Former Enron Executive Found Dead

Discussion in 'TRIBE Main Forum' started by graham, Jan 25, 2002.

  1. graham

    graham Well-Known Member

    it reminds me of Bre-X Minerals, and the fate of geologist Michael De Guzman

    Former Enron Executive Commits Suicide, Police Say

    By C. Bryson Hull

    HOUSTON (Reuters) - A former senior Enron Corp. executive who railed against the murky transactions that ultimately drove the energy giant to ruin apparently shot himself to death on Friday, Texas police said.

    J. Clifford Baxter, 43, was found with a single gunshot wound to the head on Friday, said police in Sugar Land, a suburb southwest of Houston.

    Baxter was found inside his Mercedes with a suicide note and revolver at his side, said police spokeswoman Patricia Whitty. There were no apparent signs of foul play and he had Enron identification in his wallet, she said. The car was parked on a median strip in his affluent neighborhood.

    ``We feel that it is a suicide, but we are taking all precautions that are necessary,'' Sgt. Truman Body said. He declined to divulge the contents of the note, saying that the investigation was still open despite the initial findings.

    Body said an autopsy was expected shortly.

    Enron said it was ``deeply saddened by the tragic loss of our friend and colleague, Cliff Baxter. Our thoughts and prayers go out to his family and friends.''

    Baxter was vice chairman of the collapsed energy trader when he resigned in May, ostensibly to spend more time with his family.

    He had reportedly feuded with then-Chief Executive Officer Jeffrey Skilling over the propriety of off-balance sheet transactions that hid billions in debt and ultimately triggered the once-mighty Houston company's spiral into the largest bankruptcy in U.S. history.

    ``Cliff Baxter complained mightily to Skilling and all who would listen about the inappropriateness of our transactions with LJM,'' Enron whistle-blower Sherron Watkins wrote to Chairman and CEO Ken Lay, who resigned on Wednesday, in an Aug. 14 letter.

    His complaints targeted the LJM and LJM2 investment partnerships managed by then-Chief Financial Officer Andrew Fastow, who earned $30 million for that work in addition to his Enron salary.

    Fastow declined to comment through a representative, while a spokeswoman for Skilling did not immediately return a call seeking comment.

    SUED FOR STOCK SALES

    Baxter was the subject of lawsuits that targeted 29 of Enron's top directors and insiders, accusing them of cashing in on inside information at the expense of stockholders. According to court records and securities filings, Baxter earned some $35.2 million by exercising Enron stock options, including $9 million in 2001 alone.

    His role at Enron, people familiar with his career there say, was primarily in mergers and acquisitions. He helped engineer the purchases to build up Enron's failed water venture, Azurix Corp., and of Oregon utility Portland General Electric. in 1997.

    A native of Amityville, N.Y., he joined Enron in 1991 after a career as an investment banker and serving as a U.S. Air Force captain. He earned his bachelor's degree from New York University and his MBA from Columbia University, where he was valedictorian of his class.

    He was named chairman and CEO of Enron North America, the energy trader's then-powerful trading division, before being named chief strategy officer. In October 2000, he was promoted to vice chairman. He was not, despite the title, second-in-command. That role went to Skilling, who assumed CEO duties from Lay in February 2001, before resigning unexpectedly six months later.
     
  2. labRat

    labRat TRIBE Member

    no shit! i was just going to say the same thing when i read your thread title.

    so, do you think this is a good time to sell my Enron stocks? i put all my savings into it a year ago.

    --craig
     
  3. graham

    graham Well-Known Member

    This thread was brought to you by

    [​IMG]

    "We're still ok"
     
  4. djcheezwhiz

    djcheezwhiz TRIBE Member

    this isn't funny stuff...the enron probe will be far reaching & guaranteed will be a lot more sad stories before this is finished...andersen will probably not survive...sad stories of enron employees who invested all their retirement savings in the stock...

    no one ever learns the lesson...junk bonds, bre-x, dot.coms, lowen, savings & loans, telecoms, eatons...usually the biggest losers are the individual investors who have their savings tied up in these companies...

    jc
     
  5. SPACEMAN

    SPACEMAN Well-Known Member

    To the M, to the A, to the F, to the I, to the A!!

    What does that spell??

    slimy./


    spaceman
     
  6. g0nz0

    g0nz0 TRIBE Member

    what did the suicide note say????
     
  7. graham

    graham Well-Known Member

    It said don't make jokes about suicide
     
  8. labRat

    labRat TRIBE Member

    where's will when you need him?
     
  9. kyfe

    kyfe TRIBE Member

    You know whats really scary..
    something like this could happen in canada again, and to an even much larger scale. there are very weak laws in place to prevent companies from doing things like this.

    Kyfe
     
  10. Gizmo

    Gizmo TRIBE Member

    Some some geeky finance humourI got sent today that I found fairly funny:

    Explaining Enron:

    Feudalism:
    You have two cows. Your lord takes some of the milk.

    Fascism:
    You have two cows. The government takes both, hires you to take care of them and sells you the milk.

    Totalitarianism:
    You have two cows. The government takes them both and denies they ever existed and drafts you into the army. Milk is banned.

    Communism:
    You have two cows. Your neighbours help you take care of them and you share the milk.

    Capitalism:
    You have two cows. You sell one and buy a bull. Your herd multiplies, and the economy grows. You sell them and retire on the income.

    Enron Venture Capitalism:
    You have two cows. You sell three of them to your publicly listed company, using letters of credit opened by your brother in law at the bank, then execute a debt /
    equity swap with an associated general offer so that you get all four back, with a tax exemption for five cows. The milk rights of the six cows are transferred via an
    intermediary to a Cayman Island company secretly owned by the majority shareholder who sells the rights to all seven cows back to your listed company. The
    annual report says the company owns eight cows with an option for one more.
     
  11. JayIsBored

    JayIsBored TRIBE Member

    it's ok to joke about white collar criminal suicides
     
  12. djcheezwhiz

    djcheezwhiz TRIBE Member

    giz...great joke & sums up the enron situation quite nicely...brings back horrible memories of really bad economics professor humour at u of t...why is it all economists think they are comedians???

    jc
     

Share This Page