Enron: A Select Chronology of Congressional, Corporate, and Government Activities

Enron: A Select Chronology of Congressional, Corporate, and Government Activities

Order Code RL31364
Report for Congress
Received through the CRS Web
Enron: A Select Chronology of Congressional,
Corporate, and Government Activities
Updated March 18, 2003
J. Michael Anderson
Information Research Specialist
Information Research Division
Congressional Research Service ˜ The Library of Congress

Enron: A Select Chronology of Corporate and
Government Activities
Summary
Enron Corporation, which had more than $49 billion in total assets for 2001 and
was listed as the seventh largest U.S. corporation (ranked by revenues in 2000) by
Fortune magazine , filed for Chapter 11 reorganization protection on December 2,
2001. The Houston-based corporation and 13 affiliated entities filing for bankruptcy
provoked intense media and congressional interest and questions involving the
financial markets, securities and auditing firms, and corporate management and
insurance and pension policies.

The federal government is examining Enron’s corporate
activities.
Investigations by the Securities and Exchange Commission, the Federal Bureau of
Investigation, Commodity Futures Trading Commission, and Federal Energy
Regulatory Commission have commenced. Since December 2001, Congress has held
numerous hearings on issues surrounding the Enron collapse, and additional
hearings are scheduled. Numerous state and local governments have initiated legal
proceedings against Enron and its affiliated entities.
This report is a chronology of select major corporate and federal government
events that are relevant to the collapse of Enron. Chronology entries were compiled
from congressional, corporate, and standard news sources. Web sites are provided
when appropriate and available. This report will be updated as events warrant.

Contents
A List of CRS Reports on Enron . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
Auditing/Banking Issues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
Derivatives/Stock Regulation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3
Pension Issues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3
Taxes/Political Contributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
Congressional Hearings – 2001 to 2003 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
House Hearings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5
Senate Hearings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
Chronology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18
2003 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18
March . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18
Feburary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18
January . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18
2002 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18
December . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18
November . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19
October . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19
September . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19
August . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20
July . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20
June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20
May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21
April . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21
March . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22
February . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23
January . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24
2001 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26
2000 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28
1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29
1998 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30
1997 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30
1996 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31
1995 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31
1994 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32
1993 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32
1992 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32
1991 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33
1990 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33
1989 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33
1988 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33
1987 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33
1986 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33
1985 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33

Web Sites for Other Government and Industry Agencies Having Oversight
Authority on Enron Related Issues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34
List of Tables
Table 1. Monthly Adjusted Stock Prices – 2/29/00 to 1/31/02a . . . . . . . . . . . . . . 34

Enron: A Select Chronology of
Congressional, Corporate, and
Government Activities
A List of CRS Reports on Enron
Descriptions of the reports are taken from the reports themselves.
Overview
CRS Electronic Briefing Book. Banking and Financial Services. Page on “Enron
Bankruptcy: Issues for Financial Oversight.”
CRS Report RS21135. The Enron Collapse: An Overview of Financial Issues.
This report presents basic background information on the collapse of the Enron
Corporation, identifying public policy issues in financial market oversight.
CRS Report RS21177. Possible Criminal Provisions Which May Be Implicated in
the Events Surrounding the Collapse of the Enron Corporation.
This report briefly summarizes some federal laws carrying criminal penalties
which may be implicated in the events surrounding the collapse of the Enron Corp.
Auditing/Banking Issues
CRS Report RS21120. Auditing and Its Regulators: Proposals for Reform After
Enron.
The Enron Corporation controversy has raised important questions about
financial statement audits of corporations. These audits are to be carried out in
accordance with generally accepted auditing standards (GAAS), rules that have
carefully defined technical meanings. Auditors are regulated by both government
agencies and professional organizations, though Enron’s bankruptcy raises questions
about whether this oversight is adequate. One important question is whether Arthur
Andersen, the financial auditor for Enron, compromised the independence it should
have maintained as an auditor by engaging in extensive consulting work for Enron.
CRS Report RS21249. Auditor and Accounting Reform Legislation: H.R. 3763 and
S. 2673.
This report compares the auditing and accounting reform measures passed by
the House (H.R. 3763) and reported by the Senate Committee on Banking, Housing,
and Urban Affairs.

CRS-2
CRS Report RS20707. Auditor Independence: The SEC’s 2000 Rulemaking.
Federal securities law requires that the financial statements of companies that
sell stock or bonds to the public must be certified by an auditor who is independent
of the company and its management. The Securities and Exchange Commission
(SEC) has proposed a new rule that would bar accounting firms from providing
certain consulting services to the firms they audit. The SEC believes there is an
inherent conflict between the public watchdog function of the independent auditor
and the role of the consultant, who stands to benefit if the client firm prospers. The
accounting profession was generally opposed to the rule, arguing that the prohibition
will do significant harm to the accounting industry. Congressional action to block
or delay implementation of the proposed rule is possible. This report describes the
proposal, sets out the arguments pro and con, and analyzes the potential economic
effects.
CRS Report RS21173. Auditor Oversight: Proposals for a New Regulator.
The collapse of Enron Corp. raises questions about the effectiveness of
independent auditors in preventing deceptive accounting by corporations. Several
proposals intended to strengthen auditing propose to create a new oversight body to
replace the current system of relying on accountants to police themselves. This
report summarizes the major features of these proposals.
CRS Report RL31483. Auditor Reform Proposals: A Side-by-Side Comparison.
This report compares the major provisions of three auditor and accounting
reform proposals: H.R. 3763, S. 2673, and a rule proposed on June 20, 2002, by the
SEC that would create a new auditor oversight board by using the SEC’s existing
authority to regulate corporate accounting.
CRS Report RS21188. Enron’s Banking Relationships and Congressional Repeal
of Statues Separating Bank Lending From Investment Banking.
This report examines the relationship between the collapse of Enron
Corporation and the repeal in 1999 of the Glass-Steagall Act, which had separated
commercial lending from investment banking. It traces the passage of the
Glass-Steagall Act in 1933 in the aftermath of the 1929 stock market crash and the
onset of The Great Depression. It then describes events leading up to the 1999
Gramm-Leach-Bliley Act (P.L. 106-102), which repealed Glass-Steagall and
permitted financial holding companies that could combine commercial and
investment banking. Finally, the report discusses whether this law was implicated in
the Enron collapse, and lists, but does not discuss in detail some related policy
questions that Congress is beginning to discuss.
CRS Report RL30516. Mergers and Consolidation Between Banking and Financial
Services Firms: Trends and Prospects.
The Gramm-Leach-Bliley Act (P.L. 106-102) ended the separation of the
investment banking business and commercial banking by its repeal of the
Glass-Steagall Act of 1933. The financing of Enron Corp. through both securities
issues and loans by prominent financial holding companies may refocus attention on
the new regulatory framework.

CRS-3
Derivatives/Stock Regulation
CRS Report RL30434. CFTC Reauthorization in 2000: Derivatives Regulation
Reconsidered.
This report analyzes the broad issues likely to dominate consideration of
legislation to reauthorize the Commodity Futures Trading Commission, which
created in 1974 to regulate derivative financial markets.
CRS Report RS20560. Derivatives Regulation: Legislation in the 106th Congress.
Industry participants and regulators have called for amendments to the laws
regulating derivative financial instruments, to allow derivatives markets to modernize
and to prevent the business from moving offshore. This report summarizes
derivatives reform legislation before the 106th Congress.
CRS Report RL31348. Enron and Stock Analyst Objectivity.
This report examines the conflicts of interests that may compromise the
objectivity of some stock analysts who report on and recommend stocks like Enron
to investors. It also discusses recent Securities and Exchange Commission (SEC)
and congressional interest in this area and discusses private sector and legislative
reform initiatives to mitigate some of those conflicts of interests.
CRS Report RS21127. Federal Securities Law: Insider Trading.
This report discusses the federal securities statutes which limit or prohibit
insider trading in securities.
Pension Issues
CRS Report RL30641. Employment Benefits in Bankruptcy.
This report provides an overview of the status of employee wages and benefits,
including retiree benefits, when an employer files for bankruptcy.
CRS Report RS 21115. The Enron Bankruptcy and Employer Stock in Retirement
Plans.
Financial losses suffered by participants in the Enron Corporation’s 401(k) plan
have prompted questions about the laws and regulations that govern these plans. This
report describes current laws governing the holding of employer stock in employee
retirement plans and summarizes the key policy questions that pension analysts have
raised about holding such stock in defined contribution retirement plans.
CRS Report RL31319. Employer Stock in Retirement Plans: Bills in the 107th
Congress.
This report describes bills introduced in the 107th Congress, in the wake of the
Enron Corp. bankruptcy, which attempt to protect workers from the financial losses
that could occur when a large proportion of their retirement savings are invested in
securities issued by their employers.

