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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.
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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. Manhattan Life said it
had insured a shipload of 700
Chinese laborers traveling from
China to Panama in 1854.
*>
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