
	Where results make sense

Topic: Pension fund losses with Enron

Related Topics

Ben Glisan

Timeline of the Enron scandal

Enron

Canada Pension Plan

Jeff Skilling

Richard Causey

Jeffrey Skilling

Ken Lay

California electricity crisis

Andrew Fastow

Alaska

Blue chip

Minnesota

Corporate scandal

Washington

In the News (Sun 29 Nov 09)

Northern Trust

Marvin Harrison

Peter Chernin

Gary Locke

Match Play

Penelope Cruz

Mickey Rourke

AR Rahman

Danny Boyle

Hugh Jackman

	Pension fund losses with Enron - Wikipedia, the free encyclopedia
		Some employees were with Enron for 10-20 years, and had all their employer matching contributions locked into Enron stock.
		Even though Enron wasn't 20 years old, Enron had bought out other companies with similar plans, and the stock in these plans were converted to Enron stock after the buyout.
		Enron's 401(k) plan allowed, but did not require, employees to invest their contributions in Enron stock.
	en.wikipedia.org /wiki/Pension_fund_losses_with_Enron (348 words)

	Enron Corporation - Wikipedia, the free encyclopedia
		Enron was originally involved in the transmission and distribution of electricity and gas throughout the United States and the development, construction, and operation of power plants, pipelines, and other infrastructure worldwide.
		Enron's global reputation was undermined, however, by persistent rumours of bribery and political pressure to secure contracts in Central and South America, in Africa, and in the Philippines.
		Enron's plunge occurred after it was revealed that much of its profits and revenue were the result of deals with special purpose entities (limited partnerships which it controlled).
	en.wikipedia.org /wiki/Enron (3490 words)

	Enron Corporation
		As Enron was considered a blue chip stock, this was an unprecedented and disastrous event in the financial world.
		Enron was formed in 1985 with the merger of Houston Natural Gas and InterNorth, engineered by Houston Natural Gas CEO Kenneth Lay.
		Former Enron CFO Andy Fastow, alleged mastermind behind Enron's complex network of offshore partnerships and questionable accounting practices, was indicted on November 1, 2002 by a Federal grand jury in Houston on 78 counts including fraud, money laundering, and conspiracy.
	www.brainyencyclopedia.com /encyclopedia/e/en/enron_corporation.html (1024 words)

	enron (Site not responding. Last check: 2007-10-08)
		Enron's plunge in value occurred after it was revealed that many of its profits and revenue were the result of deals with limited partnerships which it controlled.
		The result of this is that many of the losses that Enron encountered were not reported in its financial statements.
		David Tonsall, a former Enron employee, became a rapper under the name N Run, which is a play on Enron and also stands for "never run".
	www.yourencyclopedia.net /Enron.html (891 words)

	Enron Corporation - Wikipedia, the free encyclopedia (Site not responding. Last check: 2007-10-08)
		Enron Corporation was an energy trading, natural gas, and electric utilities company based in Houston, Texas that employed around 21,000 people by mid-2001, before it went bankrupt.
		Especially controversial was its $30 billion contract with the Maharashtra State Electricity Board in India, where it is alleged that Enron officials used political connections within the Clinton and Bush administrations to exert pressure on the board.
		Former Enron CFO Andrew Fastow, the alleged mastermind behind Enron's complex network of and questionable accounting practices, was indicted on November 1, 2002, by a federal grand jury in Houston on 78 counts including fraud, money laundering, and conspiracy.
	www.americancanyon.us /project/wikipedia/index.php/Enron_Corporation (1808 words)

	Enron pension (Site not responding. Last check: 2007-10-08)
		Enron will pay $321 million from the proceeds of its sale of its pipeline arm tofinance pension plans for thousands of former employees, a government...
		What sank the Enron pension plans wasn't the fact that they were invested in theprivate sector-it was that they were invested almost completely in a single...
		Enron pension plan trustees failed to protect the irreplaceable life savings ofthousands of Enron employees, despite conclusive evidence that a number of...
	www.selfdiscount.com /enron+pension.html (987 words)

