Bibliography: Chronological Sort for http://www.Timism.com\Impotent\US\BushGW\
Image Index ...
Reference Index ...
... Major News Sources
... No Orphans
Title and Notes (if any) *Title from filename
||Pension Dead Enron
- he rapid decline of the Enron Corporation (news/quote) has devastated
its employees' retirement plan, which was heavy with company stock, and has
infuriated workers, who were prohibited from changing their investments as
the stock plunged.
||No Taxes Enron
- [all work and no politics makes jack and jill overtaxed workers with
no healthcare or retirement.--RSB]
- Enron (news/quote) paid no income taxes in four of the last five
years, using almost 900 subsidiaries in tax-haven countries and other techniques,
an analysis of its financial reports to shareholders shows. It was also eligible
for $382 million in tax refunds.
- creation of 881 subsidiaries
abroad, including 692 in the Cayman Islands, 119 in the Turks and Caicos,
43 in Mauritius and 8 in Bermuda.
- The study of half the Fortune
500 companies found that 24 owed no tax in 1998, up from 13 in 1997 and 16
- The basic technique involves having profits go to a partner not subject
to American taxes, like a bank in a tax-haven country. The partner, after
taking its fee, then returns the profits in a form that is recognized as
not taxable by American law.
- But Enron did disclose that deductions
for stock options alone turned what would have been a tax bill of $112 million
in 2000 into a refund of $278 million.
- Indeed, the company paid taxes in only one of the years from 1996
to 2000, while the government paid the company hundreds of millions of dollars
- Enron used these and other techniques to eliminate taxes in other
- Enron has been a major lobbyist for exemptions from taxes and from
oversight by regulatory authorities, spending $3.5 million in 1999 and 2000
alone on lobbying.
||Chief Pay200 M Mnot Enuf Enron Norris
- ver three years starting in 1999, Kenneth L. Lay has reported receiving
more than $200 million either from Enron (news/quote) directly or through
exercising stock options. Yet, his lawyer now says, he was forced to borrow
millions more from the company last year to meet his obligations
- The first is that while normal sales of stock by a top corporate
official must be disclosed quickly, within 10 days of the month in which
the sale was made, the return of stock to a company to repay a loan need
not be disclosed until the next year.
- The second concerns the sanctions against insider trading. In general,
an executive is barred from buying or selling his company's stock when he
has material nonpublic information. But transactions are not barred if the
entity on the other side of the trade has the same information.
- By repeatedly borrowing from Enron, and then turning in stock to
repay the loan, Mr. Lay was taking out cash directly from the company when
the company's need for cash was growing.
- Had he exercised options and sold the stock to the public as he sought
to pay his debts, Enron would have gained cash that now could be used to
pay creditors. As it is, there is less cash available for that.
||Executive Perks Infl Bubble Enron
- At a time when Enron Corp. was cutting back on its employee retirement
plans to save money, executive benefits at the energy company kept getting
- At that time, Enron converted
the traditional pension to a cash-balance pension, which reduces the benefits
build-up for longer-term, older workers
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