CRS-4
CRS Report RL31248. Enron: Selected Securities, Accounting, and Pension Laws
Possibly Implicated in Its Collapse.
This report discusses selected federal securities laws, federal pension laws, and
accounting standards which Congress and the executive branch will likely examine
in its investigations of the Enron collapse.
CRS Report RL31282. Tittle v. Enron Corp. and Fiduciary Duties Under ERISA.
The report focuses on Section 404(a) of the Employee Retirement Income
Security Act (ERISA), the federal statute that regulates employer-sponsored pension
plans. Section 404(a) is considered the “touchstone for understanding the scope and
object of an ERISA fiduciary’s duties.” The report reviews selected cases that have
interpreted Section 404(a) and discusses H.R. 3623, the Employee Savings Protection
Act of 2002, a bill that would amend Section 404(a) to prohibit misrepresentations
relating to employer securities by retirement plan fiduciaries.
Taxes/Political Contributions
CRS Report RL31288. Soft Money, Allegations of Political Corruption, and Enron.
This report examines the current state of federal law regarding the most
persistent charges of government or political corruption relating to the Enron matter,
including federal campaign finance regulation of hard money, the state of the federal
law with respect to soft money, bribery, illegal gratuities, extortion, conflicts of
interest and required recusals of government officials, and the “revolving door”
regulations on former government officials.
CRS Report RS21149. Enron and Taxes.
This report briefly examines the role of taxes and tax issues in the recent
financial difficulties of the Enron Corporation.
CRS Report RS21198. Independent Counsel or Special Prosecutor for the Enron
Investigation.
This report discusses the circumstances and authority under which the Attorney
General may, in light of the expiration of the Independent Counsel law, appoint a
“special counsel” or a “special prosecutor” for a matter such as the Enron Corp.
failure investigation and prosecutions.
Congressional Hearings – 2001 to 2003
Direct links to selected statements from recent hearings (available to
congressional staff using the online version of this report) are provided at the Web
sites of the committees which held the hearings. When a direct link is not available,
it indicates that the witness did not provide prepared statements to the committee.
Actual testimony is not available. All committee Web sites can be located through
[http://www.congress.gov]. Printed copies of these hearings will also be available
from the Government Printing Office 4 to 6 months after the hearing date.

CRS-5
House Hearings
03/13/03
House Committee on Education and the Workforce
Subcommittee on Employer-Employee Relations
“The Pension Security Act: New Pension Protections to Safeguard the
Retirement Savings of American Workers”
Witness/Testimony–
Ms. Ann L. Combs, Assistant Secretary, U.S. Department of Labor
Mr. Ed Rosic, Vice President and Managing Assistant General Counsel,
Marriott International, Inc.
Ms. Nell Minow, Editor, Corporate Library, Portland, ME
Mr. Scott Sleyster, Senior Vice President and President of Retirement
Services and Guaranteed Products, Prudential Financial
02/13/02
House Committee on Education and the Workforce
Subcommittee on Employer-Employee Relations
“Enron and Beyond: Enhancing Worker Retirement Security”
Witness/Testimony–
Mr. Jack L. VanDerhei, Ph.D., Professor, Fox School of Business and
Management, Temple University
Mr. Douglas Kruse, Ph.D., Professor, School of Management and
Labor Relations, Rutgers University
Mr. Norman Stein, Douglas Arant Professor of Law, University of
Alabama
Ms. Rebecca Miller, CPA, Partner, McGladrey & Pullen, LLP
Senate Committee on Banking, Housing, and Urban Affairs
“Corporate Governance”
Witness/Testimony–
Mr. John H. Biggs, Chairman, President and CEO, Teachers’ Insurance
and Annuity Association (TIAA)
Mr. Ira M. Millstein, Senior Partner, Weil, Gotshal and Manges
02/07/02
House Committee on Education and the Workforce
“The Enron Collapse and Its Implications for Worker Retirement
Security,” Part II
Witness/Testimony–
Mr. Thomas O. Padgett, Senior Lab Analyst, EOTT (Enron subsidiary)
Ms. Cindy K. Olson, Executive Vice President Human Resources,
Community Relations, and Building Services, Enron Corp.
Ms. Mikie Rath, Benefits Manager, Enron Corp.
Mr. Scott Peterson, Global Practice Leader for Defined Contribution
Services, Hewitt Associates
Ms. Teresa Ghilarducci, Associate Professor, Department of
Economics, University of Notre Dame

CRS-6
02/06/02
House Committee on Education and the Workforce
“The Enron Collapse and Its Implications for Worker Retirement
Security,” Part I
Witness/Testimony–
Ms. Elaine Chao, Secretary of Labor, U.S. Department of Labor
06/26/02
House Committee on Energy and Commerce
Subcommittee on Commerce, Trade, and Consumer Protection
“The Financial Accounting Standards Board Act”
Witness/Testimony–
Mr. Edmund L. Jenkins, Chairman, Financial Accounting Standards
Board
Mr. John C. Coffee, Jr., Adolf A. Berle Professor of Law, Columbia
University Law School
Mr. Ned Regan, President, Baruch College
Mr.Bala G. Dharan, Ph.D., CPAJ., Howard Creekmore Professor of
Management , Jesse H. Jones Graduate School of Management, Rice
University
Mr. Baruch Lev, Philips Bardes Professor of Accounting and Finance,
Department of Accounting Taxation and Business Law & Department
of Finance, Director, Vincent C. Ross Institute of Accounting Research,
Stern School of Business, NYU
03/14/02
House Committee on Energy and Commerce
Subcommittee on Oversight and Investigations
“Financial Collapse of Enron Corporation”
Witness/Testimony–
Mr. James V. Derrick, Jr. Esq., Former General Counsel, Enron Corp.
Mr. Joseph C. Dilg Esq., Managing Partner, Vinson & Elkins L.L.P.
Mr. Rex R. Rogers Esq., Vice President and Associate General
Counsel, Enron Corp.
Mr. Ronald T. Astin Esq., Partner, Vinson & Elkins L.L.P.
Mr. Scott M. Sefton Esq., Former General Counsel, Enron Global
Finance
Ms. Carol L. St. Clair Esq., Former Assistant General Counsel, ECT
Resources Group, Enron Corp.
02/14/02
House Committee on Energy and Commerce
Subcommittee on Commerce, Trade, and Consumer Protection
“Are Current Financial Accounting Standards Protecting Investors?”
Witness/Testimony–
Mr. Robert K. Herdman, Chief Accountant, SEC
Mr. Edmund L. Jenkins, Chairman, Financial Accounting Standards
Board
Mr. James C. Castellano, Chairman of the Board, American Institute of
Certified Public Accountants
Ms. Grace L. Hinchman, Senior Vice President, Financial Executives
International
Mr. Thomas J. Linsmeier, Associate Professor of Accounting &
Information Systems, Eli Broad College of Business, Michigan State
University

CRS-7
02/26/02
House Committee on Energy and Commerce
Subcommittee on Oversight and Investigations
“Financial Collapse of Enron Corporation”
Witness/Testimony–
Ms. Sherron Watkins, Vice President of Corporate Development,
Enron Corp.
02/13/02
House Committee on Energy and Commerce
Subcommittee on Energy and Air Quality
“The Effect of the Bankruptcy of Enron on the Functioning of Energy
Markets”
Witness/Testimony–
Mr. Patrick H. Wood III, Chairman, Federal Energy Regulatory
Commission
Mr. Isaac Hunt, Commissioner, SEC
Mr. Thomas L. Welch, Chairman, Maine Public Utilities Commission
Mr. James E. Newsome, Chairman, Commodity Futures Trading
Commission
Ms. Mary Hutzler, Acting Director, Office of Integrated Analysis and
Forecasting, Department of Energy
Mr. Richard C. Green, Chairman, UtiliCorp United, Inc.
(Testifying on behalf of the Electric Power Supply Association)
Mr. Raymond Plank, Chairman and CEO, Apache Corporation
Mr. Robert McCullough, Managing Partner, McCullough Research
Mr. David Owens, Executive Vice-President, Edison Electric Institute
Mr. Gerald A. Norlander Esq., Executive Director, Public Utility Law
Project
02/07/02
House Committee on Energy and Commerce
Subcommittee on Oversight and Investigations
“Financial Collapse of Enron Corporation”
Witness/Testimony–
Mr. Andrew S. Fastow, Former Chief Financial Officer, Enron Corp.
Mr. Michael J. Kopper, Former Managing Director, Enron Global
Finance
Mr. Richard B. Buy, Chief Risk Officer, Enron Corp.
Mr. Richard A. Causey, Chief Accounting Officer, Enron Corp.
Mr. John Olson, Senior Vice President and Director of Research,
Sanders, Morris, Harris
Mr. Jordan Mintz, Vice President and General Counsel for Corporate
Development, Enron Corp.
Mr. Jeffrey K. Skilling, Former President and CEO, Enron Corp.
Mr. Robert Jaedicke, Enron board of directors Chairman of Audit and
Compliance Committee, Enron Corp.
Mr. Jeffrey McMahon, President and Chief Operating Officer, Enron
Corp.
Mr. Herbert S. Winokur, Jr., Board of Directors, Chairman of the
Finance Committee, Enron Corp.
Mr. Thomas H. Bauer, Partner, Andersen LLP

