DOCSLIB.ORG

Enron Documents 1992 ENRON CORP

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Enron Documents 1992 ENRON CORP Enron Documents 1992 ENRON CORP Kenneth L. Lay P. o. a n88 Chairmon ond Hotnton. Teass 77251-188 Chie Eecuive Offic (13) 8536773 January 13, 1992 The Honorable David Boren United States Senate 453 Russell Senate Office Building Washington, DC 20510 Dear David: The most important problem facing our country today is our stagnant economy. This stubborn recession has increased unemployment substantially, ballooned the deficit and made it more difficult for American companies to compete abroad. As the Congress turns its attention toward this challenge, I want to share some thoughts on how I believe we can get the economy moving again. First, I am among those who believe the case for a targeted Investment Tax Credit (ITC) is compelling: Business spending on equipment has actually declined since the 1990 business cycle trough. This contrasts with a sharp increase in the same months following the 1982 recession trough, when both a 10-percent ITC and a five-year depreciation write-off were in effect. Recent research at Harvard and MIT provides convincing evidence that the level of investment in business equipment is the strongest single factor contributing to economic growth and development. Recent research at Stanford indicates that the ITC is the most cost-effective tax device for promoting such investment. Both academic research and reliable econometric simulations indicate that adoption of a 10-percent ITC would reduce this country's ultra-high capital cost of equipment investment by at least 11 percent. This reduction is essential for our international competitiveness. However, when discussing how to pay for this business investment stimulant, we must not increase the basic corporate rate or the alternative minimum tax, which now is paid by almost half of America's corporations. Federal spending, which is now approaching 25% of the Gross National Product, should be reduced to keep the deficit from ballooning even more. Second, I believe that early enactment of S.1220, the Johnston/Wallop National Energy Security Act, is another significant element in an economic recovery strategy. Since 1980, employment in the oil and gas industry has declined by about 365,000 jobs. Every 100,000 barrels of imported oil displaced by domestic natural gas results in 16,000 new jobs being created in the United States, $400 million of new investment, and a $750 million positive improvement in our balance of payments. If we could replace 1,000,000 barrels of imported oil, we could create 160,000 jobs, or one-half of those lost since 1980, 2 Tcf of demand for domestic natural gas production, and a $7.5 billion positive improvement in our balance of payments. Technological advances have helped us expand the resource base to an estimated 1200 Tcf, which is equivalent to 200 billion barrels of oil. Other legislation, such as extension of Section 29 of the Internal Revenue Code, which offers non- conventional fuels credit for tight_ sands, coal bed methane and Devonian shale, is another strong national economic and strategic benefit. The tight sands credit has moved about 200 Tcf, or about 33 billion barrels equivalent of very tight sands natural gas resources, from the non-economically recoverable category to the economically recoverable category. Despite this enormous potential, during the first week in December, there were only 300 rigs drilling for natural gas. As a comparison, there were 500 rigs operating during the same week in 1990. Another potentially significant spur to our economy is the reduction in the taxable rate for capital gains. I have noted with interest that many members of Congress already have endorsed or co-sponsored legislation to reduce the capital gains rate reduction. This is a very positive development. In sum, I am convinced that the benefits to our economy, competitiveness, energy security and quality of life can be considerably improved if these economic and energy policies can become public law in 1992. Please accept my best wishes to you and your family for the very best in 1992. I also extend my thanks to you for your continued effective work in Congress. Sincerely, U.S. DEPARTMENT OF ENERGY ES-F-325.12 CORRESPONDENCE CONTROL FORM 9 (-1 0) , OFFICE OF THE EXECUTIVE SECRETARIAT ACTIVITY ADD DO NOT DETACH FROM ORIGINAL CORRESPONDENCE 01/22/92 13:16 SOURCE CODE PM PUBLIC MAIL SPEC INT: CONTROL NO: ES92-000853 DATECORR:01/17/ 9 2 