brussels cyprus germany grenoble ireland istanbul lille linksunten nantes netherlands norway portugal united kingdom latin america: argentina cmi brasil rosario oceania: aotearoa united states: austin big muddy binghamton boston chicago columbus la michigan nyc portland rochester saint louis san diego san francisco bay area santa cruz, ca tennessee urbana-champaign worcester west asia: palestine process: fbi/legal updates process & imc docs projects: radio satellite tv
printable version - js reader version - view hidden posts - tags and related articles

Enron Officials Snub Congress

by Marcy Gordon (AP) Friday, Dec. 14, 2001 at 3:23 AM

Enron Corp., whose stunning collapse is being investigated by federal regulators and Congress, is declining to send any officials to a hearing Wednesday by two House panels.

Enron Officials Snub Congress

By Marcy Gordon

Dec. 11, 2001 | WASHINGTON (AP) --

Enron Corp., whose stunning collapse is being investigated by federal regulators and Congress, is declining to send any officials to a hearing Wednesday by two House panels.

"I don't think they want to, or are not prepared to answer some very pointed questions about what went wrong," Rep. Michael Oxley, R-Ohio, chairman of the House Financial Services Committee, said Tuesday in a telephone interview.

The hearing is being conducted by two subcommittees of the panel. Joseph Berardino, chief executive of Big Five accounting firm Arthur Andersen LLP, which was Enron's longtime auditor, and Robert Herdman, chief accountant of the Securities and Exchange Commission, are appearing as requested by the lawmakers.

Asked whether the committee planned to issue a subpoena to Enron officials to compel an appearance, Oxley said that would not happen immediately. However, he added, "We can certainly contemplate that at a later date." Additional hearings are planned on the subject.

Wednesday's inquiry is designed to help Congress and the public "understand as best we can what structurally went wrong, what mistakes were made and what mistakes were not noticed," Oxley said.

Subjects to be examined include accounting practices by the company and Andersen, and potential securities law violations, and Enron's handling of its employees' 401(k) retirement investment plans, he noted.

At Enron's headquarters in Houston, spokeswoman Karen Denne said neither Chairman and Chief Executive Kenneth Lay, who was invited by the lawmakers, nor any other Enron representatives will testify Wednesday.

"We don't believe that we would be able to adequately serve the interests of the committee while at the same time we're trying to serve the interests of our creditors' shareholders, and former and current zmployees," Denne told Dow Jones Newswires.

The SEC is examining Enron's use of questionable partnerships that allowed the energy-trading company to keep half a billion dollars in debt off its books, and has issued subpoenas to Andersen related to its auditing of Enron's accounts. The company, which only months ago was the nation's seventh-biggest in revenue, has acknowledged that it overstated profits for four years.

Enron filed for bankruptcy protection from creditors on Dec. 2, following a six-week downward spiral, and also filed a billion lawsuit against smaller rival Dynegy Inc. for scrapping a proposed buyout. It was one of the largest corporate bankruptcies in history.

The company laid off about 4,000 of the 7,500 employees at its headquarters the day after filing for bankruptcy with a promise that each would receive a ,500 severance payment. At the same time, nearly 600 employees deemed critical to running its prized energy trading business received more than 0 million in bonuses last month.

Enron also is under investigation by the Justice Department and by the Labor Department for its handling of its employees' retirement benefit plans. Before filing its bankruptcy petition, Enron prohibited its workers for several weeks from selling stock held in voluntary retirement plans while the share price plunged.

Report this post as:

© 2000-2018 Los Angeles Independent Media Center. Unless otherwise stated by the author, all content is free for non-commercial reuse, reprint, and rebroadcast, on the net and elsewhere. Opinions are those of the contributors and are not necessarily endorsed by the Los Angeles Independent Media Center. Running sf-active v0.9.4 Disclaimer | Privacy