CRS-8
02/06/02
House Committee on Energy and Commerce
“Developments Relating to Enron Corporation”
Witness/Testimony–
Mr. James S. Chanos, President & Founder, Kynikos Associates, Ltd.
Mr. Roman L. Weil, Ph.D., V. Duane Rath Professor of Accounting,
University of Chicago, Graduate School of Business
Mr. Baruch Lev, Director, Vincent C. Ross Institute of Accounting
Research, Stern School of Business, New York University
Mr. David L Sokol, Chairman & CEO, MidAmerican Energy Holdings
Company
Mr. Roger W. Raber, President & CEO, National Association of
Corporate Directors
Mr. Bala G. Dharan, Ph.D., CPA, J. Howard Creekmore Professor of
Management, Rice University
Mr. Bevis Longstreth, Debevoise & Plimpton
01/24/02
House Committee on Energy and Commerce
Subcommittee on Oversight and Investigations
“The Destruction of Enron-Related Documents by Andersen Personnel”
Witness/Testimony–
David B. Duncan, Arthur Andersen. (Invoked his Fifth Amendment
constitutional right against self-incrimination. Hearing postponed
indefinitely.)
05/01/02
House Committee on Financial Services
Subcommittee on Capital Markets, Insurance, and Government
Sponsored Enterprises
“Corporate Accounting Practices: Is There a Credibility GAAP?”
Witness/Testimony–
Ms. Betty Montgomery, Attorney General, State of Ohio
Mr. William Holder, Ernst & Young Professor of Accounting,
University of Southern California
Mr. Charles Hill, Director of Research, Thompson Financial/First Call
Mr. Ken Boehm, Chairman, National Legal and Policy Center
04/09/02
House Committee on Financial Services
“Hearing on H.R. 3763, the Corporate and Auditing Accountability,
Responsibility, and Transparency Act of 2002” (Part III)
Witness/Testimony–
Mr. David Walker, Comptroller General of the United States, U.S.
General Accounting Office
Mr. Richard C. Breeden, Former Chairman, Securities and Exchange
Commission, Richard C. Breeden & Co.
Mr. Donald C. Langevoort, Professor, Georgetown University Law
Center
Mr. Damon Silvers, Associate General Counsel, AFL-CIO

CRS-9
03/20/02
House Committee on Financial Services
“Hearing on H.R. 3763, the Corporate and Auditing, Accountability,
Responsibility, and Transparency Act of 2002” (Part II)
Witness/Testimony–
Mr. Harvey L. Pitt, Chairman, Securities and Exchange Commission
Mr. Franklin D. Raines, Chairman and CEO, Fannie Mae. (On behalf
of The Business Roundtable)
Mr. H. Carl McCall, Comptroller, State of New York, Office of the
State Comptroller
Mr. Joseph V. DelRaso, Partner, Pepper Hamilton, LLP
Mr. Philip B. Livingston, President and CEO, Financial Executives
International
Mr. Jerry J. Jasinowski, President, National Association of
Manufacturers
Mr. Peter C. Chapman, Senior Vice President and Chief Counsel,
Corporate Governance, TIAA-CREF
03/13/02
House Committee on Financial Services
“Hearing on H.R. 3763, the Corporate and Auditing, Accountability,
Responsibility, and Transparency Act of 2002” (Part I)
Witness/Testimony–
Mr. Marc E. Lackritz, President, Securities Industry Association
Mr. Barry C. Melancon, President and CEO, American Institute of
Certified Public Accountants
Mr. James Glassman, Resident Fellow, American Enterprise Institute
Mr. Ted White, Director of Corporate Governance, California Public
Employees’ Retirement System
Mr. Roderick M. Hills, Former Chairman, Securities and Exchange
Commission
Ms. Barbara Roper, Director of Investor Protection, Consumer
Federation of America
Mr. Lynn Turner, Director, Center for Quality Financial Reporting
02/05/02
House Committee on Financial Services
Subcommittee on Capital Markets, Insurance, and Government
Sponsored Enterprises
“The Enron Matter”
Witness/Testimony–
Mr. Joseph F. Berardino, Managing Partner and Chief Executive
Officer, Andersen Worldwide [Arthur Andersen LLP]
02/04/02
House Committee on Financial Services
Subcommittee on Capital Markets, Insurance, and Government
Sponsored Enterprises
“The Enron Matter”
Witness/Testimony–
Mr. Harvey L. Pitt, Chairman, SEC
Mr. William C. Powers, Jr., Director, Enron Corp.

CRS-10
12/12/01
House Committee on Financial Services
Subcommittee on Capital Markets, Insurance and Government
Sponsored Enterprises, Subcommittee on Oversight and
Investigations
“The Enron Collapse: Impact on Investors and Financial Markets”
Witness/Testimony–
Robert K. Herdman, Chief Account, SEC
Mr. Joseph F. Berardino, CEO, Arthur Andersen LLP
Mr. Charles L. Hill, Director of Research, Thomson Financial
Mr. Richard Trumka, Secretary-Treasurer, AFL-CIO
Senate Hearings
03/21/02
Senate Committee on Banking, Housing, and Urban Affairs
“Accounting and Investor Protection Issues Raised by Enron and Other
Public Companies”
Witness/Testimony–
Mr. Harvey L. Pitt, Chairman, Securities and Exchange Commission
03/20/02
Senate Committee on Banking, Housing, and Urban Affairs
“Accounting and Investor Protection Issues Raised by Enron and Other
Public Companies”
Witness/Testimony–
Hon. Howard M. Metzenbaum, Chairman, Consumer Federation of
America, Former U.S. Senator
Mr. Damon Silvers, Associate General Counsel, AFL-CIO
Ms. Sarah Teslin, Executive Director, Council of Institutional Investors
Mr. Thomas A. Bowman, President and CEO, Association for
Investment Management and Research.
03/19/02
Senate Committee on Banking, Housing, and Urban Affairs
“Accounting and Investor Protection Issues Raised by Enron and Other
Public Companies”
Witness/Testimony–
Mr. Charles A. Bowsher, Chairman, Public Oversight Board, Former
Comptroller General of the United States
Ms. Aulana L. Peters, Member, Public Oversight Board
Mr. L. William Seidman, Former Chairman of the Federal Deposit
Insurance Corporation and Resolution Trust Corporation
Mr. John C. Whitehead, Former Co-Chairman of Goldman Sachs &
Co., Former Deputy Secretary of State
Mr. Michael Mayo, Managing Director, Prudential Securities, Inc.
Head of Financial Services Research Group

CRS-11
03/14/02
Senate Committee on Banking, Housing, and Urban Affairs
“Accounting and Investor Protection Issues Raised by Enron and Other
Public Companies: Oversight of the Accounting Profession, Audit
Quality and Independence, and Formulation of Accounting Principles”
Witness/Testimony–
Mr. James G. Castellano, CPA, Chairman, Board of Directors,
American Institute of Certified Public Accountants (AICPA), Managing
Partner, Rubin, Brown, Gornstein Co., LLP
Mr. James S. Gerson, CPA, Chairman, Auditing Standards Board,
AICPA, Partner, National Office of PricewaterhouseCoopers, LLP
Mr. William E. Balhoff, CPA, CFE, Chairman, Executive Committee
AICPA Public Company Practice Section, Senior Audit Director
Postlethwaite & Netterville, A.P.A.C
Ms. Olivia F. Kirtley, CPA, Former Chair, Board of Directors, AICPA
(1998-99), Retired Vice President and CFO, Vermont American
Company
Mr. James E. Copeland, Jr., CPA, Chief Executive Officer, Deloitte &
Touche
Mr. Peter J. Wallison, Resident Fellow and Co-Director, Financial
Deregulation Project, American Enterprise Institute
Mr. Robert E. Litan, Director, Economic Studies Program, The
Brookings Institution, Bear, Stearns & Co. Inc.
02/27/02
Senate Committee on Banking, Housing, and Urban Affairs
“Corporate Governance”
Witness/Testimony–
Mr. John H. Biggs, Chairman, President and CEO, Teachers’ Insurance
and Annuity Association (TIAA)
Mr. Ira M. Millstein, Senior Partner, Weil, Gotshal and Manges
02/26/02
Senate Committee on Banking, Housing, and Urban Affairs
“Accounting and Investor Protection Issues Raised by Enron and Other
Public Companies: Oversight of the Accounting Profession, Audit
Quality and Independence, and Formulation of Accounting Principles.”
Witness/Testimony–
Mr. Walter P. Schuetze, Chief Accountant, SEC, 1992-95
Mr. Michael H. Sutton, Chief Accountant, SEC, 1995-98
Mr. Lynn E. Turner, Chief Accountant, SEC, 1998-2001
Mr. Dennis R. Beresford, Chairman, Financial Accounting Standards
Board, 1987-97
02/14/02
Senate Committee on Banking, Housing, and Urban Affairs
“Accounting and Investor Protection Issues Raised by Enron and Other
Public Companies: International Accounting Standards and Necessary
Reforms to Improve Financial Reporting”
Witness/Testimony–
Mr. Paul Volcker, International Accounting Standards Board; Chairman
of Arthur Andersen’s Independent Oversight Board; and Former
Chairman, Board of Governors of the Federal Reserve System
Mr. David Tweedie, Chairman of the International Accounting
Standards Board; and Former Chairman of the United Kingdom’s
Accounting Standards Board