DATE RECD: 01/22/92 DATECNTRL: 01/22/92 DATE DUE: NONE LETTER: X MEMO: TWX: OTHER:__ TO: SECY: _ DEP SEC: X UN SEC: _OTHER: FROMHILLINGS,E JOSEPH DC O REMARKS: ENRON WASHINGTON, INC. SUBJ:ENERGY INFORMATION INFORMATION SHARING FOR USE BY ACTION OFFICE ONLY ENCLOSES A LETTER FROM KEN ACTION REFERRED TO DATE RETURN TO DUE LAY TO SELECTED MEMBERS OF DATE CONGRESS ACTION TO: OSE/MOORE TYPEACTION: For your information SIGOF: CONCURRENCE: INFORMATIONS US OS/THORNTON OS/CORNICK PE GC CP1 CPO1 CP20 CP40 FE ES1 DO2 FILE CODEPMH I LL I NGS-ES92000853 CONTROL ANALYST: B ATCHERSON 6-225 ALL DOCUMENTS FOR THE OFFICE OF THE SECRETARY MUST BE FORWARDED TO THE OFFICE OF THE EXECUTIVE SECRETARIAT FOR FINAL PROCESSING 3 ENRON Washington, Inc. E. Joseph Hillings 750 17rh Sreet, N.W.. th Fl. President Woshington, D. C. 20006.4607 (2021 828-3366 Fox: (202) 828-3372 January 17, 1992 Mr. W. Henson Moore Deputy Secretary Department of Energy 1000 Independence Avenue, SW Washington, DC 20585 Dear Henson: I thought you would be interested in the attached letter from Ken Lay to selected members of Congress. We would be pleased to meet with you to discuss those issues in greater detail. Sincerely, E. Joseph Hillings A U.S. DEPARTMENT OF ENERGY ES&F-1325,12 CORRESPONDENCE CONTROL FORM 90 (11 ) OFFICE OF THE EXECUTIVE SECRETARIAT ACTIVITY ADD DO NOT DETACH FROM ORIGINAL CORRESPONDENCE 02/07/92 14:46 SOURCE CODE PM PUBLIC MAIL SPEC INT: CONTROL NO: ES92-001939 DATE CORR: 02/04/92 DATE RECD: 02/07/92 DATE CNTRL: 02/07/92 DATE DUE: NONE LETTER: X MEMO: TWX: OTHER: TO: SECY: X DEP SEC: UN'SEC: _ OTHER: FRON:LAY,KENNETH L TX 0 REMARKS: RELATES TO ES91-021090. ENRON CORP SUBJ: PUBL I C I NFORMAT I ON NATIONAL PETROLEUM COUNCIL FOR USE BY ACTION OFFICE ONLY ACCEPTS INVITATION TO SERVE AS ACTION REFERRED TO DATE RETURN TO DUE A MEMBER OF THE NATIONAL _DATE PETROLEUM COUNCIL 2 ACTION TO: FE TYPE ACTION: Appropriate action SIGQF: CONCURRENCE: INFORMATION:S DS AC ES1 D04 FILE CODE:PMLAY-ES9200 1939 -CONTROL ANALYST: O Gorham 6-4261 ALL DOCUMENTS FOR THE OFFICE OF THE SECRETARY MUST BE FORWARDED TO THE OFFICE OF THE EXECUTIVE SECRETARIAT FOR FINAL PROCESSING SO :-V Ov 071j Zb; " Kenneth L. Lay p.o. aoxnB8 Choirmon and Houston, Texan 77251-88 Chief Executit Offcer (713) 8536773 February 4, 1992 Admiral James D. Watkins Secretary of Energy Washington, DC 20585 Dear Admiral Watkins: I am delighted to accept your invitation to continue serving as a member of the National Petroleum Council for a term that expires November 27, 1993. As you know, I am personally committed to the work of the National Petroleum Council. I believe we can provide important input to you and the department. Our current study on natural gas could be particularly important. I look forward to continuing working with you both as a member of the National Petroleum Council and in any other way where I can be helpful. Sincerely, jgh.127 _ THE WHITE HOUSE Office of the Press Secretary (Oklahoma City, Oklahoma) March 6, 1993 As part of his 90-day regulatory relief initiative, the President today announced several steps the Administration is taking to improve economic conditions in the natural gas industry and, at the same time, reduce utility rates to American consumers. Noting the importance of the natural gas industry to the Nation's economic health and security, the President also acknowledged that the industry has fallen on hard times. The specific actions, all of which were called for in the President's National Energy Strategy, are as follows: 1. Remove Regulatorv Barriers to Use of Natural Gas By Electric utiliti. Two additional actions will eliminate regulatory barriers that impede the use of natural gas by electric utilities: o Final WEPCo Rule. Within the next two weeks, EPA will issue a final rule (the so-called "WEPCo" rule) allowing electric utilities to make certain physical and operational changes at existing power plants without having to undergo expensive and time-consuming "new source" review. Because many of the modifications discouraged by the current regime are conversions to natural gas or gas co-firing generators, the final rule should lead to increased natural gas usage as well as lower electricity rates. The final rule will be substantially the same as EPA's proposed rule. o Incentive Reaulation for laectrie _tilitiea and Natural cas PiRlinaes. Currently, the manner in which the Federal Energy Regulatory Commission regulates the rates of electric utilities and natural gas pipelines reduces significantly their incentives