FROM THE ARCHIVE

Enron: Stop the shredding!

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WEDNESDAY, JANUARY 30, 2002

Despite knowing it was the subject of numerous investigations by federal and other authorities, Enron Corp. continued to destroy "sensitive" financial and other documents up until recently.

A spokesperson for the bankrupt company told The New York Times the shredding was "routine." A company called Shredco did the deed, Mark Palmer said.

Rep. James Greenwood (R-Pa.), chairman of a House subcommittee investigating the company's collapse and the practices of auditor Arthur Andersen, responded to the disclosure with anger. "[T]hey are either incredibly arrogant and out of control, or somebody's incredibly stupid," he told the paper.

Whether Enron's new chief executive fits the bill remains to be seen. Stephen F. Cooper, who specialies in corporate turnarounds, replaces Ken Lay, who resigned last week.

Meanwhile, Congress continued its look at the fall of Enron. The Senate Energy and Natural Resources Committee, chaired by Sen. Jeff Bingaman (D-N.M.), held a hearing on yesterday and part of the discussion involved whether the company was manipulating energy markets in the West at a time of California's power crisis.

Get the Story:
Witnesses tell senators Enron may have manipulated energy prices (AP 1/29)
U.S. to Probe Enron Tie to Energy Prices (The Washington Post 1/30)
Prosecutors, FBI Pore Over Enron's Books (The Washington Post 1/30)
New Enron Chief Likes Challenges (The Washington Post 1/30)
Enron Says Shredding of Records Was Not Stopped Until Recently (The New York Times 1/30)
Enron Names an Interim Chief to Oversee Its Bankruptcy (The New York Times 1/30)
Evidence Proving Fraud May Turn Out to Be Elusive (The New York Times 1/30)
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Relevant Links:
Arthur Andersen - http://www.andersen.com
Enron - http://www.enron.com/corp

Related Stories:
White House orders Andersen review (1/25)
Enron / Andersen hearings kick off (1/25)
Enron / Andersen hearings start today (1/24)
Subpoenas sent to Andersen (1/23)
Trust reform, according to Norton (1/22)
Shredding reported despite probe (1/22)
Andersen taking on IIM accounting (1/18)
Arthur Andersen fired by Enron (1/18)
Andersen questioned Enron relationship (1/17)
Andersen faces rocky future (1/16)
Auditor Andersen's name in 'tatters' (1/14)
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