CRS-12
02/12/02
Senate Committee on Banking, Housing, and Urban Affairs
“Accounting and Investor Protection Issues Raised by Enron and Other
Public Companies”
Witness/Testimony–
Mr. Roderick M. Hills, Chairman, SEC, 1975-77
Mr. Harold M. Williams, Chairman, SEC, 1977-81
Mr. David Ruder, Chairman, SEC, 1987-89
Mr. Richard C. Breeden, Chairman, SEC, 1989-93
Mr. Arthur Levitt, Jr., Chairman, SEC, 1993-20
02/06/02
Senate Committee on Banking, Housing, and Urban Affairs
“The State of Financial Literacy and Education in America”
Witness/Testimony–
Mr. Don Blandin, President, American Savings Education Council
Mr. Steve Brobeck, President, Consumer Federation of America
Ms. Esther “Tess” Canja, President, AARP
Ms. Denise Voigt Crawford, Securities Commissioner, State of Texas
Hon. Susan Molinari, National Chairperson, Americans for Consumer
Education and Competition
Mr. H. Patrick Swygert, President of Howard University.
(Testifying on behalf of Historically Black Colleges and Universities)
Mr. Raul Yzaguirre, President, National Council of La Raza
02/05/02
Senate Committee on Banking, Housing, and Urban Affairs
“The State of Financial Literacy and Education in America”
Witness/Testimony–
Mr. Paul O’Neill, Secretary of the Treasury
Mr. Alan Greenspan, Chairman, Board of Governors, Federal Reserve
System
Mr. Harvey L. Pitt, Chairman, Securities and Exchange Commission
05/16/02
Senate Committee on Commerce, Science, and Transportation
Subcommittee on Consumer Affairs, Foreign Commerce, and
Tourism
“Examining Enron: The Consumer Impact of Enron’s Influence on
State Pension Fund”
Witness/Testimony–
Mr. Bruce Calvert, Chairman and Chief Executive Officer of the Board,
Alliance Capital Management Corporation
Mr. Alfred Harrison, Vice Chairman of the Board, Alliance Capital
Management
Mr. C. Coleman Stipanovich, Deputy Executive Director, Florida State
Board of Administration
Mr. Trent Webster, Portfolio Manager, Florida State Board of
Administration
Mr. James Glassman, American Enterprise Institute
Mr. Michael Musuraca, Assistant Director, Department of Research
and Negotiations, District Council 37, American Federation of State,
County, and Municipal Employees (AFSCME)
Mr. Travis Plunkett, Legislative Director, Consumer Federation of
America
Ms. Sarah Teslik, Executive Director, Council of Institutional Investors

CRS-13
05/15/02
Senate Committee on Commerce, Science, and Transportation
Subcommittee on Consumer Affairs, Foreign Commerce, and
Tourism
“Examining Enron: The Consumer Impact of Enron’s Influence on
State Pension Funds”
Witness/Testimony–
Mr. Patrick Wood, III, Chairman, Federal Energy Regulatory
Commission
Ms. Loretta Lynch, President, California Public Utilities Commission
Mr. Joseph Dunn, Senator, State of California
Mr. S. David Freeman, Chairman, California Power Authority
Dr. Frank Wolak, Professor of Economics, Stanford University
Mr. Gary Fergus, Former legal representative for Enron Corp.
Mr. Jean Frizzell, Esq., Gibbs & Bruns, LLP
Mr. Stephen C. Hall, Esq., Director, Legal Services, UBS Warburg
Energy, LLC, Portland, OR
Mr. Christian G. Yoder, Director, Legal Services, UBS Warburg
Energy, LLC, Portland, OR
04/11/02
Senate Committee on Commerce, Science, and Transportation
“Examining Enron: Electricity Market Manipulation and the Effect on
Western States”
Witness/Testimony–
Mr. Joseph Dunn, Senator, State of California
Ms. Loretta Lynch, President, California Public Utilities Commission
Mr. S. David Freeman, Chairman, California Power Authority
Ms. Wenonah Hauter, Director, Critical Mass Energy and Environment
Program, Public Citizen
Mr. Robert McCullough, Managing Partner, McCullough Research
02/26/02
Senate Committee on Commerce, Science, and Transportation
Subcommittee on Consumer Affairs, Foreign Commerce, and
Tourism
“Enron Collapse”
Witness/Testimony–
Ms. Sherron Watkins, Vice President of Corporate Development, Enron
Corp.
Mr. Jeffrey McMahon, President and Chief Operating Officer, Enron
Corp.
Mr. Jeffrey Skilling, O’Melveny & Myers (former President and CEO,
Enron Corp.)
02/12/02
Senate Committee on Commerce, Science, and Transportation
“Enron Collapse”
Witness/Testimony–
Mr. Kenneth L. Lay, Piper, Marbury, Rudnick & Wolfe, LLP
(Mr. Lay invoked his Fifth Amendment constitutional right against self-
incrimination; no statement available electronically.)
Mr. William Powers, Jr., Member of the Enron Corp. board of directors
and chairman of the Special Investigation Committee.
02/03/02
Senate Committee on Commerce cancelled hearings on Enron Corp.
after Kenneth L. Lay declined to appear before the Committee.

CRS-14
12/18/01
Senate Committee on Commerce, Science and Transportation
“Issues Surrounding the Collapse of Enron Corporation”
Witness/Testimony–
Mr. Donald Eri, Special Tester (retired), Portland General Electric,
Gresham, OR
Ms. Janice Farmer, Enron Corp. (retired), Orlando, FL
Ms. Mary Bain Pearson, Enron Corp. shareholder, Houston, TX
Mr. Charles Prestwood, Enron Corp. (retired), Conroe, TX
Mr. Robert Vigil, Electrical Machinist Working Foreman, Portland
General Electric, Madras, OR
Mr. Kenneth Lay, Chairman & Chief Executive Officer, Enron Corp.
(Scheduled but did not appear)
Mr. C.E. Andrews, Global Head of Auditing and Business Advisory,
Arthur Andersen LLP
Mr. Scott Cleland, Chief Executive Officer, The Precursor Group
Mr. John C. Coffee, Jr., Adolf Berle Professor of Law, Columbia
University School of Law
Mr. Bill Mann, Senior Analyst, Motley Fool
Mr. Damon Silvers, Associate General Counsel, AFL-CIO
05/15/02
Senate Committee on Energy and Natural Resources
“To Examine Manipulation in Western Energy Markets During
2000-2001”
Witness/Testimony–
Mr. Patrick Wood, III, Chairman, Federal Energy Regulatory
Commission
Mr. Terry Winter, Chief Executive Officer, California Independent
System Operator, Folsom, CA
Mr. Jean Frizell, Attorney at Law, Gibbs & Bruns, LLP, Houston, TX
Mr. Christian Yoder, Attorney at Law, UBS Warburg Energy LLC,
Portland, OR
Mr. Gary Fergus, Former legal representative for Enron Corp.
Mr. Stephen Hall, Attorney at Law, UBS Warburg Energy LLC,
Portland, OR
Ms. Cynthia First, Commissioner, Snohomish Public Utility District,
Everett, WA
Mr. Gary Ackerman, Executive Director, Western Power Trading
Forum, San Mateo, CA
Mr. Henry Martinez, Assistant General Manager, Power Services, Los
Angeles Department of Water & Power, Los Angeles, CA

CRS-15
01/29/02
Senate Committee on Energy and Natural Resources
“The Effect of the Enron Collapse on Energy Markets”
Witness/Testimony–
Mr. Patrick Wood III, Chairman, Federal Energy Regulatory
Commission, Washington, D.C.
Mr. William Nugent, President, National Association of Regulatory
Commissioners, Washington, D.C.
Mr. James Newsome, Chairman, Commodity Futures Trading
Commission, Washington, D.C.
Mr. Robert McCullough , Managing Partner, McCullough Research,
Portland, OR
Mr. Lawrence Makovich, Senior Director and Co-head, North
American Energy Group, Cambridge, MA
02/27/02
Senate Committee on Finance
“Retirement Security: Picking Up the Enron Pieces”
Witness/Testimony–
Mr. David M. Walker, Comptroller General, GAO
Mr. William F. Sweetnam, Jr., Benefits Tax Counsel, Department of
the Treasury
Mr. Steven A. Kandarian, Executive Director, Pension Benefit
Guaranty Corporation
Mr. Jack L. VanDerhei, Ph.D., Research Director, Employee Benefit
Research Institute
Mr. R. Bradford Huss, Esq., Trucker Huss, San Francisco.(Testifying
on behalf of the American Society of Pension Actuaries)
12/11/02
Senate Committee on Governmental Affairs
“Oversight of Investment Banks’ Response to the Lessons of Enron”
Witness/Testimony–
Mr. Charles O. Prince, III, Chairman & CEO, Citigroup Global Corp &
Investment Bank
Mr. Richard Caplan, Managing Director & Co-Head, Salomon Smith
Barney, North American, Credit/Citigroup
Mr. David C. Bushnell, Managing Director, Citigroup/Salomon Barney
Mr. William T. Fox, III, Managing Director, Global Power & Energy
Group, Citibank/Citigroup
Mr. Michael E. Patterson, Vice Chairman, J.P. Morgan Chase & Co.
Mr. Robert W. Traband, Vice President, J.P. Morgan Chase & Co.
Mr. Andrew T. Feldstein, Managing Director, Co-Head, J. P. Morgan
Chase Co.
Mr. Eric N. Peiffer, Vice President, J. P. Morgan Chase & Co.
Ms. Muriel Siebert, President and Chairperson, Muriel Siebert & Co.
Mr. Richard Spillen Kothen, Director, Division of Banking Supervision
& Regulation, Federal Reserve, Washington
Ms. Annette Nazareth, Director, Division of Market Regulation, U. S.
Securities and Exchange Commission, Washington
Mr. Douglas W. Roeder, Senior Deputy Comptroller of Large Bank
Supervision, Office of the Comptroller of the Currency, Washington

