Enron played 'fast and loose' with rules -witness

[UpInArms]

http://today.reuters.com/investing/financeArticle.aspx?type=bondsNews&storyID=2006-02-28T191538Z_01_N28145535_RTRIDST_0_ENRON-TRIAL-PICTURE.XML

HOUSTON, Feb 28 (Reuters) - Enron Corp. played "fast and loose" with the rules and accounting tricks were "standard operating procedure," a former top executive testified on Tuesday at the trial of former CEOs Ken Lay and Jeffrey Skilling.

The executive, David Delainey, who met nearly daily with Skilling during his tenure as chief executive officer, provided an insider's view of the executive offices at Enron, and his testimony appeared to be the most damaging yet to the defendants at the trial that has lasted four and a half weeks.

Prosecutors asked Delainey whether he was surprised to receive an email in late 2000 discussing the illicit tapping of cash reserves to inflate profits.

"No, it was standard operating procedure at Enron," he answered. "My history with Enron in Houston was that we tended to be pretty fast and loose with the rules, generally."

Delainey was CEO of the retail unit Enron Energy Services and also was CEO of Enron North America, the wholesale energy trading business.

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[MadMaddie]

1. Sounds like the practices of the current administration!!

[napi21]

2. That's the kind of stuff that deep-sixed their Pub. Acctg. firm.

EVERY good accountant pushes the envelope a little, but they're also very careful not to EVER cross the line into illegal! What's the deal with this Delainey guy? Did he get imunity before this testimony? That statement is very damaging to someone who was the CEO of two divisions of that Company!