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Enron Mail |
Prentice: The moral of the story: Don't, for god sakes, be a CFO.
-----Original Message----- From: Nancy Sellers [mailto:Nancy.Sellers@RobertMondavi.com] Sent: Monday, October 22, 2001 12:54 PM To: 'Jeff Dasovich'; Prentice @ Berkeley; Prentice Sellers Subject: FW: SEC Probes Possible CFO Conflict at Enron -----Original Message----- From: CFO.com_Newsletters@cfo.com [mailto:CFO.com_Newsletters@cfo.com] Sent: Monday, October 22, 2001 10:52 AM To: nancy.sellers@robertmondavi.com Subject: SEC Probes Possible CFO Conflict at Enron http://www.cfo.com CFO.com's Today in Finance ________________________________Sponsor ________________________________ Redeploy 50% or more of your accounts payable staff. InvoicePack makes this possible by turning the laborious and expensive task of manually entering data from vendor invoices into a quick, inexpensive and more accurate process. By using innovative OCR and neural network technologies, InvoicePack automates invoice processing. This lets you reduce your accounts payable staff and redeploy those personnel in more productive areas and typically realize a one-year return-on-investment. To learn more, call us at 858-320-1100 or to receive a free demo, visit http://ad.2clk.net/eclk;3458244;1729382256984211925;6541367;114046;;25943. _________________________________________________________________________ Monday, October 22, 2001 Related Party Crashers? SEC Looking Into Possible Conflict on Interest at Enron By Stephen Taub The Securities and Exchange Commission has requested that Enron provide information regarding certain related party transactions. "We welcome this request," said Kenneth L. Lay, Enron chairman and CEO in a prepared statement. "We will cooperate fully with the SEC." Enron, North America's biggest buyer and seller of natural gas and electricity, noted that its internal and external auditors and attorneys reviewed the related party arrangements, the Board was fully informed of and approved these arrangements, and they were disclosed in the company's SEC filings. "We believe everything that needed to be considered and done in connection with these transactions was considered and done," Lay added. As we noted on Friday, a limited partnership organized by chief financial officer Andrew Fastow racked up millions of dollars since 1997 in profits from transactions conducted with the energy company, according to The Wall Street Journal. The partnership reportedly renegotiated the terms of deals with Enron in ways that boosted its financial positions or reduced its risk of losses. REPORT: E&Y REVENUES NEARLY HALVED Later this week, Ernst & Young will announce that its revenue growth was nearly halved in the fiscal year ending June 30, according to the Financial Times. Specifically, the Big 5 professional services firm will report that revenues rose by 7.2 percent to $9.9 billion for the year. In fiscal 2000, revenues climbed by 14.1 percent, and by 13.5 percent the prior year. The reason for the drop in revenue growth may be that E&Y fetches most of its business from the United States, and the U.S. economy tanked in the first half of this year. "We have been successful this year, despite the economy and during a period of great challenge and change in our profession," chairman James Turley told the FT. Rival Andersen has already reported that revenues rose 10 percent this year through August 31. Another reason for E&Y's revenue retrenchment: the strong dollar. The firm is expected to announce that revenues increased 12.4 percent in local currency terms, according to the paper. Turley told the FT that his clients are less focused on the longer term and are instead concentrating on watching expenses, cash management, debt covenant issues, and security concerns. "We're going to see more covenant violations and that will drive restructuring issues," Turley told the FT. Read On! For More of Today in Finance http://m.s.maildart.net/link_30322_6541367_1_120086373_73941461_0_76 **********************FROM OUR FEATURED ADVERTISER ********************** How do you track business and financial news while still keeping on top of ever-changing financial accounting rules? By joining CFOdirect Network, where you can find daily news updates and receive PwC's exclusive analysis on hot financial accounting topics. Sign up for a free trial membership to PwC's online resource for senior financial executives at: http://ad.2clk.net/eclk;3410577;1729382256984211925;6541367;92789;;21531. ************************************************************************** Take CFO's Budgeting and Planning Software survey. The results of CFO's survey will be used in a December Technology Report that will examine the change management issues that surround implementations of this type of software in organizations. All responses will only be used in the aggregate. Your input is important, please take a moment and participate. Thank you! http://charts.cfo.com/cfomag/bpsurvey1.html __________________________________________________________________________ Also on CFO.com: CAPITAL MARKETS: Banks and Brokerages Hit Hard by Economic Slump, Attack. http://m.s.maildart.net/link_30323_6541367_1_120086373_73941461_0_77 CFO EXCELLENCE: Less Business Wanted? It Worked for AmeriCredit. http://m.s.maildart.net/link_30326_6541367_1_120086373_73941461_0_7a CFOs ON THE MOVE: Mint Condition? Veteran CFO Hired at Collectors Universe. http://m.s.maildart.net/link_30325_6541367_1_120086373_73941461_0_79 SPECIAL REPORT: Goodwill Games II: Reports from the Field. http://m.s.maildart.net/link_30324_6541367_1_120086373_73941461_0_78 ________________________________________________________________________ For information about advertising in this newsletter, contact Mimi Capalaces, VP of Sales. Call (212) 698-9738 or write to mimicapalaces@cfo.com ________________________________________________________________________ Get the Magazine - FREE Subscription - CFO Magazine is free to qualified readers. To subscribe go to: http://as400.halldata.com/cgi-bin/subscribe/cf?SS=SHRTFRM&pk=HP7 Become a registered user and receive FREE, unlimited access to CFO.com. Go to: http://www.cfo.com/User_Registration ________________________________________________________________________ Copyright © 2001 CFO Publishing Corporation To access the Unsubscribe page, click this link: http://www.cfo.com/unsubscribe_nl/1,5013,807612|34978|7,00.html This email was sent to:nancy.sellers@robertmondavi.com
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