to reduce costs. FERC Chairman Martin Allday and Commissioner Branko Terzic have proposed a policy statement permitting electric utilities and natural gas pipelines to cboosei.:nncentlve regulation" as an alternative to traditional "cost-:OT-service" regulation. over time, this new approach will increase consumption of natural gas by electric utilities as well as other consumers of natur&l gas. When fully implemented, moreover, a shift to incentive regulation should ultimately reduce total electricity and natural gas transportation costs by $1-3 billion per year, thereby significantly reducing utility rates to consumers. S 2. Remove Rlaculator Barriers that Prevent Increased Usaaa of Natural Gas Vehicles. The Administration haa already taken a number of steps to enhance usage of natural gas vehicles (NGVs), including substantial purchases of NGVs for use in government fleets.
Load more

Recommended publications
  • Media Coverage of Ceos: Who? What? Where? When? Why?
    Media Coverage of CEOs: Who? What? Where? When? Why? James T. Hamilton Sanford Institute of Public Policy Duke University [email protected] Richard Zeckhauser Kennedy School of Government Harvard University [email protected] Draft prepared for March 5-6, 2004 Workshop on the Media and Economic Performance, Stanford Institute for International Studies, Center on Development, Democracy, and the Rule of Law. We thank Stephanie Houghton and Pavel Zhelyazkov for expert research assistance. Media Coverage of CEOs: Who? What? Where? When? Why? Abstract: Media coverage of CEOs varies predictably across time and outlets depending on the audience demands served by reporters, incentives pursued by CEOs, and changes in real economic indicators. Coverage of firms and CEOs in the New York Times is countercyclical, with declines in real GDP generating increases in the average number of articles per firm and CEO. CEO credit claiming follows a cyclical pattern, with the number of press releases mentioning CEOs and profits, earnings, or sales increasing as monthly business indicators increase. CEOs also generate more press releases with soft news stories as the economy and stock market grow. Major papers, because of their focus on entertainment, offer a higher percentage of CEO stories focused on soft news or negative news compared to CEO articles in business and finance outlets. Coverage of CEOs is highly concentrated, with 20% of chief executives generating 80% of coverage. Firms headed by celebrity CEOs do not earn higher average shareholder returns in the short or long run. For some CEOs media coverage equates to on-the-job consumption of fame.
    [Show full text]
  • United States Court of Appeals for the DISTRICT of COLUMBIA CIRCUIT
    United States Court of Appeals FOR THE DISTRICT OF COLUMBIA CIRCUIT Argued October 7, 2016 Decided December 27, 2016 No. 15-7121 ENRON NIGERIA POWER HOLDING, LTD., APPELLEE v. FEDERAL REPUBLIC OF NIGERIA, APPELLANT Appeal from the United States District Court for the District of Columbia (No. 1:13-cv-01106) David Elesinmogun argued the cause and filed the briefs for appellant. Kenneth R. Barrett argued the cause and filed the briefs for appellee. Before: ROGERS, TATEL and GRIFFITH, Circuit Judges. Opinion for the Court filed by Circuit Judge ROGERS. ROGERS, Circuit Judge: In 1999, the Republic of Nigeria entered into a power purchase agreement (“PPA”) with Enron Nigeria Power Holding, Ltd. (“ENPH”), for construction of 2 electrical facilities. Days later, Nigeria suspended implementation of the PPA, and after years of attempted renegotiation over one phase of construction proved fruitless, ENPH filed under the PPA for arbitration by the International Chamber of Commerce’s International Court of Arbitration (“ICC”). The ICC issued an Award in ENPH’s favor. When collection efforts failed, ENPH filed a petition for confirmation and enforcement of the Award in the federal district court here. Nigeria now appeals from the order granting enforcement of the Award. Invoking Article V(2)(b) of The Convention on the Recognition and Enforcement of Foreign Arbitral Awards (known as the “New York Convention”), 21 U.S.T. 2517, Nigeria contends that enforcement of the Award violates the public policy of the United States not to reward a party for fraudulent and criminal conduct. It maintains that ENPH and Enron International Corporation (“Enron”) are alter egos, and, alternatively, that ENPH made false and fraudulent representations about Enron to induce Nigeria to enter the PPA.
