Corp-Ethics.com - Report: Enron 'pretty fast and loose with its rules'

Company	Enron [Company Info]
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Date	Issue	Title
1st Mar 2006	Fraud Investigation	Enron 'pretty fast and loose with its rules'

Report

Enron regularly used money from its reserves to manipulate profits, a former senior executive at the US energy firm has testified.

David Delainey told the trial of former Enron bosses Ken Lay and Jeffrey Skilling that hiding losses was "standard operating procedure".

"At Enron, we tended to be pretty fast and loose with its rules," he said.

Mr Delainey said he told Mr Skilling, Enron's former chief executive, in 2001 that a proposal to subsume losses at its retail arm within its profitable wholesale business "lacked integrity".

"There was no business purpose to this other than to hide the loss and I knew that was not proper," Mr Delainey, the former head of Enron's wholesale trading business, told jurors.

"(Skilling) looked at me and said 'what do you want to do?'," Mr Delainey, added.

When asked by prosecutors what he believed Mr Causey meant, Mr Delainey said: "Get in line."

However, despite feeling under constant pressure to put a gloss on Enron's financial status, Mr Delainey said that he was never actually told by either Mr Skilling or Mr Lay to break the law.

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26th Sep 2006	Fraud Investigation	Enron	Fastow gets six-year term
13th Aug 2006	Fraud Investigation	Enron	Prosecutors raise Enron boss fine
25th May 2006	Fraud Investigation	Enron	Lay and Skilling guilty
15th May 2006	Fraud Investigation	Enron	Enron bosses 'stole to pump egos'
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18th Apr 2006	Fraud Investigation	Enron	Skilling defends Enron share sale
13th Apr 2006	Fraud Investigation	Enron	Skilling slams Enron prosecutors
12th Apr 2006	Fraud Investigation	Enron	Enron 'held no cookie jar fund'
11th Apr 2006	Questionable Practice	Enron	Skilling denies cover-up at Enron
10th Apr 2006	Fraud Investigation	Enron	I'm innocent says ex-Enron chief
3rd Apr 2006	Fraud Investigation	Enron	Key Enron witness 'lied in court'
22nd Mar 2006	Fraud Investigation	Enron	Enron treasurer tells of 'lies'
16th Mar 2006	Fraud Investigation	Enron	Enron whistleblower condemns Lay
14th Mar 2006	Fraud Investigation	Enron	Key Enron witness 'duped bosses'
9th Mar 2006	Fraud Investigation	Enron	Lay 'lied about Enron finances'
7th Mar 2006	Fraud Investigation	Enron	Enron bosses hid massive losses
27th Feb 2006	Fraud Investigation	Enron	Enron money man 'raided reserves'
13th May 2005	Fraud Investigation	Enron	Former Enron executive sentenced
9th Jan 2005	Fraud Investigation	Enron	Enron bosses agree $168m payout
3rd Nov 2004	Fraud Investigation	Enron	Convictions in Enron fraud trial
28th Jun 2004	Other Issue	Enron	Enron ex-boss breaks his silence

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