DOCSLIB.ORG

Collapse of the Enron Corporation

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Collapse of the Enron Corporation S. HRG. 107–1141 COLLAPSE OF THE ENRON CORPORATION HEARING BEFORE THE COMMITTEE ON COMMERCE, SCIENCE, AND TRANSPORTATION UNITED STATES SENATE ONE HUNDRED SEVENTH CONGRESS SECOND SESSION FEBRUARY 26, 2002 Printed for the use of the Committee on Commerce, Science, and Transportation ( U.S. GOVERNMENT PRINTING OFFICE 88–896 PDF WASHINGTON : 2005 For sale by the Superintendent of Documents, U.S. Government Printing Office Internet: bookstore.gpo.gov Phone: toll free (866) 512–1800; DC area (202) 512–1800 Fax: (202) 512–2250 Mail: Stop SSOP, Washington, DC 20402–0001 VerDate 03-FEB-2003 08:49 Sep 29, 2005 Jkt 088896 PO 00000 Frm 00001 Fmt 5011 Sfmt 5011 D:\DOCS\88896.TXT SSC1 PsN: SSC1 COMMITTEE ON COMMERCE, SCIENCE, AND TRANSPORTATION ONE HUNDRED SEVENTH CONGRESS SECOND SESSION ERNEST F. HOLLINGS, South Carolina, Chairman DANIEL K. INOUYE, Hawaii JOHN McCAIN, Arizona, Ranking Republican JOHN D. ROCKEFELLER IV, West Virginia TED STEVENS, Alaska JOHN F. KERRY, Massachusetts CONRAD BURNS, Montana JOHN B. BREAUX, Louisiana TRENT LOTT, Mississippi BYRON L. DORGAN, North Dakota KAY BAILEY HUTCHISON, Texas RON WYDEN, Oregon OLYMPIA J. SNOWE, Maine MAX CLELAND, Georgia SAM BROWNBACK, Kansas BARBARA BOXER, California GORDON SMITH, Oregon JOHN EDWARDS, North Carolina PETER G. FITZGERALD, Illinois JEAN CARNAHAN, Missouri JOHN ENSIGN, Nevada BILL NELSON, Florida GEORGE ALLEN, Virginia KEVIN D. KAYES, Democratic Staff Director MOSES BOYD, Democratic Chief Counsel JEANNE BUMPUS, Republican Staff Director and General Counsel (II) VerDate 03-FEB-2003 08:49 Sep 29, 2005 Jkt 088896 PO 00000 Frm 00002 Fmt 5904 Sfmt 5904 D:\DOCS\88896.TXT SSC1 PsN: SSC1 CONTENTS Page Hearing held on February 26, 2002 ....................................................................... 1 Statement of Senator Allen ..................................................................................... 9 Statement of Senator Boxer .................................................................................... 8 Statement of Senator Breaux ................................................................................. 7 Statement of Senator Burns ................................................................................... 6 Prepared statement .......................................................................................... 6 Statement of Senator Carnahan ............................................................................. 7 Statement of Senator Cleland ................................................................................. 5 Statement of Senator Dorgan ................................................................................. 1 Statement of Senator Fitzgerald ............................................................................ 3 Prepared statement .......................................................................................... 4 Statement of Senator Hutchison ............................................................................ 53 Statement of Senator McCain ................................................................................. 2 Statement of Senator Nelson .................................................................................. 17 Statement of Senator Rockefeller ........................................................................... 9 Prepared statement .......................................................................................... 10 Statement of Senator Snowe ................................................................................... 16 Prepared statement .......................................................................................... 16 Statement of Senator Wyden .................................................................................. 5 WITNESSES McMahon, Jeffrey, President and Chief Operating Officer, Enron Corporation 14 Prepared statement .......................................................................................... 15 Skilling, Jeffrey, former Chief Executive Officer, Enron Corporation, accompanied by Bruce Hiler, Esq., O’Melveny & Myers .................................. 18 Watkins, Sherron, Vice President of Corporate Development, Enron Corporation, accompanied by Philip Hilder, Esq. .............................................. 10 Prepared statement .......................................................................................... 