	Business: Fund's losses not just in Enron
		The $94-billion Florida Retirement System fund has been under intense scrutiny since it lost more than $300-million last year on investments in Enron Corp. But Enron, which is in bankruptcy reorganization, is far from the only investment the fund has had go sour.
		The fund's investments in conglomerate Tyco International Ltd. lost $130-million in value during January and February In the wake of the Enron fiasco, analysts began asking questions about other companies' accounting practices, and Tyco became one of the first to go under the microscope.
		Pension fund representatives could not provide an immediate accounting of the state's buying and selling of WorldCom stock in recent months.
	sptimes.com /2002/03/15/news_pf/Business/Fund_s_losses_not_jus.shtml (719 words)

	law.com - Alabama Pension Fund Receives $49 Million Settlement
		The state pension fund recovered most of its losses from Enron Corp. when five investment banks paid $49 million to settle litigation over the collapse of the energy trading company.
		In the suit, the pension fund said the five firms, which underwrote or sold Enron stocks and bonds, should have known Enron was in trouble and should not have encouraged the public employees' pension fund to invest in the company.
		Bronner said the pension fund can't pursue those claims until the criminal cases against some of the company's former leaders are completed.
	www.law.com /jsp/article.jsp?id=1118739911147 (429 words)

	Pension fund - State Board of Administration (Site not responding. Last check: 2007-10-08)
		Enron and its founder and CEO, Kenneth Lay, another close friend of the elder Bush, were among the biggest contributors to George W. Bush's presidential campaign, as well as to his two gubernatorial campaigns.
		Enron Corp., the once-high-flying energy trader that has made a potentially fatal crash landing in a Manhattan bankruptcy court, was the toast of corporate America only a year ago.
		In your Feb. 3, article, Enron: The Florida Connection, you attempt to imply that somehow the state pension fund was influenced to buy Enron stock by the governor or other recipients of Enron campaign donations.
	www.whoseflorida.com /pension_fund.htm (8468 words)

	Los Angeles Business Journal: Accounting rules keeping pension fund losses hidden - Investments & Finance - Financial ...
		The pension fund time bomb is coming as a shock to many investors because accounting rules have allowed the liabilities to remain virtually incomprehensible in the footnotes of financial statements, says Howard Schilit, an accountant and president of the Center for Financial Research & Analysis.
		GM said its pension funds were valued at $73.7 billion on Dec. 31, 2001--more than triple the $21 billion current market value of GM stock.
		Pension fund losses should not disrupt payments to retirees even if a pension fund runs out of money because the Pension Benefit Guaranty Corp. (PBGC), a federal agency funded by mandatory insurance payments from companies, pays retirees when a company fails.
	www.findarticles.com /p/articles/mi_m5072/is_1_25/ai_97615906 (1511 words)

	Enron tentatively agrees to settle ERISA claims - Online Lawyer Source
		Enron is the energy trader whose 2001 collapse resulted in corporate governance and accounting changes.
		Under the proposed agreement, Enron would allow a $356.2 million claim to be made against it in U.S. bankruptcy court to resolve employee lawsuits over pension fund stock losses.
		Should Enron’s proposed settlement of its pension fund liability be finalized, it would still allow workers to continue pressing claims against ex-Enron Chairman Kenneth Lay and former Chief Executive Jeffrey Skilling.
	www.onlinelawyersource.com /news/enron-corp.html (341 words)

	Public Citizen \| Press Room - Citing Extensive Conflicts of Interest, Public Citizen Calls on Florida Governor to ...
		In a letter sent to Bush, the consumer advocacy organization urged Bush to disclose all his contacts with Enron executives since he was elected governor and to tell the public whether he knew anything about Enron’s shaky financial condition when the pension fund was buying Enron shares last fall that were plummeting in value.
		Enron and its employees contributed $312,500 to President Bush’s 1994 and 1998 Texas gubernatorial campaigns, and another $113,800 to his presidential campaign.
		Enron also gave $10,500 to the Bush-Cheney Recount Fund and $300,000 to the Bush-Cheney 2001 Inaugural Fund, according to the Center for Responsive Politics.
	www.citizen.org /pressroom/release.cfm?ID=1019 (719 words)

	Seven of 10 Enron Committee Members Received Money From Company
		Many said they didn't know they had gotten Enron money, and some say their focus isn't on Enron anyway, but the workings of the agency that invests state money and on Alliance Capital Management, the money manager that bought Enron stock for the pension fund.
		Florida's fund is one of several pursuing legal action against Enron to try to recoup their losses.
		Enron and Florida Gas Transmission have contributed $2,000 to Flanagan, R-Bradenton, although most contributions were in the mid-1990s and the last donation was back in 2000.
	www.freerepublic.com /focus/fr/636197/posts (1221 words)

