Enron Fails to Smooth Things Over
Enron (ENE Quote) held a special conference call Tuesday to address investor concerns that have weighed heavily on its stock.
But worries may persist after the energy trader offered few new details and the CEO publicly sparred with a gadfly investor over a shadowy off-balance sheet transaction.
The transaction that has drawn most attention in the past week is a complex financing that Enron entered into with a partnership called LJM2, which was led by Enron's finance chief Andrew Fastow. Terminating this arrangement led to a $1.2 billion equity reduction in the third quarter. Monday, Enron stock plunged 20% after the company said the Securities and Exchange Commission is probing "related party transactions." Executives declined to respond to questions about Fastow's role in the LJM2 partnership on the Tuesday call. ...
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