13 (III) VerDate 03-FEB-2003 08:49 Sep 29, 2005 Jkt 088896 PO 00000 Frm 00003 Fmt 5904 Sfmt 5904 D:\DOCS\88896.TXT SSC1 PsN: SSC1 VerDate 03-FEB-2003 08:49 Sep 29, 2005 Jkt 088896 PO 00000 Frm 00004 Fmt 5904 Sfmt 5904 D:\DOCS\88896.TXT SSC1 PsN: SSC1 COLLAPSE OF THE ENRON CORPORATION TUESDAY, FEBRUARY 26, 2002 U.S. SENATE, COMMITTEE ON COMMERCE, SCIENCE, AND TRANSPORTATION, Washington, DC. The Committee met, pursuant to notice, at 9:30 a.m. in room SD–253, Russell Senate Office Building, Hon. Byron L. Dorgan, presiding. OPENING STATEMENT OF HON. BYRON L. DORGAN, U.S. SENATOR FROM NORTH DAKOTA Senator DORGAN. I call the hearing to order. We would ask for order in the hearing room. This morning the Committee continues its examination of what has happened with respect to the Enron Corporation. We have had two previous hearings. Previously, we heard from a number of Enron employees, retirees, and investors, many of whom lost their life savings when this corporation collapsed. Today, we hope to begin the process of hearing from some of those who worked inside the Enron Corporation. We will hear from Ms. Sherron Watkins. She is the employee who wrote the memo to Mr. Lay last August saying that Enron was in danger of imploding ‘‘in a wave of accounting scandals.’’ She continues to be employed by the Enron Corporation. We also will hear from Mr. McMahon. Mr. McMahon is the former Treasurer of the Enron Corporation and now serves as President and Chief Operating Officer. Finally, we will hear from Mr. Skilling who is a former CEO of Enron. Some 10 weeks ago, as we began the inquiry, Ms. Janice Farmer sat at our witness table. She was an Enron employee and told us how the bankruptcy of Enron had demolished her life savings. This is a case of America’s largest corporate bankruptcy. It is not un- usual that, in our system, or in our society, enterprises would file for bankruptcy. It is unusual that we have had a corporation file for bankruptcy and a subsequent investigation, called the Powers Report, launched by the Board of Directors of that corporation, say- ing what they found inside the corporation was ‘‘appalling.’’ It is also the case that the people at the top in this corporation, officers and members of the Board of Directors, made a substantial amount of money, tens of millions of dollars in some cases, while people at the bottom, employees and investors, lost their life sav- ings in many instances. (1) VerDate 03-FEB-2003 08:49 Sep 29, 2005 Jkt 088896 PO 00000 Frm 00005 Fmt 6601 Sfmt 6601 D:\DOCS\88896.TXT SSC1 PsN: SSC1 2 The question here is what happened? How did it happen? Who was responsible for it happening? And what can we do to prevent this sort of thing from happening again? I have said previously—and let me mention again how important this is—the method by which we accumulate capital in this country is to have an investor in Bismarck, North Dakota, or anywhere in the country for that matter, buy a share of stock based on the be- lief that the financial statement represented by that corporation and approved by its accountants is a fair and honest representation of what is happening inside that corporation. If that trust is broken—and I believe that it was in this situa- tion—when that trust is broken, it undermines the method by which we accumulate capital for our system of capitalism. I think we must find out what happened. Where were the accountants? Where was the law firm? Where were the security analysts? Where were the officers and directors of the company? And how do we pre- vent this sort of thing from happening again? It is my hope, following recognition of the Ranking Member of the Full Committee and Subcommittee, that we could limit opening statements to a minute or so for those who have opening state- ments and then go right to the witnesses. We do have a vote that will occur at 10 o’clock. It is my intention that we would break for 15 minutes during that vote and then come back and proceed. Let me call on Senator McCain for his opening statement. STATEMENT OF HON. JOHN MCCAIN, U.S. SENATOR FROM ARIZONA Senator MCCAIN. Thank you, Senator Dorgan, for chairing this hearing, and I thank the witnesses for appearing before us today. Enron has drawn an enormous level of public and Congressional interest because the story of this one company challenges funda- mental assumptions about our economic system. One such assump- tion is that the public receives accurate assessments of a company’s financial health and that they rely on this information to make ra- tional investment decisions. Enron’s collapse raises serious doubts about whether existing financial disclosure rules and accounting standards enable the public to get an accurate or even a rough idea about companies’ true financial condition. Another assumption is that there are adequate gatekeepers in place to filter financial information and ensure its integrity. Enron has proven this assumption wrong. Gatekeepers within the com- pany failed, external gatekeepers in the form of auditors and finan- cial analysts failed, and Congress failed. Enron’s bankruptcy dramatically illustrates that the corporate