	HoustonChronicle.com - Nine Florida legislators investigating Enron received money from company
		Many said they weren't aware of the Enron money, and some say their focus isn't on Enron anyway, but the agency that invests state money and the money manager that bought Enron stock for the pension fund.
		The retirement fund lost $325 million when it was forced to dump Enron shares as the company plunged toward bankruptcy, the largest loss of any state pension fund.
		Florida's fund is one of several pursuing legal action against Enron to recoup losses; state workers will not lose any money because the pension fund guarantees benefits to pensioners.
	www.chron.com /cs/CDA/story.hts/business/1273226 (406 words)

	State: Enron gave to those in charge of inquiry
		Several said they didn't know they had gotten Enron money, and some said their focus isn't on Enron anyway, but the workings of the agency that invests state money and on Alliance Capital Management, the money manager that bought Enron stock for the pension fund.
		The retirement fund lost $325-million when it was forced to dump 7.5-million Enron shares as the company plunged toward bankruptcy and its stock price dropped.
		Florida's fund is one of several pursuing legal action against Enron to try to recoup losses.
	www.sptimes.com /2002/02/27/State/Enron_gave_to_those_i.shtml (782 words)

	Burroughs Welcome Fund (Site not responding. Last check: 2007-10-08)
		Hedge fund 1: '' has come to mean any unregistered investment fund, often characterized by unconventional strategi 3: today's hedge fund s, although virtually all hedge fund managers charge an investment management fee of b 5: as a "fashionable" type of investing, since hedge fund s saw large inflows of money during that time.
		International Monetary Fund 1: 16pxrightThe flag of the International Monetary Fund (IMF) 2: The International Monetary Fund ('''IMF''') is the international organization 35: are also directed toward International Monetary Fund gold reserve being undervalued.
		Pension fund losses with Enron 1: Some of the pension fund pension fund s that lost money from investing in Enron st 5: Georgia (U.S. state)Georgia state pension fund 6: Ohio state pension fund 7: New York City pension fund 9: Oregon state pension fund
	www.swingdancemusic.com /send/33849-burroughs%20welcome%20fund.html (795 words)

	TESTIMONY
		As Enron's financial difficulties began to be revealed in the fall of 2001, the value of Enron shares, including those held in the pension plan accounts, declined precipitously.
		A pension fund portfolio holding a massive part of its assets in any one stock is bad; but holding such a concentration in the stock of the employer is worse.
		Employers do not offer pension plans in order to be nice guys--indeed, employers have a fiduciary duty to their shareholders not to waste the company's assets by giving those assets away to people, even employees.
	www.senate.gov /~gov_affairs/012402langbein.htm (3250 words)

	enron pension fund (Site not responding. Last check: 2007-10-08)
		The lesson of Enron -- Florida's pension fund mistakes are evidence that...
		3, article, Enron: The Florida Connection, you attempt to imply that somehow the state pension fund was influenced to buy Enron stock by the...
		Believe it or not, Florida's pension fund is still hanging on to about 1.2 million shares of Enron.
	www.thevillagehub.ca /enron-pension-fund.html (402 words)

	CorpWatch : Chronology of Enron's Empire
		Enron beats out other contenders for control of gas fields, plans to build pipeline to power plant in South Africa for steel plant, all of which would receive World Bank financing.
		Women protesting Enron's Dabhol project are dragged from their homes, beaten by police paid by power consortium of which Enron is a part.
		Enron is among the companies implicated in creating a false power shortage.
	www.corpwatch.org /article.php?id=2278 (2165 words)

	Utility Lingo Simplified (Site not responding. Last check: 2007-10-08)
		Mention the word "deregulation" and the conversation quickly shifts to the rise and rapid fall of Enron or the just-as-rapid ousting of former California Governor Gray Davis.
		Loss occurs in transmission and distribution, primarily in the form of heat.
		Now their futures are in question, in part because after the fall of Enron and the highly publicized energy problems in California, many people wonder if there is a future for deregulation in the energy business.
	www.aquila.com /about/overview/lingo (13065 words)