CRS-16
07/30/02
Senate Committee on Governmental Affairs
“The Role of the Financial Institutions in Enron’s Collapse”
Witness/Testimony—
Mr. G. Kelly Martin, Senior Vice President and President of
International Private Client, Merrill Lynch & Co.
Mr. Robert Furst, Former Managing Director, Merrill Lynch & Co.
Mr. Schuyler Tilney, Managing Director, Global Energy and Power,
Merrill Lynch & Co.
03/20/02
Senate Committee on Governmental Affairs
“Rating the Raters: Enron and the Credit Rating Agencies”
Witness/Testimony–
Mr. Ronald Barone, Managing Director, Standard & Poor’s
Mr. John C. Diaz, Managing Director, Moody’s Investors Service
Mr. Ralph G. Pellecchia, Senior Director, Fitch Ratings
Mr. Isaac C. Hunt, Jr., Commissioner, Securities and Exchange
Commission
Mr. Jonathan R. Macey, J. DuPratt White Professor of Law, Cornell
Law School
Mr. Glenn L. Reynolds, Chief Executive Officer, Credit Sights, Inc.
Mr. Steven L. Schwarcz, Professor of Law, Duke University
02/27/02
Senate Committee on Governmental Affairs
“The Watchdogs Didn’t Bark: Enron and the Wall Street Analyst”
Witness/Testimony–
Mr. Anatol Feygin, J.P. Morgan Chase
Mr. Richard Gross, Analyst, Equity Research Division, Lehman
Brothers, Inc.
Mr. Curt N. Launer, Managing Director, Equity Research Group, Credit
Suisse First Boston
Mr. Ray Niles, Citigroup Salomon Smith Barney
Mr. Howard M. Schilit, Ph.D., CPA, President and Founder, Center for
Financial Research & Analysis, Inc.
Mr. Thomas A. Bowman, CFA, President and CEO, The Association
for Investment Management and Research
Mr. Robert R. Glauber, Chairman and CEO, National Association of
Securities Dealers
Mr. Charles L. Hill, Director, Financial Research, Thomson Financial
Mr. Frank C. Torres III, Legislative Counsel, Consumers Union

CRS-17
02/05/02
Senate Committee on Governmental Affairs
“Retirement Insecurity: 401(k) Crisis at Enron”
Witness/Testimony–
Mr. William D. Miller, Jr., Business Manager & Financial Secretary,
International Brotherhood of Electrical Workers, Local 125, Portland
General Electric
Ms. Deborah G. Perrotta, Former Senior Administrative Assistant,
Enron Corp.
Ms. Catheryn Graham, Total Benefits Administration Business Group,
Hewitt Associates, LLC
Ms. Cindy Y. Olson, Executive Vice President, Human Resources,
Employee Relations & Building Services, Enron Corp.
Ms. Mikie Rath, Benefits Manager, Enron Corp.
Mr. Joseph P. Szathmary, Associate Northern Trust Retirement
Consulting, LLC
Ms. Karen W. Ferguson, Director, Pension Rights Center
Mr. James A. Klein, President, American Benefits Council
Mr.Erik D. Olsen, Member, Board of Directors, AARP
Mr. Stephen M. Saxon, Society of Professional Administrators &
Record Keepers
Ms. Susan J. Stabile, Professor, St. John’s School of Law
01/24/02
Senate Committee on Governmental Affairs
“The Fall of Enron: How Could It Have Happened?”
Witness/Testimony–
Mr. Arthur Levitt, Jr., Former Chairman, SEC
Mr. Lynn E. Turner, Former Chief Accountant, SEC
Mr. Bruce B. Henning, Director, Regulatory and Market Analysis
Energy and Environmental Analysis, Inc.
Mr. John H. Langbein, Sterling Professor of Law, Yale University Law
School
Mr. Frank Partnoy, Professor of Law, University of San Diego School
of Law
02/07/02
Senate Committee on Health, Education, Labor, and Pensions
“Protecting America’s Pensions: Lessons from the Enron Debacle”
Witness/Testimony–
Hon. Barbara Boxer, United States Senate
Hon. Jon Corzine, United States Senate
Hon. Ken Bentsen, United States House of Representatives
Ms. Elaine Chao, Secretary, Department of Labor
Mr. Steve Lacey, Portland General Electric worker, Portland, OR
Mr. Jan Fleetham, Former Enron Corp. employee, Bloomington, MN
Mr. Karl V. Farmer, Former Polaroid Employee, Lawrence, MA
Mr. James Prentice, Chairman, Administrative Committee, Enron Corp.
Savings Plan
Dr. Alicia Munnell, Peter F. Drucker Chair in Management Sciences,
Boston College
Ms. Dallas L. Salisbury, President and CEO, Employee Benefits
Research Institute

CRS-18
Chronology
2003
March.
03/17/03
The Securities and Exchange Commission (SEC) charges four former
Merrill Lynch executives with aiding and abetting Enron in committing
securities fraud. The brokerage house will pay $80 million to settle its
own case with the SEC. The four executives named in the complaint—
Robert S. Furst, Schuyler M. Tilney, Daniel H. Bayly, and Thomas W.
Davis—are contesting their charges.
03/07/02
Court appointed financial examiner Neal Batson issues subpoenas
seeking testimony and documents from 68 corporate employees
connected to Enron.
03/06/03
House Committee on Education and the Workforce approves H.R. 1000,
Pension Security Act, by a vote of 29 to 19. The Act contains provisions
that will allow employees who have been with a company for at least 3
years to sell the company stock in their 401(k) retirement plans.
Feburary.
02/27/03
U.S. bankruptcy judge Arthur Gonzales denies a request by Enron to be
added to a class-action lawsuit that was filed by company shareholders.
The lawsuit names legal and financial corporations that helped Enron
negotiate its complex transactions that resulted in bankruptcy.
02/13/03
Joint Committee on Taxation releases a three-volume investigative
report on Enron’s federal tax and executive compensation issues.
02/07/03
U.S. bankruptcy judge Arthur Gonzales approves Enron’s petition to pay
$29 million in employee retention bonuses.
January.
01/04/03
Florida’s Attorney General Richard Dorn drops a year-long investigation
of Alliance Capital Management after finding no evidence of
racketeering. The company had invested Florida state pension funds into
declining Enron stock, resulting in a loss of $300 million.
01/02/03
J.P. Morgan Chase announces that it has settled its legal dispute with 11
insurance companies that contested Enron-related surety bonds.
2002
December.
12/13/02
Federal Energy Regulation Commission judge Bruce Birchman states
that energy companies (Enron Corp., Duke Energy, Dynegy, Mirant,
Reliant Energy Company, and the Williams Company) overcharged
the state of California by $1.8 billion.

CRS-19
12/03/02
Philip Levy, J.P. Morgan Chase’s associate general counsel, testifies
in federal court about his involvment with circular oil deals between
Enron and J.P. Morgan.
November.
11/26/02
Lawrence Lawyer, a former Enron finance employee, pleads guilty to
filing false federal income tax returns on unreported money. He
failed to report nearly $80,000 which he received from ex-Enron
executive Michael Kopper.
11/22/02
Portland General Electric, an Enron utility based in Oregon, admits to
technical violations regarding public disclosures of transactions with
Enron Power Marketing.
11/16/02
Sherron Watkins, vice president of corporate development for Enron,
resigns.
11/06/02
Former Enron Chief Financial Officer Andrew Fastow pleads not
guilty to a 78-count federal indictment in Houston.
October.
10/30/02
Federal officials file a 78-count indictment against Andrew Fastow.
Charges against Fastow include: wire fraud, conspiracy to commit
wire fraud, conspiracy to commit wire and securities fraud,
obstruction of justice, money laundering, and money laundering
conspiracy.
Enron receives permission from U.S. bankruptcy judge Arthur
Gonzales, to halt payment of legal fees for former Enron employees
who are cooperating in government investigations of the corporation
but who are not targets.
10/16/02
U.S. district judge Melinda Harmon sentences Arthur Andersen LLP
to the maximum punishment of 5 years probation and a $500,000 fine
for altering its documents relating to Enron.
10/02/02
Securities and Exchange Commission files a civil action complaint
against Andrew Fastow at the U.S. District Court in Houston. In a
separate court proceeding, the Justice Department files a criminal
complaint that outlines five crimes against Andrew Fastow. Fastow
provides bail of $5million.
September.
09/25/02
LJM2 Co-Investment, an enterprise associated with past Enron assets
and financial accounting practices, files for Chapter 11 bankruptcy
protection in Dallas.
09/19/02
Merrill Lynch fires its vice chairman, Thomas Davis, and managing
director of investment banking, Schuyler Tilney, for violation of
corporate policies.
09/13/02
Enron task force prosecutor Thomas Hanusik asks U.S. Magistrate
Frances Stacy to approve arrest warrants for three former British
bankers: Gary Mulgrew, Giles Darby, and David Bermingham.