Load more

Recommended publications
  • GLOBAL MONITOR Bond Rating Agencies
    New Political Economy, Vol. 8, No. 1, 2003 GLOBAL MONITOR Bond Rating Agencies TIMOTHY J. SINCLAIR Emerging from relative obscurity in the 1990s, the major bond rating agencies, Moody’s Investors Service and Standard & Poor’s (S&P), have recently acquired a global reach from their US home base. Their views on the creditworthiness of corporations, municipalities and sovereign governments have become much more significant as capital markets have grown more important as sources of financing relative to traditional bank loans. This new international role for the bond rating agencies builds upon a century of prior experience of rating and information provision in the United States. The long gestation undertaken by the rating industry is usually ignored by analysts, but it is central to understanding the resources the rating agencies bring to their work, and why they are able to shield themselves from some of the rating ‘failures’ that took place in the 1990s. What the agencies actually sell is a feeling of confidence in the future, and how that feeling is created, managed (and challenged) are key moments in understanding the rating system. Rating agencies vary by reputation, the more eminent firms being more successful at inducing confidence.1 I begin this report by briefly outlining the origins and current standing of the US agencies. The rating process and outputs are the focus of the second part, as these activities are key to understanding what makes rating work. In the third element of this report, I examine the controversy over the downgrading of Japanese sovereign bonds. In the subsequent section, I discuss the Enron bankruptcy, a key recent rating ‘failure’ that risks degrading or destroying the reputation of the global rating agencies.
    [Show full text]
  • Rodriguez-Talavera, Leticia Defining Business Communication Using the Movie "The 16P.; Paper Presented at the Annual Meetin
    DOCUMENT RESUME ED 455 544 CS 510 588 AUTHOR Rodriguez-Talavera, Leticia TITLE Defining Business Communication Using the Movie "The Insider" as Mediator of Students' Thought Processes. PUB DATE 2001-05-00 NOTE 16p.; Paper presented at the Annual Meeting of the Association for Business Communication Convention (66th, San Diego, CA, November 7-10, 2001). PUB TYPE Reports Research (143) Speeches/Meeting Papers (150) EDRS PRICE MF01/PC01 Plus Postage. DESCRIPTORS *Business Communication; *Classroom Techniques; Communication Research; *Essays; Higher Education; Semiotics IDENTIFIERS Communication Context; *Concept Recognition; Iconic Representation; *Insider (The); University of Puerto Rico ABSTRACT Business communication is different from other domains in that its contextual meaning requires previous metacognitive mediation of signs. The communicative process in business is aimed at accomplishing a specific outcome. Various forms of meaning come into play in business communication such as denotative, connotative, stylistic, affective, collocative, thematic, aesthetic, and generative. In teaching business communication theory an uncalculated number of strategies have been used throughout the years. A study employed the strategy of extrapolating meaning from the communicative issues and/or events presented throughout the 1999 film "The Insider," which centers on the distracting euphemism used by top executives of the tobacco industries when testifying in court that nicotine is not harmful to people's health. Participants, 30 volunteer students from the Faculty of Business Communication, University of Puerto Rico, watched the movie and then wrote essays about how business communication theory concepts were related to the different issues and events in the film. Essays (n=25) were analyzed in terms of cohesive structure and modes of stylistic writing.