	Reich para Gobernador
		* A group of states and pension funds have filed a class action lawsuit against Enron.
		Unlike other states, Massachusetts bought a significant number of Enron shares after the SEC announced its formal investigation and Enron restated its earnings.
		* Without Massachusetts' involvement in these important negotiations, the state's pension fund is at risk of receiving less than its fair share.
	www.robertreich.org /espanol/facts070802enron.asp (205 words)

	Corporate Crisis and Corporate Malfeasance- Social and Economic Policy - Global Policy Forum (Site not responding. Last check: 2007-10-08)
		After Enron, WorldCom, and many other large corporations crashed in high-profile lawsuits and bankruptcies, the stock markets plunged in 2000 and the economies of the rich countries suddenly looked very shaky.
		Enron used its special connections, even though the company was known to be cheating customers and was involved in a deepening financial scandal.
		Companies that report record losses and sack employees to cut costs reward their executives with extraorbitant bonuses for “outranking their peers.” If companies paid their CEOs according to their true market value, the salary would often not exceed one penny, says the article.
	www.globalpolicy.org /socecon/crisis/indexcorp.htm (2517 words)

	N.J. to Sue Over Pension Fund Losses
		The state's pension funds, which pay the retirement benefits of 600,000 state employees, invested aggressively during the Wall Street boom of the 1990's and were worth $94 billion two years ago.
		Since the stock market began its decline, that value has dropped to $73 billion, and an analysis by the attorney general's office found that $1 billion of those losses came from companies that have been accused of overstating their earnings or other forms of corporate malfeasance.
		The New York State Common Retirement Fund has said it plans to sue WorldCom after reporting a $300 million loss.
	www.nysscpa.org /home/2002/802/1week/article41.htm (216 words)

	A Systems Approach: Calvert-Henderson Quality of Life Indicators by Hazel Henderson
		I have served since 1982 on the Calvert Social Investment Fund Advisory Council.Calvert's responsible investment practices are based on the belief that caring for our natural environment and recognizing the importance of human dignity is essential to the long-term health and well being of our increasingly interdependent societies.
		After the 2001 electricity flouts in California, and the collapse of Enron's energy-trading systems and its impending bankruptcy, a re-evaluation of deregulation of such vital infrastructure is underway.
		Some funding increases have passed the Congress, but are still viewed by health professionals as a fraction of what is required.
	www.hazelhenderson.com /recentPapers/new_page_5.html (6123 words)

	USATODAY.com - Some managers had already avoided beleaguered funds (Site not responding. Last check: 2007-10-08)
		All three had already soured some of the nation's largest financial planners and advisers from funds tainted by the mutual fund trading scandal.
		Some of the fund companies in the scandal have had problems in the past.
		Alliance is being sued by a Florida state pension fund for losses on Enron.
	www.usatoday.com /money/perfi/funds/2003-10-07-funds_x.htm (442 words)

	TheWBALChannel.com - News - Ex-Enron CEO Lay Might Testify
		Lay, who served his second stint as Enron CEO after Skilling resigned in August 2001, volunteered testimony but canceled his appearance in front of the panel, citing a "prosecutorial tone" among congressional investigators.
		Although Enron fell into bankruptcy in late fall of 2001, after Skilling's resignation, documents have shown the scandal began as early as February 2001.
		The pension fund's manager continued to buy Enron shares for the fund even as Enron was collapsing into bankruptcy.
	www.thewbalchannel.com /news/1226858/detail.html (605 words)

	Florida Fund Manager Blames Losses on Enron, Andersen Lies
		Over 13 months, Alliance bought 7.6 million Enron shares for Florida, including 2.7 million shares after Oct. 22, 2001, when it was announced that the U.S. Securities and Exchange Commission was investigating the Houston company.
		A month later, on Nov. 30, when Alliance sold the shares for 28 cents apiece, which was the biggest public pension fund loser on Enron stock with $329 million in losses, most of that from Alliance purchases.
		Harrison and Alliance Chief Executive Officer and Chairman Bruce Calvert, along with three state board employees, were the star witnesses at the hearing orchestrated by U.S. Sen. Bill Nelson, D-Fla., to focus on the effect of Enron's collapse on state pension funds.
	www.nysscpa.org /home/2002/502/3week/article48.htm (344 words)

Try your search on: Qwika (all wikis)