CRS-20
09/04/02
Ohio Attorney General Betty Montgomery’s office withdraws from
the federal class-action lawsuit against Enron. Ohio officials state
they have a better chance in state courts to recover more of the losses
to Ohio state pension funds.
August.
08/29/02
U.S. bankruptcy judge Arthur Gonzales approves a $28.8 million
severance agreement for nearly 4,200 former Enron employees.
08/21/02
Former Enron executive Michael J Kopper pleads guilty in federal
court to conspiracy to commit wire fraud and conspiracy to engage in
unlawful monetary transactions.
Securities and Exchange Commission files a civil action complaint
against Michael J. Kopper for violation of various federal securities
laws.
08/15/02
Enron and Dynegy agree on litigation settlement. Dynegy will pay
$25 million to Enron for wrongful termination of their merger
attempt.
U.S. bankruptcy judge Arthur Gonzales rules to grant 115 Enron
employees legal waivers that exempt them from returning any of the
bonuses they received prior to the corporation’s Chapter 11 filing.
July.
07/09/02
President Bush delivers a speech before the corporate executives in
New York City on corporate accountability and fraud.
07/03/02
U.S. bankruptcy judge Arthur Gonzales approves Enron’s request to
obtain a $250 million credit line.
June.
06/27/02
The Justice Department has charged three former British bankers of
National Westminster Bank Plc (“Nat West”)—Gary Steven
Mulgrew, 40, Giles Robert Hugh Darby, 40, and David John
Bermingham, 39 —with wire fraud in an alleged $7.3 million scheme
involving Enron.
06/20/02
The Security and Exchange Commission proposed a regulatory
process creating a nine-member Public Accountability Board to
oversee auditors.
06/14/02
Arthur Andersen LLP is found guilty of obstruction of justice by a
nine-man, three-woman jury, after more than 72 hours of
deliberations. Andersen acknowledges that the jury verdict will
effectively end the firm’s audit practice as early as August 31, 2002,
depending on the amount of time needed for the government and
Andersen to brief and argue post-trial motions.
06/06/02
Enron’s board accepts the resignations, effective today, of the four
remaining long-standing directors, Robert A. Belfer, Norman P.
Blake, Dr. Wendy L. Gramm, and Herbert S. Winokur, Jr.

CRS-21
May.
05/30/02
Dr. John Mendelsohn, president of the University of Texas M.D.
Anderson Cancer Center, and Frank Savage, former chairman of
Alliance Capital Management, resign from the Enron Corp. board of
directors.
05/22/02
The White House releases a seven-page list of contacts between
Administration officials and Enron executives .
The Enron Corp. board of directors announces today the election of
John W. Ballantine and Corbin A. McNeill, Jr., to the company’s
board of directors.
05/03/02
Enron’s interim CEO, Stephen F. Cooper, meets with the committee
of creditors to discuss a plan to create a new power and pipeline
company in North, Central, and South America.
April.
04/24/02
The House passed H.R. 3763, a measure on financial accounting
oversight, by a vote of 334 to 90.
04/23/02
The Federal Regulatory Commission announces that it has contracted
with outside experts to assist with its fact-finding investigation on
manipulation of energy prices. The outside experts are: Hendrik
Bessembinder, University of Utah; Edward P. Kahn, Analysis
Group/Economics; Robert S. Pindyk, Massachusetts Institute of
Technology; Chester S. Spatt, Carnegie Mellon University; and
Michael J. Quinn, Analysis Group/Economics. In addition, the
Commission selected the Aspen System Corporation, which
specializes in electronic data retrieval and analysis, to help with its
investigation.
4/22/02
The Federal Energy Regulatory Commission approves Enron’s sale
of its wholesale power and natural gas trading operations to UBS
Warburg, a subsidiary of Switzerland-based UBS AG.
Enron’s SEC filing indicates that the value of its assets was
overstated by approximately $24 billion.
04/19/02
Jeff McMahon, president and chief operating officer of Enron Corp.,
announces his resignation from the company, effective June 1, 2002.
04/16/02
The House Committee on Financial Services approves H.R. 3763, a
measure on financial accounting oversight, by a vote of 49 to 12.
04/10/02
U.S. bankruptcy judge Arthur Gonzales approves the purchase of
Enron Espana Generacion by Iberdrola, a Spanish energy producer.
David Duncan, former auditor of Arthur Andersen LLP, enters a
guilty plea to a single felony charge of obstructing justice, and he
agrees to serve as a federal government witness regarding its
investigations into Enron and Arthur Andersen LLP.

CRS-22
04/09/02
U.S. bankruptcy judge Arthur Gonzales orders an independent
examiner to probe Enron Corp. and the financial transactions that
helped propel it into bankruptcy after requests for an investigation by
securities regulators and shareholders.
04/08/02
Arthur Andersen LLP announces a reduction of its U.S. workforce by
approximately 7000 positions during the next 2 months.
04/05/02
U.S. bankruptcy judge Arthur Gonzales gives approval to make acting
Enron chief executive Stephen F. Cooper a full-time employee at
$1.32 million in annual salary.
March.
03/27/02
U.S. Trustee overseeing Enron Corp.’s Chapter 11 reorganization
appoints a five-member committee, in order that workers will have
input into the bankruptcy proceedings.
New Power Holdings, a proposed Enron Corp. spinoff to Centrica
(Britain’s largest natural gas supplier), was jeopardized when
bankruptcy judge Arthur Gonzalez refused to release Centrica from
potential liability for Enron’s taxes. The proposed deal would pay
Enron $56.5 million for its 44% stake in New Power.
The Chairman of the Senate Committee on Government Affairs seeks
information from the current Administration and the Archivist of the
United States on all national energy policy communications
concerning Enron, since 1992, with the Securities and Exchange
Commission, the Commodity Futures Trading Commission, the
Federal Energy and Regulatory Commission, the Departments of
Labor, Energy, and Commerce, the Export Import Bank, and the
Overseas Private Investment Corporation. The Chairman sent letters
to members of the Vice President’s energy task force, seeking similar
information.
03/26/02
Joseph Berardino, Arthur Andersen LLP chief executive, resigns.
03/23/02
Senate Committee on Governmental Affairs issues 29 subpoenas to
Enron Corp.; its former auditing firm, Arthur Andersen LLP; and
members of the Andersen board going back to 1992.
03/22/02
The Andersen Independent Oversight Board outlines a new
framework for the reform and rebuilding of Arthur Andersen LLP as a
firm dedicated, first and foremost, to quality auditing.
03/21/02
Senate Committee on Health, Education, Labor and Pensions
approves, by a vote of 11-10, S. 1992, a bill with provisions affecting
employer stock in 401(k) retirement plans.
03/19/02
House Committee on Education and the Workforce approves, by a
vote of 28-19, H.R. 3762, a bill with provisions affecting employer
stock in 401(k) retirement plans.
The Securities and Exchange Commission announces final plans for
completing reviews of auditor independence systems and controls for
each of the five largest independent auditing firms.

CRS-23
03/15/02
The General Services Administration suspends Enron Corp., related
entities, several former Enron officials, Arthur Andersen LLP, and a
former Andersen official from conducting new business with the
federal government. The suspension is for a period of 12 months for
all parties except for Andersen, whose suspension is for the duration
of the indictment.
The Federal Energy Regulatory Commission issues a subpoena to
Enron Corp. to produce certain documents on or before 3/29/02.
Federal Judge Melinda Harmon, U.S. District Court for the Southern
District of Texas in Houston, names the University of California as
lead plaintiff in a shareholders’ class action lawsuit against Enron
Corp. senior executives and its former accounting firm, Arthur
Andersen LLP.
03/14/02
Deputy Attorney General Larry Thompson holds a news conference
regarding the Arthur Andersen indictment.
House Committee on Ways and Means approves, by a vote of 36-2,
H.R. 3669, a bill with provisions affecting employer stock in 401(k)
retirement plans.
The U.S. Department of Labor announces that State Street Bank and
Trust of Boston, Mass., will act as the independent fiduciary for
Enron Corp.’s retirement plans.
03/11/02
The Andersen Independent Oversight Board releases a preliminary
report on the reform and rebuilding of Arthur Andersen LLP.
03/07/02
President Bush proposes his Ten-Point Plan to improve corporate
responsibility.
03/06/02
U.S. bankruptcy judge Arthur Gonzales gives approval for $1,100 for
each laid-off Enron employee.
03/01/02
U.S. Treasury provides access to some Enron-related documents via
its frequently requested FOIA-processed records on its Web site.
February.
02/27/02
U.S. bankruptcy judge Arthur Gonzales rules that Enron Corp.
executives cannot secure millions of dollars from the company for
their legal fees.
02/27/02
U.S. General Accounting Office releases a report on Enron and its
private pension plan.
02/22/02
U.S. bankruptcy judge Arthur Gonzales rules on the appointment of
an examiner in the Chapter 11 case of Enron North America. The
examiner is to be selected by the Office of the U.S. Trustee.
Thirty-three states ask Judge Arthur Gonzales to block Enron Corp.
executives from securing advance money for their legal defense from
the bankruptcy estate.

