the CAMP ENRON Report


CAMP ENRON:
... gateway to the next Progressive Era?

Some say it's nothing but a train wreck ... roll in the big cranes, clear the track, see what the crew's been smoking. If I thought so, I'd not be writing this ... and if they thought so, they'd not be drumming so hard.


For a brief orientation, see this
Welcome to Camp Enron

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Camp Enron Archives
01/01/2002 - 02/01/2002 02/01/2002 - 03/01/2002 03/01/2002 - 04/01/2002 04/01/2002 - 05/01/2002 05/01/2002 - 06/01/2002 06/01/2002 - 07/01/2002 07/01/2002 - 08/01/2002 08/01/2002 - 09/01/2002 06/01/2003 - 07/01/2003

NOTE to READERS:
(2) All "major" articles of older material have now been imported, some with updates worth perusing. We'll keep it all on the main page for a while, will add a few loose pieces of history, will trim the main page and index the archives for convenience later.


OUR DEPARTMENTS:

the COGENT PROVOCATEUR:
free agent, loose cannon, pointy stick ... taking an imposing analytic toolkit out of the box, over the wall and into the street ... with callous disregard for accepted wisdom and standard English

reading the tea leaves from original angles, we've led with uncannily prescient takes on the federal surplus, the dotcom crash, the "Energy Crisis", the Afghan campaign, the federal deficit.

More where those came from ... stay tuned.


For brief orientation, see this
Welcome to CP


CAMP ENRON:
... gateway to the next Progressive Era?

For a brief orientation, see this
Welcome to Camp Enron

OTHER GOOD STUFF:
Many thanks to Tony Adragna and Will Vehrs, still shouting 'cross the Potomac at QuasiPundit. Early Camp Enron material can be found in QP's Dispatches department.
Wednesday, March 27, 2002

 
--- Enron Leans on UBS Warburg to Save Emperor's Fashion Cred ---

UBS Warburg has provided Henry Waxman with smoking e-mails in the Chung Wu firing incident:
UBS PaineWebber broker Chung Wu was dismissed for violating company policy by e-mailing 73 clients shortly after midnight last Aug. 21, telling them that he felt Enron was in financial trouble ... Enron ... contacted PaineWebber on Aug. 21, 2001, to bring Mr. Wu's e-mail to the Firm's attention," ... By the end of the day, Wu was fired. ...The firm kept its "strong buy" rating on Enron until Nov. 28, four days before the energy trader's bankruptcy filing. ... new policy was instituted in Houston stating that "financial advisors should, rather than give their personal opinion, refer their clients to any relevant [company] analyst's report."
"So sue me", right? Of course right. Suit claims UBS PaineWebber misled investors:
The lawsuit ... on behalf of PaineWebber clients who invested in Enron, says the firm failed to adequately warn them of Enron's worsening financial condition last fall because it did not want to jeopardize its relationship providing services to Enron employees and executives.
OK ... smoking gun? Check. Bullet hole in wall? Check. Body on floor? Check. Still doesn't prove that bullet from that gun induced the demise of that body ... but my money's on Mr. Wu and friends for a nice settlement, and maybe a book deal.

Incidentally, UBS Warburg Paine Webber's Houston office handled Ken Lay's personal brokerage account. UBS Warburg acquired the EnronOnline trading operation out of bankruptcy, amid many claims of conflicts and preferences ... we haven't heard the last of that one, either.