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About The Battalion. (College Station, Tex.) 1893-current | View Entire Issue (Oct. 3, 2002)
1 AGGIELU] E battalia ►ins ienc& •>ns for two year, r so 1 could affo; 3nce I “■ I actually st raining” • odes swim- l- All three coi -•pending ontl* id he would eat ce tor each ever in a triathlon, ■'or any type of said. ie more popult Olympic actii of fun," Dan re the create m n ' ms requires >s only trainmj cay for any ini ig with people h and Darr mpete in his r it be a ne, can run a d. “A big panjl >ut the trick ist toing. Being nr r goal in mud ine, is what lers to do ii" t H • THE BATTADO ■ Party lead: ap Brown inth jins on his lets pea red brief> ?ral court. ;ned on charges at federal mr y tried to arresf Hall, Ala., ove 'ing of Depu: Kinchen. as convicted ea iorder in the fat, anta of Kindren the woundingof t English. 'er, J.L Chestnut in Alabama were empt to secure a tion against Al- wins his appea large. NATION fhe battalion 5A Thursday, October 3, 2002 Fastow charged with fraud at Enron theclogstore.com 1 - 800-948-CLOG HOUSTON (AP) — Andrew Fastow, the Enron executive who masterminded the financial schemes ■hat brought down the company, was charged Wednesday with inflating the energy giant’s profits and siphoning off millions for himself, his family and friends. The former chief financial officer is the biggest nron figure targeted by the Justice Department so far. Prosecutors may use him to build a case against other insiders, including former Enron chief executive Jeffrey Skilling and former chairman Kenneth Lay. Fastow, 40, surrenciered to the FBI and was led away in handcuffs. He was charged with fraud, money laundering and conspiracy. Under a deal with his lawyers, prosecutors recommended his release on $5 million bail. Prosecutors said Fastow executed “clandestine transactions” through a web of off-the-books partner ships to hide $1 billion in Enron debt. “Fastow and his co-conspirators systematically and thoroughly corrupted the business of one of the largest corporations in the world,” Deputy Attorney General Larry Thompson said in Washington. The government described a conspiracy that lasted from 1997 to mid-2001. But except for Michael Kopper. a once-trusted Fastow aide who has pleaded guilty to conspiracy, the government’s criminal com plaint does not identify other participants. Fastow’s attorney. John Keker, said his client was just following orders. “Enron hired Andy to arrange off-balance sheet financing. Enron’s board of directors, its CEO, and its chairman, directed and praised his work. Accountants and lawyers reviewed and approved his work,” Keker said outside the courthouse. “He never believed he was committing any crime.” The maximum penalties for the charges against Fastow include 20 years in prison for money launder- ii Fastow and his co-conspirators systematically and thoroughly corrupted the business of one of the largest corporations in the world — Larry Thompson deputy attorney general ing, 10 years for securities fraud and five years each on the maiil fraud and conspiracy charges. Enron’s collapse last year was the first in a series of corporate scandals to rattle investors’ confidence and the stock market. Millions of investors lost money, and thousands of current and former Enron employees lost most of their retirement savings. The Securities and Exchange Commission has filed related civil charges against Fastow, accusing him of defrauding investors and violating securities laws. The SEC is seeking unspecified penalties. Fastow, who invoked the Fifth Amendment and refused to testify before Congress early this year, reaped an estimated $30 million from the byzantine web of partnerships he set up, prosecutors said. The government says Fastow used the partnerships to enrich himself and others. The transactions became known within Enron as “Friends of Enron” deals because the supposedly independent investors in the partnerships actually were friends or relatives of Enron executives. According to prosecutors, Fastow’s family founda tion pocketed $4.5 million in one transaction. The Justice Department moved to freeze $11 mil lion of Fastow’s assets. Enron’s creditors, meanwhile, plan to sue Fastow and nine other former Enron offi cers, directors and employees for fraud and other alleged misdeeds. After Enron’s collapse, its auditor, Arthur Andersen, was found guilty of obstruction of justice for destroy ing documents related to its audit of the company. David Duncan, Andersen’s senior auditor on the Enron account, pleaded guilty to obstruction and is awaiting sentencing. Congress held its own inquiry and ultimately passed the most sweeping changes in corporate accountability since the Depression. The measure created stiff penal ties and jail terms for company fraud and tightening oversight of the accounting industry. Key Tools N More ©IPIEMm® §AIL(E Everything in the Store 20% Off Reg. Price Sale Price 20 pc. Screwdriver 'I I 6 ’ '9* 7 Pencil Torch »3" *2” 4 pc. Pipe Wrench Set J I0 M 'S’* 2HP 6 Gal Air Compressor *138 00 6” Bench Grinder ‘23 w I ” Hammer Drill *82 11 18V Cordless Drill Kit w/ case *36 ** Mon-Sat 8am-6pm 808 E. Villa Maria, Bryan 775-4879 ‘110* ’19" PROFITABLE NUMBER! 845-0569 The Battalion Classified Advertising Chicago city council requires firms to disclose slavery ties 2002 tnroe, Texas IN TEXAS hfestival.con 1 CHICAGO (AP) — The City Council voted unanimously Wednesday to require compa nies that do business with the city to disclose past ties to slav ery, a measure lawmakers say could help descendants of slaves win reparations. In a 44-0 vote, the council approved the ordinance requir ing disclosure from companies that held or issued insurance : policies covering slaves. "I believe people would like to know if a corporation they’re I contemplating doing business “i(/i has its robtS in trading in human cargo,” said Alderman Dorothy Tillman, who proposed the measure. The proposal initially target ed only insurance companies. Tillman amended it on Wednesday before the vote to cover all companies that do business with the city. ^ ean McManamy, spokesman for the American Insurance Association, said our companies will absolutely no what is required of them.” But he added he didn’t see who would benefit. Is this the way you go back j> n d right a social wrong from undreds of years ago?” McManamy said. “I’m not sure •his is how you do it.” Insurance companies will be required to disclose ihformation about policies written to provide hnancial protection for U.S. s ave owners. Other companies wi have to reveal slave profits e y or their predecessors made from slave labor. In its original form, the measure was approved by two City Council committees on Sept. 12. “The insurance industry is just the tip of the iceberg,” Tillman said. “The financial industry, textile industry, tobac co industry, railroads, shipping companies and many others got rich off the suffering and free labor of our ancestors.” Mayor Richard M. Daley said the measure had historic significance. “We are the first city in the country to pass this ordinance. ... It will not prevent companies from doing business with the city but it will shed a light on slavery,” Daley said. Last year, California required all insurance companies licensed in and doing business in the state to report infonnation on slaveholder policies. Seven companies said they were able to locate and report such infor mation. According to the California Department of Insurance, they were Ace USA of Philadelphia, Aetna, AIG, Manhattan Life, New York Life, Penn Mutual and Royal & Sun Alliance of Canada. All except Manhattan Life disclosed that they or a prede cessor had issued life insurance policies to slaveholders for slaves. 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