    [Show full text]
  • Essays on Financial Communication in Earnings Conference Calls
    Essays on Financial Communication in Earnings Conference Calls Xiaoxi Wu This dissertation is submitted for the degree of Doctor of Philosophy September 2019 Department of Accounting and Finance Abstract Earnings conference calls are an important platform of financial communication. They provide researchers with unique opportunities to observe firm managers’ and financial analysts’ interactions and natural communication style in a daily-task environment. Relying on multidisciplinary theories and methods, this dissertation studies financial communication in conference calls from both the managers’ and the sell-side analysts’ perspectives. It consists of three self-contained studies. Chapter 2 focuses on managers’ communication strategies in conference calls. It explores, in the small non-negative earnings surprises setting, whether non-manipulators design communication strategies to separate themselves from earnings manipulators, and whether manipulators pool through obfuscation. Chapters 3 and 4 focus on sell-side analysts’ communication behaviour in conference calls. Chapter 3 examines how analysts’ people skills affect their communication behaviour and relationships with firm management. Chapter 4 applies both qualitative and quantitative discourse analyses and investigates how analysts use linguistic politeness strategies to establish socially desirable identities in publicly accessible analyst-manager interactions. The three studies combined contribute to the accounting literature by furthering our understanding of managers’ and analysts’
    [Show full text]
  • Enron's Pawns
    Enron’s Pawns How Public Institutions Bankrolled Enron’s Globalization Game byJim Vallette and Daphne Wysham Sustainable Energy and Economy Network Institute for Policy Studies March 22, 2002 About SEEN The Sustainable Energy and Economy Network, a project of the Institute for Policy Studies (Washington, DC), works in partnership with citizens groups nationally and globally on environment, human rights and development issues with a particular focus on energy, climate change, environmental justice, and economic issues, particularly as these play out in North/South relations. SEEN views these issues as inextricably linked to global security, and therefore applies a human security paradigm as a framework for guiding its work. The reliance of rich countries on fossil fuels fosters a climate of insecurity, and a rationale for large military budgets in the North. In the South, it often fosters or nurtures autocratic or dictatorial regimes and corruption, while exacerbating poverty and destroying subsistence cultures and sustainable livelihoods. A continued rapid consumption of fossil fuels also ensures catastrophic environmental consequences: Climate change is a serious, emerging threat to the stability of the planet's ecosystems, and a particular hazard to the world's poorest peo- ple. The threat of climate change also brings more urgency to the need to reorient energy-related investments, using them to provide abundant, clean, safe energy for human needs and sustainable livelihoods. SEEN views energy not as an issue that can be examined in isolation, but rather as a vital resource embedded in a development strategy that must simultaneously address other fundamentals, such as education, health care, public par- ticipation in decision-making, and economic opportunities for the poorest.
