Mistakes were made

New York City meets Munich

And the winner is…

February 6th, 2002 · No Comments · Uncategorized

From CFO magazine:

When Andrew S. Fastow, the 37-year-old CFO of Enron Corp., boasts that “our story is one of a kind,” he’s not kidding… Fastow’s expert balancing act, in fact, has earned him this year’s CFO Excellence Award for Capital Structure Management. “We needed someone to rethink the entire financing structure at Enron from soup to nuts,” says Jeffrey K. Skilling, Enron president and chief operating officer. “We didn’t want someone stuck in the past, since the industry of yesterday is no longer. Andy has the intelligence and the youthful exuberance to think in new ways. He deserves every accolade tossed his way.”… “He has successfully financed billions of dollars in a manner that has held credit quality,” says S&P’s Barone. “And that is not an easy thing to do. It is a testament to Andy’s focus on cash flow and his ability to think outside the box.”

Or so they thought, in October of 1999. Ooops.

Turns out he wasn’t so much deserving of accolades as indictments, and he wasn’t thinking outside the box, but committing fraud. I wonder if CFO magazine wants its award back.

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