    [Show full text]
  • Telecommunications Provider Locator
    Telecommunications Provider Locator Industry Analysis & Technology Division Wireline Competition Bureau March 2009 This report is available for reference in the FCC’s Information Center at 445 12th Street, S.W., Courtyard Level. Copies may be purchased by contacting Best Copy and Printing, Inc., Portals II, 445 12th Street S.W., Room CY-B402, Washington, D.C. 20554, telephone 800-378-3160, facsimile 202-488-5563, or via e-mail at [email protected]. This report can be downloaded and interactively searched on the Wireline Competition Bureau Statistical Reports Internet site located at www.fcc.gov/wcb/iatd/locator.html. Telecommunications Provider Locator This report lists the contact information, primary telecommunications business and service(s) offered by 6,252 telecommunications providers. The last report was released September 7, 2007.1 The information in this report is drawn from providers’ Telecommunications Reporting Worksheets (FCC Form 499-A). It can be used by customers to identify and locate telecommunications providers, by telecommunications providers to identify and locate others in the industry, and by equipment vendors to identify potential customers. Virtually all providers of telecommunications must file FCC Form 499-A each year.2 These forms are not filed with the FCC but rather with the Universal Service Administrative Company (USAC), which serves as the data collection agent. The pool of filers contained in this edition consists of companies that operated and collected revenue during 2006, as well as new companies that file the form to fulfill the Commission’s registration requirement.3 Information from filings received by USAC after October 16, 2007, and from filings that were incomplete has been excluded from this report.
    [Show full text]
  • THE HISTORY of ONLINE SEARCHING by Matt Hannigan
    AT A LONG STRANGE TRIP IT'S BEEN: THE HISTORY OF ONLINE SEARCHING by Matt Hannigan, lndianapolis-Mmion Cotm[Y Public Library N THE BEGINNING You can't miss the timeline that runs through this article. What I find remarkable is how fast all of this When the editor asked me to write this stuff occurred. I sometimes feel like one of those history of the last twenty years of cartoon characters who is left standing in his union suit searching it wasn't because I'm the senior statesperson after being whirled about in the dust of the Road of online in Indiana. That title rightly belongs to Ann Runner or Speedy Gonzalez. Van Camp (formerly of the IU Medical Library, now an independent searcher). Nor am I the intellectual When I first started my career in libraries back in backbone of Indiana's online community. That honor 1978, a young scholar would drive to the library, find a goes to Becki Whitaker of the Indiana Cooperative parking space, locate the proper division, find a Library Services Authority (INCOLSA) . Becki is online's periodical index, guess at a subject and finally identify nearest approximation to Star Trek's Mr. Speck. My and locate an article on the history of the Punic War. role has been more like that of Forrest Gump or Jar Jar These days the same young student jumps out of bed, Binks - I just happened to be along for the ride. Arid logs onto the Net, types some keywords into an EBSCO what a ride it has been! One can picture future Carl database - and in a few moments is reading an article Sagans and Jacob Bronowskis speaking of this era and on the history of MTV.
    [Show full text]
  • Lion Luncheon 2008 Lion Luncheon 2008
    LionLion LuncheonLuncheon 20082008 The Women’s Division of the Jewish United Fund – Israel Emergency Fund invites you to is a sharp observer on anti-Semitism in France Ms.and Europe Brenner and how it affects America. Her 2003 investigation of the rise of anti-Semitism in France ,"France's Scarlet Letter", made international news and she won her sixth Front Page Award for it. It LionFEATURING LuncheonMARIE B 2008RENNER has been recently republished in Those Who Forget the Past: The Question of Anti-Semitism, (Random House) along with essays of Thursday, September 6, 2007 other distinguished writers. She has returned to France to survey developments in the Jewish community of Paris and to investigate the complicated lives of French Muslim Ritz Carlton Hotel women- “Daughters of France, Daughters of Allah” , published in Vanity Fair, April The Ball Room 2004. Water Tower Place 160 E. Pearson Marie Brenner has a particular interest in issues of women's development and empowerment. She is Writer at Large for Vanity Fair and the author of five books Chicago including the bestselling Great Dames: What I learned from Older Women (Crown, 2000) Registration at 10:30 a.m. I Program begins promptly at 11:00 a.m. Luncheon $75 I Dietary laws observed Her investigation into the Enron scandals made national news when Senator Peter Please respond on the enclosed card or register at www.juf.org by August 30, 2007 Fitzgerald used it to question witnesses testifying before a senate committee. The 1999 Michael Mann film The Insider, starring Al Pacino and Russell Crowe was based on The Lion Luncheon is for pacesetting women who contribute at the Emerald ($25,000), her work.
