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Additional info for A Financial History of the United States: From Enron-Era Scandals to the Subprime Crisis (2004-2006); From the Subprime Crisis to the Great Recession (2006-2009)
The firm agreed to pay the SEC a $7 million penalty, which was then the largest such sanction ever imposed on an accounting firm. 1 Arthur Andersen was regrouping and dealing with those problems before the Enron scandal broke. E. Sharpe, Inc. All Rights Reserved. 8 Enron and Corporate Reforms to the Justice Department that its Houston office had shredded large amounts of Enron documents and had deleted computer files and e-mails concerning Enron. David Duncan, the Arthur Andersen partner in charge of the Enron account, supervised that destruction.
The Rhythms NetConnections stock subsequently rose in value, and Fastow arranged with the three NatWest bankers to sell NatWest’s now-profitable position in that SPE to another entity at a price well below its actual value. 3 million when the Rhythms NetConnections stock was resold. 5 million in that sale for his private foundation. 3 million to other Enron employees participating in the transaction. The three NatWest bankers were charged by the Enron Task Force in Houston with defrauding NatWest, despite the absence of a complaining witness in the form of the bank or any of its officers.
Sharpe, Inc. All Rights Reserved. 14 Enron and Corporate Reforms caused large losses because it failed to overcome several technical problems that made it impractical, at the time, to stream video into consumers’ homes and demand for the product was, in any event, very low. The prosecutors charged that those problems were covered up by false press releases claiming that technical problems had been overcome and that the business would be wildly profitable. Prosecutors also charged that losses at Enron Broadband Services were concealed through various accounting manipulations that boosted Enron’s earnings from what prosecutors charged was a sham sale of future earnings at inflated prices that were unlikely.