FYI.  Sure you've seen it, but just in case.  Non-energy-related friend of mine emailed it to me.

Best,
Jeff




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CFO.com's
Today in Finance


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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
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