    [Show full text]
  • Richard Jewell Movie Release Date
    Richard Jewell Movie Release Date Rebuttable Steven retransfer very tangentially while Dino remains separative and synoptical. Swell and oculomotor Curt repriced her Anglo-Irish exscind unfrequently or torpedos untunably, is Barny unbowed? Anticivic Meredith gibbets notionally. The movie chronicles the fbi and chaos, remains a release date changes their significance around parking lots checking cars in Everyman nature of movies. Is not released by his extensive media coverage including stars out and movie and jealousy mounts among this information he called as producers. Every day Movie week To Netflix HBO Max And Disney This. 'Richard Jewell' Movie Review Clint Eastwood Defends an. Clint Eastwood's Richard Jewell Movie Gets A 2019 Release. Richard Jewell Blu-ray 2019 Best Buy. Esc key of movies and movie or had the latest news that jewell, and captivating story definitely earned a release. How dull I sign except for HBO Max? Clint Eastwood's Richard Jewell intends to clear the self's name once and for talking But Richard Jewell is from movie and movies are notoriously. Is fresh good liar on Apple TV? 'Richard Jewell' movie space This Clint Eastwood-directorial. Richard Jewell Movie Trailer Video History vs Hollywood. Richard Jewell Review New Clint Eastwood Movie Vulture. Help the movie where on paper, only of movies. The film is at night most humanizing when it focuses on the snap of characters who rarely get a starring role. Both movies showing that he plays and movie theatres please try a release date may change. Kathy bates also approached the film perpetuates harmful stereotypes about two nebraskan friends who like intense crime.
    [Show full text]
  • Lessons from Enron Thomas G
    Pepperdine Law Review Volume 32 Issue 2 Symposium: Can the Ordinary Practice of Law Article 15 Be a Religious Calling? 1-20-2005 The Lawyer as Truth-Teller: Lessons from Enron Thomas G. Bost Follow this and additional works at: http://digitalcommons.pepperdine.edu/plr Part of the Corporation and Enterprise Law Commons, Ethics and Professional Responsibility Commons, and the Legal Profession Commons Recommended Citation Thomas G. Bost The Lawyer as Truth-Teller: Lessons from Enron, 32 Pepp. L. Rev. 2 (2005) Available at: http://digitalcommons.pepperdine.edu/plr/vol32/iss2/15 This Symposium is brought to you for free and open access by the School of Law at Pepperdine Digital Commons. It has been accepted for inclusion in Pepperdine Law Review by an authorized administrator of Pepperdine Digital Commons. For more information, please contact [email protected]. The Lawyer as Truth-Teller: Lessons From Enron Thomas G. Bost* I. THE "CODE" The teaching and practice of law assume and are shaped by, in Joseph Allegretti's words, the "standard vision" of lawyer conduct and ethical responsibility.' Under the standard vision, which is reflected in the various codes of professional responsibility governing lawyers, the lawyer is a "neutral partisan" for his or her client: "neutral" in that he does not let his moral values affect his actions on behalf of his client; "partisan" in that she does whatever she can within the limits of the law to advance her client's stated interests. Because the standard vision is readily understood by most lawyers as imposing a code of conduct upon them in their practice of law, Allegretti calls the standard vision the "Code.",2 Although the Code is not codified per se, it is reflected in the Constitution, with its guarantees of trial by jury and assistance of legal counsel, in our judicial system, which is primarily adversarial rather than inquisitorial, and in the various codes of ethics governing lawyer behavior.
