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Andrew Stuart Fastow (born December 22, 1961) is an American convicted felon and former financier who was the chief financial officer of Enron Corporation, an energy trading company based in Houston, Texas, until he was fired shortly before the company declared bankruptcy.
Eight former Enron executives testified, the star witness being Andrew Fastow, against Lay and Skilling, their former employers. [2] The jury reached its verdict on May 25, 2006, convicting both Lay and Skilling. Lay was also convicted by Sim Lake of charges in a separate bench trial.
Conspiracy of Fools tells the story of the 2001 collapse of Enron.Enron's Chief Financial Officer (CFO) Andrew Fastow is depicted as voraciously greedy, using front corporations and partnerships, paying himself "management" and "consultant" fees as if he were an outsider, all while cooking Enron's books to show fictitious profits.
Kenneth Lee Lay (April 15, 1942 – July 5, 2006) was an American businessman and political donor who was the founder, chief executive officer and chairman of Enron.He was heavily involved in Enron's accounting scandal that unraveled in 2001 into the largest bankruptcy ever to that date.
CFO Andrew Fastow creates a network of shell companies designed solely to do business with Enron, for the ostensible dual purposes of sending Enron money and hiding its increasing debt. Fastow also pressures Wall Street investment banks into investing in these shell entities. However, Fastow has a vested financial stake in these ventures and ...
Andrew Fastow's interest in LJM2 was purchased in 2001 and many of LJM1's and LJM2's "hedges" and the debt they caused would later be handled in part by another Enron vehicle, the Raptor SPEs. LJM, along with Chewco , played a major role in the downfall of Enron (see Timeline of the Enron scandal ) and was the primary vehicle by which Fastow ...
With the buffoonish Andrew on one side of the interview table and the surgical Maitlis on the other, the show feels like watching a fox wriggle its way into a trap.
In 1990, Enron's chief operating officer Jeffrey Skilling hired Andrew Fastow, who was well acquainted with the burgeoning deregulated energy market that Skilling wanted to exploit. [38] In 1993, Fastow began establishing numerous limited liability special-purpose entities, a common business practice in the energy industry. However, it also ...