CRS-24
02/20/02
James Derrick, Jr., Enron Corp.’s executive vice president and general
counsel, resigns.
02/18/02
The Financial Services Authority (United Kingdom) announces an
investigation into the role of British bankers who helped Enron Corp.
create financing schemes.
02/18/02
UBS Warburg reports that its bid for Enron Corp.’s North American
wholesale electricity and natural gas trading business has been
approved by the United States Bankruptcy Court in New York.
02/13/02
The Federal Energy Regulatory Commission releases communications
of an investigation showing how Enron Corp., through its affiliates,
used its market position to distort electric and natural gas markets in
the West.
02/11/02
The former EnronOline, Enron Corp.’s Internet-based transaction
system, makes its reappearance as UBS Warburg Energy
(UBSWenergy.com). Lawrence Whalley, Enron’s former president,
assumes the same position with UBS Warburg Energy.
02/08/02
UBS Warburg announces today that it has completed the transaction
under which it has obtained from Enron Corp. an exclusive license to
the technology to operate North American natural gas and power
trading operations.
02/05/02
The Enron Europe group, the European bankrupted arm of Enron
Corp., has liabilities of more than $2 billion, according to
PricewaterhouseCoopers.
02/04/02
Kenneth L. Lay resigns from Enron Corp. board of directors.
02/3/02
Andersen Worldwide, S.C., announces that former Federal Reserve
Board Chairman Paul A. Volcker has agreed to chair an Independent
Oversight Board (IOB) to work with Arthur Andersen LLP in making
fundamental changes in its audit practice.
02/01/02
Enron Corp.’s Special Investigative Committee of the board of
directors releases its report, known as the Powers Report.
January.
01/31/02
Governor of California requests the U.S. Federal Energy Regulatory
Commission to investigate possible energy market manipulation by
Enron Corp.
01/28/02
The Severed Enron Employees Coalition files suit in order to recoup
losses by participants in Enron Corp.’s bankrupt 401k retirement plan.
01/27/02
Enron Corp. board names Stephen F. Cooper interim CEO and chief
restructing officer.
01/25/02
J. Clifford Baxter, former Enron Corp. vice chairman, is found dead.

CRS-25
01/24/02
Price-Waterhouse-Coopers reports that Enron Europe’s liabilities are
in excess of $1 billion, but a little more than $100 million is
anticipated to be generated through settlement of outstanding
contracts.
01/23/02
Enron Corp. announces that Kenneth L. Lay has resigned as Chairman
of the Board and Chief Executive Officer of Enron Corp. Mr. Lay,
who will also retire as an Enron employee, will remain on the
company’s board of directors.
01/17/02
Enron Corp. fires Arthur Andersen LLP in all capacities.
01/15/02
Arthur Andersen fires David B. Duncan, lead partner on the Enron
Corp. account. Thomas H. Bauer, Debra A. Cash, and Roger D.
Willard are placed on administrative leave. Houston-based partners
being relieved of management responsibilities are: D. Stephen
Goddard, Jr., Michael M. Lowther, Gary B. Goolsby, and Michael C.
Odom.
New York Stock Exchange suspends trading in Enron Corp. shares.
01/14/02
Sale of Enron’s energy trading operations to UBS, a Swiss financial
service conglomerate is made public.
01/11/02
Federal bankruptcy judge Arthur Gonzalez rules that Enron Corp.’s
bankruptcy (Chapter 11) case will remain in the state of New York.
01/10/02
U.S. Attorney General John Ashcroft and David Ayres, his chief of
staff, recuse themselves from the Justice Department’s criminal
investigation of Enron Corp.
Arthur Anderson notifies the SEC, the FBI, and several congressional
committees that a significant but undetermined number of Enron-
related electronic and papers documents were destroyed.
01/10/02
Administration acknowledges that Kenneth L. Lay met with Treasury
Secretary last October, regarding concerns of Enron Corp.’s not being
able to meet its financial obligations.
01/09/02
U.S. Department of Justice confirms that an Enron-related criminal
investigation has begun.
01/04/02
Enron Energy Services group wins approval of the U.S. Bankruptcy
Court, Southern District of New York, to void nearly 700 contracts to
supply power and gas to businesses and local and state government
entities throughout the United States.

CRS-26
2001
12/13/01
The SEC announces that on December 12, 2001, it filed a subpoena
non-compliance enforcement action in U.S. District Court for the
District of Columbia against Andrew S. Fastow, the former chief
financial officer of Enron Corp. Pursuant to a subpoena issued on
October 31, 2001, Mr. Fastow was obligated to appear for testimony
before the SEC staff at 9:30 a.m. on December 12, 2001. Mr. Fastow
chose not to appear and instead informed the SEC staff, through
counsel, that he would not appear as required by the subpoena.
12/11/01
The California Public Utilities Commission (PUC) orders an
investigation to assess the effects of Enron Corp.’s bankruptcy filing
on California customers.
12/10/01
SEC chairman, Harvey L. Pitt, delivers speech about Enron Corp.’s
collapse.
12/03/01
Enron Corp. announces that it has arranged up to $1.5 billion of
debtor-in-possession (DIP) financing. The financing, arranged by
Citigroup and J.P. Morgan Chase, will be syndicated and is secured
by substantially all of the company’s assets.
Enron Corp. announces the layoff of more than 4,000 company
employees.
12/02/01
Enron Corp. and 13 of its subsidiaries file voluntary petitions for
Chapter 11 reorganization in the U.S. Bankruptcy Court for the
Southern District of New York.
11/30/01
Enron Corp. lays off 1,100 workers in Britain.
11/28/01
Dynegy Inc. and Enron Corp. merger agreement dissolves.
Enron Corp.’s bonds downgraded to below investment grade, or junk
bond status.
11/13/01
Enron Corp. reports that the board of directors has elected Raymond
M. Bowen, Jr., executive vice president–finance and treasurer.
Mr. Bowen had been serving as chief operating officer of Enron
Industrial Markets.
11/09/01
Dynegy Inc. and Enron Corp. agree to a merger.
11/08/01
Enron Corp. provides additional information about related parties and
off-balance sheet transactions and restates earnings for 1997-2001.
Enron Corp. announces that it has filed its third quarter 2001 10-Q
report with the Securities and Exchange Commission.
11/07/01
Azurix Corp., Enron Corp.’s United Kingdom water subsidiary,
announces that it has completed the sale of its wholly owned
subsidiaries, Azurix North America Corp. and Azurix Industrial
Corp., to American Water Works Company, Inc., which will assume
$6.1 million of previous debt.

CRS-27
11/01/01
Enron Corp. announces that J.P. Morgan and Salomon Smith Barney,
Inc. have executed commitment letters to provide $1 billion of
secured credit lines supported by Enron’s Northern Natural Gas
Company and Transwestern Pipeline Company assets.
10/31/01
Enron Corp.’s board of directors appoints a Special Committee, to be
chaired by William Powers, Jr., to examine and take any appropriate
actions with respect to transactions between Enron and entities
connected to related parties. The board also reports that the SEC has
opened a formal investigation into certain of the matters that are the
subject of current press accounts and that previously were the subject
of its informal inquiry.
10/24/01
Jeff McMahon replaces Andrew Fastow as Enron Corp.’s chief
financial officer.
10/22/01
Enron Corp. announces that the SEC has requested that Enron
voluntarily provide information regarding certain related party
transactions.
10/16/01
Enron, during its posting of third quarter earnings, reports its first loss
in 4 years.
09/14/01
Enron Corp. reports that it is donating $1 million to support the relief
and recovery efforts arising from the terrorist actions of Sept. 11.
08/28/01
Enron Corp. promotes Greg Whalley to president and chief operating
officer and Mark Frevert to vice chairman.
08/14/01
Board of directors for Enron Corp. reports a regular quarterly
dividend of $0.125 per share on the corporation’s common stock to
shareholders. The indicated annual rate is $0.50 per share.
Jeffrey K. Skilling resigns as Enron Corp.’s president and CEO. He
will continue to serve as a consultant to Enron and its board of
directors. Kenneth L. Lay, currently Enron’s chairman of the board,
will assume the additional responsibilities of president and CEO.
Sherron Watkins subsequently sends Kenneth L. Lay an unsigned
memorandum warning of accounting irregularities and possible
scandals to come.
05/02/01
Enron Corp.’s vice chairman, J. Clifford Baxter, resigns.
04/26/01
Enron Corp. and Sierra Pacific Resources announce they have agreed
to terminate their purchase and sale agreement for Enron’s wholly
owned electric utility subsidiary Portland General Electric.
03/09/01
Enron Broadband Services announces that it has terminated its
exclusive relationship with Blockbuster, Inc.
02/12/01
Jeffrey K. Skilling becomes CEO of Enron Corp.
01/30/01
Enron Corp. announces pricing of 20-year, zero coupon convertible
senior debt securities. Gross proceeds of this offering will be $1.25
billion. The securities will carry a 2.125% yield to maturity with an
aggregate face value of $1.90 billion, convertible into common stock
at an initial premium of 45%.

