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Enron : Climax of executive greed and deception
Page entitled :
Enron's cash flow problems and more creative accounting
Content of this page is about :
How Andy Fastow, new CFO, solved Enron's cash flow problems by borrowing and
hifing losses and debt in off-balance sheet special purpose entities (SPE).
Extract :
... a ruling by a London court ordering Enron to pay $440 million to its
North Sea gas suppliers, the necessary restructuring of JEDI put Enron face
to a serious financing issue .
Fastow’s
answer to the the JEDI issue was the creation of a new special purpose
entity, named Chewco Investment LP for another Star Wars character, which
would replace CalPERS as the limited partner in the JEDI structure. ...
…
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