    [Show full text]
  • A Case of Corporate Deceit: the Enron Way / 18 (7) 3-38
    NEGOTIUM Revista Científica Electrónica Ciencias Gerenciales / Scientific e-journal of Management Science PPX 200502ZU1950/ ISSN 1856-1810 / By Fundación Unamuno / Venezuela / REDALYC, LATINDEX, CLASE, REVENCIT, IN-COM UAB, SERBILUZ / IBT-CCG UNAM, DIALNET, DOAJ, www.jinfo.lub.lu.se Yokohama National University Library / www.scu.edu.au / Google Scholar www.blackboard.ccn.ac.uk / www.rzblx1.uni-regensburg.de / www.bib.umontreal.ca / [+++] Cita / Citation: Amol Gore, Guruprasad Murthy (2011) A CASE OF CORPORATE DECEIT: THE ENRON WAY /www.revistanegotium.org.ve 18 (7) 3-38 A CASE OF CORPORATE DECEIT: THE ENRON WAY EL CASO ENRON. Amol Gore (1) and Guruprasad Murthy (2) VN BRIMS Institute of Research and Management Studies, India Abstract This case documents the evolution of ‘fraud culture’ at Enron Corporation and vividly explicates the downfall of this giant organization that has become a synonym for corporate deceit. The objectives of this case are to illustrate the impact of culture on established, rational management control procedures and emphasize the importance of resolute moral leadership as a crucial qualification for board membership in corporations that shape the society and affect the lives of millions of people. The data collection for this case has included various sources such as key electronic databases as well as secondary data available in the public domain. The case is prepared as an academic or teaching purpose case study that can be utilized to demonstrate the manner in which corruption creeps into an ambitious organization and paralyses the proven management control systems. Since the topic of corporate practices and fraud management is inherently interdisciplinary, the case would benefit candidates of many courses including Operations Management, Strategic Management, Accounting, Business Ethics and Corporate Law.
    [Show full text]
  • July 31, 2013 Local Government Assistance & Economic Analysis
    July 31, 2013 Local Government Assistance & Economic Analysis Texas Comptroller of Public Accounts P.O. Box 13528 Austin, Texas 78711-3528 RE: Application to the Fort Stockton Independent School District from Barilla Solar, LLC FIRST QUALIFYING YEAR 2014 To the Local Government Assistance & Economic Analysis Division: By copy of this letter transmitting the application for review to the Comptroller’s Office, the Fort Stockton Independent School District is notifying the Applicant Barilla Solar, LLC of its intent to consider Barilla Solar, LLC’s application for appraised value limitation on qualified property. The Applicant submitted the application to the school district on July 22, 2013. The Board voted at a properly posted Board meeting to accept the application on July 22, 2013. The application was determined complete by the school district on July 31, 2013. Please prepare the economic impact report. The Applicant has included confidential materials with the application. The materials have been provided both in electronic and hard copy format. We have not attached the confidential materials to this email to avoid the unintended disclosure of these materials. Barilla Solar, LLC has also requested that Page 8 of the Application and Schedules A-D attached be kept “Confidential”, as well. Your office has already determined that information regarding investment levels and employment cannot be kept confidential. Even though the Applicant has written Confidential across the top of the Schedules, such information must be published on the website. Letter to Local Government Assistance & Economic Analysis Division July 31, 2013 Page 2 of 2 No construction has begun at the project site as of the date of the filing of the application and the District’s determination that the application is complete.
    [Show full text]
  • Conspiracy of Fools”
    Submitted version of review published in GARP Risk Review Review of “Conspiracy of Fools” Joe Pimbley Kurt Eichenwald’s Conspiracy of Fools (Broadway Books, 2005) is a spellbinding account of the rise and fall of Enron. In nearly 700 pages the reader finds answers to “what happened?” and “how did it happen?” Based on retrospective interviews with more than a hundred primary and secondary actors in this drama, the author creates multiple, parallel story lines. He jumps back and forth between these sub-plots in a manner that maintains energy and gives the reader many natural stopping points. The great strengths of Conspiracy are that it’s thorough, extremely well- written, captivating, and, finally, it rings true. The author avoids the easy, simple conclusions that all the executives are “guilty” of crimes or plain greed and that the media-lionized whistle-blower is pure of heart. We see the ultimate outcome as personal tragedies for Jeff Skilling (President) and Ken Lay (CEO) even though they are undeniably culpable. Culpability and guilt are not synonymous, however, and different readers will have widely different judgments to render on these two men. The view of Andrew Fastow is not so murky. He and a handful of his associates did indeed lie, cheat, and steal for personal gain. Fastow’s principle “contribution” to Enron was the creation of structured finance transactions to skirt accounting rules. This one-sentence description doesn’t tell the reader much. Eichenwald gives many examples to flesh out the concept. The story of “Alpine Investors” provides the simplest case. The company wished to sell the Zond Corporation, a wind-farm operator, prior to the closing of Enron’s purchase of Portland General.