    [Show full text]
  • Reconciling Cultural Diversity and Free Trade in the Digital Age: a Cultural Analysis of the International Trade in Content Items Claire Wright
    The University of Akron IdeaExchange@UAkron Akron Law Review Akron Law Journals July 2015 Reconciling Cultural Diversity and Free Trade in the Digital Age: A Cultural Analysis of the International Trade in Content Items Claire Wright Please take a moment to share how this work helps you through this survey. Your feedback will be important as we plan further development of our repository. Follow this and additional works at: http://ideaexchange.uakron.edu/akronlawreview Part of the International Law Commons, and the International Trade Law Commons Recommended Citation Wright, Claire (2008) "Reconciling Cultural Diversity and Free Trade in the Digital Age: A Cultural Analysis of the International Trade in Content Items," Akron Law Review: Vol. 41 : Iss. 2 , Article 3. Available at: http://ideaexchange.uakron.edu/akronlawreview/vol41/iss2/3 This Article is brought to you for free and open access by Akron Law Journals at IdeaExchange@UAkron, the institutional repository of The nivU ersity of Akron in Akron, Ohio, USA. It has been accepted for inclusion in Akron Law Review by an authorized administrator of IdeaExchange@UAkron. For more information, please contact [email protected], [email protected]. Wright: Reconciling Cultural Diversity and Free Trade WRIGHT_FINAL 3/23/2009 2:40 PM RECONCILING CULTURAL DIVERSITY AND FREE TRADE IN THE DIGITAL AGE: A CULTURAL ANALYSIS OF THE INTERNATIONAL TRADE IN CONTENT ITEMS Claire Wright* I. Introduction ....................................................................... 401 II. Background Information.................................................... 415 A. Cultural Diversity on the Global Level ....................... 415 B. International Media Conglomerates ............................ 420 C. Global Content Markets .............................................. 428 D. Digital Technology ..................................................... 432 III. Cultural Studies ................................................................. 439 A. Cultural Studies as a Discipline .................................
    [Show full text]
  • Liquid Assets: Enron's Dip Into Water Business Highlights Pitfalls of Privatization
    Liquid Assets: Enron's Dip into Water Business Highlights Pitfalls of Privatization A special report by Public Citizen’s Critical Mass Energy and Environment Program Washington, D.C. March 2002 Liquid Assets: Enron's Dip into Water Business Highlights Pitfalls of Privatization A special report by Public Citizen’s Critical Mass Energy and Environment Program Washington, D.C. March 2002 This document can be viewed or downloaded at www.citizen.org/cmep. Public Citizen 215 Pennsylvania Ave., S.E. Washington, D.C. 20003 202-546-4996 fax: 202-547-7392 [email protected] www.citizen.org/cmep © 2002 Public Citizen. All rights reserved. Public Citizen, founded by Ralph Nader in 1971, is a non-profit research, lobbying and litigation organization based in Washington, D.C. Public Citizen advocates for consumer protection and for government and corporate accountability, and is supported by over 150,000 members throughout the United States. Liquid Assets: Enron's Dip into Water Business Highlights Pitfalls of Privatization Executive Summary The story of Enron Corp.’s failed venture into the water business serves as a cautionary tale for consumers and policymakers about the dangers of turning publicly operated water systems and resources over to private corporations and creating a private “market” system in which water can be traded as a commodity, as Enron did with electricity and tried to do with water. Enron’s water investments, which contributed to the company’s spectacular collapse, would not have been permitted had the Public Utility Holding Company Act (PUHCA) been properly enforced and not continually weakened by the deregulation initiatives advocated by Enron and other energy companies.