    [Show full text]
  • Former Enron Broadband Chief Executive Officer Kenneth Rice Sentenced on Securities Fraud Charge
    FOR IMMEDIATE RELEASE CRM MONDAY, JUNE 18, 2007 PH: (202) 514-2007 WWW.USDOJ.GOV/ TDD: (202) 514-1888 Former Enron Broadband Chief Executive Officer Kenneth Rice Sentenced on Securities Fraud Charge WASHINGTON – Kenneth Rice, a former chief executive officer of Enron Broadband Services (EBS), was sentenced to 27 months in prison and ordered to forfeit approximately $15 million to be used to compensate victims of the Enron fraud, Assistant Attorney General Alice S. Fisher of the Criminal Division announced today. Rice was sentenced today at a hearing before Judge Vanessa Gilmore at U.S. District Court in Houston. Rice pleaded guilty on July 20, 2004 to the securities fraud charge, and cooperated with the government’s investigation into the collapse of Enron. Rice admitted that while he was at EBS, a unit of the now-defunct Enron Corp., he and others made a series of false statements about the products, services and business performance of EBS in order to mislead investors and others about the success of the company and to inflate artificially the price of Enron stock. Rice admitted that while serving as EBS’s CEO, he conspired with others to make false statements about the company’s development of various software capabilities and its fiber-optic network. Rice admitted that he falsely portrayed EBS as a commercial and business success, and falsely claimed that network control software developed by EBS was “up and running” – when in fact the software had not progressed beyond the internal development stage. These and other misrepresentations, including a failure to disclose to the investing public that the company stood to sustain operating losses in 2001, contributed to a sharp rise in Enron’s stock price.
    [Show full text]
  • P:\Heather\Opinions to Be Docketed\04Cr025 Full Document.Wpd
    Case 4:04-cr-00025 Document 494 Filed in TXSD on 10/17/05 Page 1 of 68 IN THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF TEXAS HOUSTON DIVISION UNITED STATES OF AMERICA, § § Plaintiff, § § v. § CRIMINAL NUMBER H-04-025-SS § RICHARD A. CAUSEY, JEFFERY K. § SKILLING, and KENNETH L. LAY, § § Defendants. § MEMORANDUM OPINION AND ORDER Pending before the court are Kenneth L. Lay’s Motion to Dismiss the Securities Fraud and Wire Fraud Counts of the Second Superseding Indictment [Defense Motion No. 2] (Docket Entry No. 386),1 and Jeffery K. Skilling’s Motion to Dismiss Counts 23, 24, 26, and to Strike Various Allegations as Prejudicial Surplusage [Defense Motion No. 4] (Docket Entry No. 394).2 The pending motions challenge charges brought against Lay for securities fraud and wire fraud and against Skilling for securities fraud as part of a 53-count Second Superseding Indictment ((SSI) Docket Entry No. 97). For the following reasons the motions will be denied. 1By notice filed with the court, Lay’s co-defendants join in this motion. See Jeffrey Skilling’s Joinder in Support of Defendant Kenneth Lay’s Defense Motions (Defense Motions Nos. 1 and 2)(Docket Entry No. 392); and Notice of Joinder (Docket Entry No. 420), executed by all three defendants. 2By notice filed with the court, Skilling’s co-defendants join in this motion. See Defendant Richard A. Causey’s Joinder in Various Defense Motions (Docket Entry No. 376)); Kenneth L. Lay’s Notice of Joinder of Co-Defendants’ Motions (Docket Entry No. 380); and Notice of Joinder (Docket Entry No.
    [Show full text]
  • EN RON CORP. NOTICE of ANNUAL MEETING of SHAREHOLDERS May 2, 2000
    EN RON CORP. NOTICE OF ANNUAL MEETING OF SHAREHOLDERS May 2, 2000 To THE S I-I AREHOLDERS: Notice is hereby given that the annual meeting of shareholders of Enton Corp. ("Enron") will be held in the LaSalle Ballroom of the Doubletree Hotel at Allen Center, 400 Dallas Street, Houston, Texas. at 10:00 a.m. Houston time on Tuesday, May 2, 2000, for the following purposes: I. To elect eighteen directors of Enron to hold office until the next annual meeting of shareholders and until their respective successors are duly elected and qualified; 2. To ratify the Board of Directors' appointment of Arthur Andersen LLP, independent public accountants, as Enton's auditors for the year ending December 31, 2000; 3. To consider a shareholder proposal from Brent Blackwelder, President, Friends of the Earth Action; 4. To consider a shareholder proposal from Dr. Julia M. Wershing; and 5. To transact such other business as may properly be brought before the meeting or any adjoumment(s) thereof. Holders of record of Enron Common Stock and Cumulative Second Preferred Convertible Stock at the close of business on March 3. 2000. will be entitled to notice of and to vote at the meeting or any adjoumment(s) thereof. Shareholders who do not expect to attend the meeting are requested to sign and return the enclosed proxy, for which a postage·paid, return envelope is enclosed. The proxy must be signed and returned in order to be counted. By Order of the Board of Directors, REBECCA C. CARTER Senior Vice President, Board Communications and Secretary Houston.
    [Show full text]
  • The Enron Failure and the State of Corporate Disclosure George Benston, Michael Bromwich, Robert E
    Following the Moneythe The Enron Failure and the State of Corporate Disclosure George Benston, Michael Bromwich, Robert E. Litan, and Alfred Wagenhofer AEI-Brookings Joint Center for Regulatory Studies 00-0890-FM 1/30/03 9:33 AM Page i Following the Money 00-0890-FM 1/30/03 9:33 AM Page iii Following the Money The Enron Failure and the State of Corporate Disclosure George Benston Michael Bromwich Robert E. Litan Alfred Wagenhofer - Washington, D.C. 00-0890-FM 1/30/03 9:33 AM Page iv Copyright © 2003 by AEI-Brookings Joint Center for Regulatory Studies, the American Enterprise Institute for Public Policy Research, Washington, D.C., and the Brookings Institution, Washington, D.C. All rights reserved. No part of this publication may be used or reproduced in any manner whatsoever without per- mission in writing from the AEI-Brookings Joint Center, except in the case of brief quotations embodied in news articles, critical articles, or reviews. Following the Money may be ordered from: Brookings Institution Press 1775 Massachusetts Avenue, N.W. Washington, D.C. 20036 Tel.: (800) 275-1447 or (202) 797-6258 Fax: (202) 797-6004 www.brookings.edu Library of Congress Cataloging-in-Publication data Following the money : the Enron failure and the state of corporate disclosure / George Benston . [et al.]. p. cm. Includes bibliographical references and index. ISBN 0-8157-0890-4 (cloth : alk. paper) 1. Disclosure in accounting—United States. 2. Corporations—United States—Accounting. 3. Corporations—United States—Auditing. 4. Accounting—Standards—United States. 5. Financial statements—United States. 6. Capital market—United States.
    [Show full text]
  • Pipeline Transportation and Underground
    Docket No. RP16-___-000 Exhibit No. ANR-012 Page 1 of 17 Additions to Capacity on the U.S. Natural Gas Pipeline Network: 2005 This report examines the amount of new natural gas pipeline capacity added to the U.S. natural gas pipeline system during 2005 and the areas of the country where those additions were concentrated. In addition, it discusses and analyzes proposed natural gas pipeline projects that may be developed between 2006 and 2008 and the market factors supporting these initiatives. Questions or comments on the contents of this article should be directed to James Tobin at [email protected] or (202) 586-4835. The addition to natural gas pipeline capacity in 2005 It appears, however, that 2004 and 2005 may be the bottom exceeded that of 2004 (Figure 1) although fewer miles of of a temporary trough in the natural gas pipeline development pipeline were installed (Figure 2). Miles of new natural gas activity cycle. The current inventory of announced or pipeline (1,152) were 21 percent less than in 2004, even approved natural gas pipeline projects indicates that natural though pipeline capacity grew by 8.2 billion cubic feet per gas pipeline capacity additions could increase significantly day (Bcf/d), a 7-percent increase in capacity additions (see between 2006 and 2008 (Figure 1). Several factors are Box, “Capacity Measures,” p. 4). Indeed, less new natural driving this anticipated growth, particularly the expanding gas pipeline mileage was added in 2005 than in any year development of natural gas production in the Fort Worth during the past decade.1 Basin of east Texas and the Piceance/Unita Basins of western Colorado and eastern Utah, and the need for natural gas Figure 1.
    [Show full text]