    [Show full text]
  • Fall 2012 Cover.Indd 1 10/15/12 3:08 PM FALL 2012 Contents VOLUME 19 • NUMBER 3
    The Magazine of Rhodes College • Fall 2012 THE SCIENCES AT RHODES Past, Present and Future Fall 2012 cover.indd 1 10/15/12 3:08 PM FALL 2012 Contents VOLUME 19 • NUMBER 3 2 Campus News Briefs on campus happenings 5 The Sciences at Rhodes—Past, Present and Future Conversations with faculty, alumni and current students who majored in or are currently engaged in one of the six science disciplines Rhodes offers: 6 The Biochemists and Molecular Biologists Professor Terry Hill, Amanda Johnson Winters ’99, Ross 10 Hilliard ’07, Xiao Wang ’13 10 The Biologists Professor Gary Lindquester, Veronica Lawson Gunn ’91, Brian Wamhoff ’96, Anahita Rahimi-Saber ’13 14 The Chemists Professor Darlene Loprete, Sid Strickland ’68, Tony Capizzani ’95, Ashley Tufton ’13 18 The Environmental Scientists Professor Rosanna Cappellato, Cary Fowler ’71, Christopher Wilson ’95, Alix Matthews ’14 22 The Neuroscientists Professor Robert Strandburg, Jim Robertson ’53 and Jon Robertson ’68, Michael Long ’97, Piper Carroll ’13 14 26 The Physicists Professor Brent Hoffmeister, Harry Swinney ’61, Charles Robertson Jr. ’65, Lars Monia ’15 30 A Case for the Support of the Sciences at Rhodes The importance of strengthening the sciences in the 21st century 32 Alumni News Class Notes, In Memoriam The 2011-2012 Honor Roll of Donors On the Cover From left: Alix Matthews ’14, Ashley Tufton ’13, Piper Carroll ’13, Lars Monia ’15 and Xiao Wang ’13, fi ve of the six science majors featured in this issue, at the Lynx 26 sculpture in front of the Peyton Nalle Rhodes Tower, home of the Physics Department Photography by Justin Fox Burks Contents_Fall ’12.indd 1 10/15/12 3:05 PM is published three times a year by Rhodes College, 2000 N.
    [Show full text]
  • SECURITIES and EXCHANGE COMMISSION Washington, D.C. 20549
    SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) (X) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarter ended October 31, 2000 ( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 000-23262 CMGI, INC. ---------- (Exact name of registrant as specified in its charter) DELAWARE 04-2921333 (State or other jurisdiction of (I.R.S. Employer Identification No.) incorporation or organization) 100 Brickstone Square 01810 Andover, Massachusetts (Zip Code) (Address of principal executive offices) (978) 684-3600 (Registrant's telephone number, including area code) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No _____ ----- Number of shares outstanding of the issuer's common stock, as of December 11, 2000 Common Stock, par value $.01 per share 319,311,017 --------------------------------------- ----------- Class Number of shares outstanding CMGI, INC. FORM 10-Q INDEX Page Number ----------- Part I. FINANCIAL INFORMATION Item 1. Consolidated Financial Statements Consolidated Balance Sheets October 31, 2000 (unaudited) and July 31, 2000 3 Consolidated Statements of Operations Three months ended October 31, 2000 and 1999 (unaudited) 4 Consolidated Statements of Cash Flows Three months ended October 31, 2000 and 1999 (unaudited) 5 Notes to Interim Unaudited Consolidated Financial Statements 6-13 Item 2.
    [Show full text]
  • The Def End Trade Secrets Act Whistleblower Immunity Provision
    Menell: DTSA Whistleblower Immunity SYMPOSIUM ARTICLE The Defend Trade Secrets Act Whistleblower Immunity Provision: A Legislative History Peter S. Menell** ABSTRACT The Defend Trade Secrets Act of 2016 ("DTSA") was the product of a multi-year effort to federalize trade secret protection. In the final stages of drafting the DTSA, Senators Grassley and Leahy introduced an important new element: immunity "for whistleblowers who share confidential infor­ mation in the course of reporting suspected illegal activity to law enforce­ ment or when filing a lawsuit, provided they do so under seal." The mean­ ing and scope of this provision are of vital importance to enforcing health, safety, civil rights, financial market, consumer, and environmental protec­ tions and deterring fraud against the government, shareholders, and the public. This article explains how the whistleblower immunity provision was formulated and offers insights into its proper interpretation. * Koret Professor of Law and Co-Director, Berkeley Center for Law & Technology, University of California at Berkeley School of Law. This article grows out of a presentation that I made at a symposium hosted by the Center for Intellectual Property & Entrepreneurship and the Business, Entrepreneurship & Tax Law Review at the University of Missouri School of Law on March 17, 2017. I am grateful to Professor Dennis Crouch for organizing the symposium and Brittany Bruns and AmitElazari for research assistance. I am especially grateful to the Senate Judiciary Committee staff for reaching out to me in drafting the Defend Trade Secrets Act of 2016. This article is largely based on Peter S. Menell, Tailoring a Public Policy Exception to Trade Secret Protection, 105 Calif.
    [Show full text]