CRS-28
01/19/01
Enron Energy Services and Owens-Illinois, Inc. announce a 10-year
energy management agreement.
01/16/01
Kenneth L. Lay becomes an adviser on the Administration’s transition
team on energy.
2000
12/18/00
Broadband Services, a wholly-owned subsidiary of Enron Corp., and
Blockbuster, Inc., announces it has begun delivering movies via the
Blockbuster Entertainment On-Demand service over Enron’s
broadband network in Seattle, Portland, OR, and Salt Lake City, UT.
12/13/00
Enron Corp. announces that Jeffrey K. Skilling has been elected CEO
effective Feb. 12, 2001, assuming this role in addition to those of
president and chief operating officer. Kenneth L. Lay will continue to
serve as chairman of the board.
12/07/00
London’s Financial Times Energy (FT Energy) names Enron Corp.
company of the year.
10/05/00
New Power Company, an energy trading company via the Internet,
initial public offering of shares is priced at $21 per share.
08/23/00
Enron’s Corp. stock reaches record high of $90.75 a share.
07/19/00
Blockbuster and Enron Broadband Services announce a 20-year
agreement to launch entertainment on-demand service through Enron
Intelligent Network.
05/16/00
Enron Corp. with IBM and AOL as investors form an independent
company, New Power Company. Headed by H. Eugene Lockhart,
New Power will market power and natural gas over the Internet to
homes and businesses.
05/02/00
Enron Corp. begins to provide bandwidth products via EnronOnline.
04/18/00
First appearance of Raptor, special-purpose entity to remove certain
investment losses from Enron Corp.’s books.
03/09/00
Enron Corp. announces the launch of the first online sulfur dioxide
emissions allowance auction. The auction will be accessible through
Enron’s Internet-based transaction system, EnronOnline.
02/23/00
Enron Corp. starts Enroncredit.Com, a real-time credit department for
business-to-business customers.
01/20/00
Sun Microsystems and Enron Corp. agree to accelerate the adoption
of broadband services.
Enron Corp. hosts its annual equity analyst conference in Houston.
Kenneth L. Lay, chairman and CEO, highlights Enron’s 700% return
to shareholders over the past decade.
01/10/00
Fortune magazine rates Enron Corp. 24th of its 100 best companies to
work for in America.

CRS-29
1999
12/02/99
Enron Communications announces its first commodity bandwidth
trade.
11/09/99
U.S. Treasury releases the Report of the President’s Working Group
on Financial Markets: “Over the Counter Derivatives Markets and the
Commodity Exchange Act.”
10/26/99
Enron Corp. announces the launch of EnronOnline, a global
Internet-based transaction system for wholesale energy and other
commodities.
10/21/99
Nelson Mandela, former president of South Africa, to accept the
prestigious Enron Prize for Distinguished Public Service from the
James A. Baker III Institute for Public Policy of Rice University.
07/22/99
Steven J. Kean, executive vice president of Enron Corp., testifies
before the House Committee on Commerce, Subcommittee on Energy
and Power.
07/20/99
Enron Corp. and Enron Oil & Gas Company (EOG) announce a
transaction to establish EOG as a widely held public company that
will be independent of Enron. Under the share exchange agreement,
Enron Corp. will exchange 62.27 million of its 82.27 million shares of
EOG common stock for EOG’s China and India operations. In
connection with the exchange, EOG will contribute $600 million in
cash to one of EOG’s India subsidiaries that will be transferred to
Enron. The $600 million will be used to finance international
activities.
07/15/99
Steven J. Kean, executive vice president, Enron Corp. , testifies
before the Senate Committee on Energy and Natural Resources.
(Testifying on behalf of the Electric Power Supply Association)
07/13/99
Ground breaking ceremony for Enron Corp.’s new 40-story office
tower in Houston.
07/01/99
Roger Fragua, manager, American Indian affairs, Enron Corp.,
testifies before the House Committee on Resources, Subcommittee on
Water and Power.
07/01/99
Enron Corp. promotes Joseph Stutton to vice chairman.
05/20/99
Enron Communications announced a plan to commence the trading of
bandwidth as a commodity.
04/14/99
John Hardy, Jr., vice president, project finance, Enron International,
testifies before the House Committee on International Relations,
Subcommittee on International Economic Policy and Trade.
(Testifying on behalf of the Coalition for Employment Through
Exports, International Energy Development Council, and the National
Foreign Trade Council)
04/07/99
Houston Astros baseball franchise and Enron Corp. agree to name the
major league ballpark “Enron Field,” part of a 30-year contract.

CRS-30
02/03/99
Tim Rebhorn, commercial director of iron and steel initiatives, Enron
International, testifies before the House Committee on Ways and
Means, Subcommittee on Trade.
02/03/99
Rebecca A. McDonald becomes executive managing director of
Enron International.
02/02/99
Enron Corp. to issue 12 million shares of common stock.
01/21/99
Enron Communications and Realnetworks form an alliance to deliver
broadband steering media service.
1998
09/24/98
Steven J. Kean, senior vice president of government affairs, Enron,
testifies before the Senate Committee on Energy and Natural
Resources.
07/24/98
Enron Corp. forms Global Water Company. Enron’s purchase of
Wessex Water (England) provides the basis of Azurix, Enron’s
United Kingdom water subsidiary.
05/20/98
Mary Joyce, senior director of compensation and benefits, Enron
Corp., testifies before the House Committee on Education and the
Workforce, Subcommittee on Oversight and Investigations.
Elizabeth A. Tilney, senior vice president, advertising,
communications and organizational development, Enron Corp.,
testifies before the House Committee on Education and the
Workforce, Subcommittee on Oversight and Investigations.
01/19/98
CalPERS, the nation’s largest public pension fund, commits $500
million to a $1 billion partnership (JEDI 2) established with a direct
investment vehicle, Enron II. Enron II is the second investment
partnership between CalPERS and Enron Corp.
01/15/98
Enron Corp. signs a power agreement with Pacific Telesis.
01/14/98
Ralph Hodge, chairman, and David Lewis, vice president, both of
Enron Europe, provide testimony before the Trade and Industry Select
Committee of the House of Commons.
1997
10/23/97
Enron Corp. makes an entry into the California electricity market.
10/13/97
Mikhail Gorbachev, former president of the Soviet Union, to accept
the prestigious Enron Prize for Distinguished Public Service from the
James A. Baker III Institute for Public Policy of Rice University.
07/31/97
Edmund P. Segner III, executive vice president and chief of staff,
Enron, testifies before the House Committee on Resources,
Subcommittee on Energy and Natural Resources.
06/04/97
Enron Corp. and Portland General Corp., a holding company, receive
final merger approval from Oregon Public Utility Commission.

CRS-31
05/09/97
Jeffrey K. Skilling, president and chief operating officer, Enron Corp.,
testifies before the House Committee on Commerce, Subcommittee
on Energy and Power.
05/01/97
Enron Corp. and Amtrak agree to a wholesale pact for purchase of
electrical power.
04/16/97
Mark Haedicke, general counsel and managing director, Enron
Capital and Trade Resources Corp., testifies before the House
Committee on Agriculture, Subcommittee on Risk Management and
Speciality Crops. (Testifying on behalf of the International Swaps
and Derivatives Association.)
03/19/97
Enron Renewable Energy Corp., a majority-owned subsidiary of
Enron Corp., announces that its subsidiary, Zond Corporation, has
signed a major contract with MidAmerican Energy Company. This is
the largest wind energy supply contract in history.
03/16/97
Linda F. Powers, senior vice president, Global Finance, Enron
International, testifies before the House Committee on International
Relations, Subcommittee on International Economic Policy and
Trade.
03/06/97
Jeffrey Skilling, president and chief operating officer, Enron Corp.,
testifies before the Senate Committee Energy and Natural Resources
1996
12/01/96
Jeffrey K. Skilling becomes president and chief operating officer of
Enron Corp.
10/08/96
Enron Corp. consortium begins construction of Trakya power project
in Turkey.
06/27/96
Andrew N. Hoyle, vice president–marketing, Enron Oil & Gas
Company, testifies before the House Committee on Resources,
Subcommittee on Energy and Mineral Resources.
06/03/96
Enron Europe opens an office in Norway, Enron Nordic Energy.
05/15/96
Kenneth L. Lay, chairman and CEO, Enron Corp. , testifies before the
House Committee on Commerce, Subcommittee on Energy and
Power.
04/23/96
Ken Dorland, representing Enron Corp., testifies before the House
Committee on Ways and Means, Subcommittee on Trade.
02/29/96
Harvey Forest, CEO, Solarex Business Unit of Amoco/Enron Solar,
testifies before the House Committee on Appropriations,
Subcommittee on Energy and Water Development.
1995
12/21/95
Enron Europe opens trading operations in London.

CRS-32
04/04/95
Linda F. Powers, vice president, Global Finance, Enron Development
Corp., testifies before the House Committee on International
Relations.
03/30/95
Linda F. Powers, vice president, Global Finance, Enron Development
Corp. testifies before the Senate Committee on Foreign Relations.
03/23/95
Kenneth L. Lay, chairman of Enron Corp., testifies before the House
Committee on Appropriations, Subcommittee on Foreign Operations,
Export Financing, and Related Programs.
03/07/95
Rebecca P. Mark, chairman and CEO, Enron Development Corp.,
testifies before the Senate Committee on Foreign Relations,
Subcommittee on Near Eastern and South Asian Affairs.
02/10/95
Forrest E. Hoglund, chairman and CEO of Enron Oil & Gas
Company, testifies before the House Ways and Means Subcommittee
on Trade.
01/31/95
Linda F. Powers, vice president, Global Finance, Enron Development
Corp., testifies before the Committee on Appropriations,
Subcommittee on Foreign Operations.
1994
10/00/94
Enron Corp. to form new company, Enron Global Power & Pipelines,
for developing-nation projects.
06/13/94
Robert H. Butts becomes vice president and comptroller of Enron
Corp.
06/03/94
Enron Power Marketing and Citizens Power & Light continue
negotiating energy commodity deals in which they diminish
fluctuations in electricity prices to their customers and link the
customer’s buy or sell price to the price of another commodity.
1993
09/23/93
Kenneth L. Lay, Chairman and CEO, Enron Corp., testifies before the
House Ways and Means Committee, Subcommittee on Trade
(Testifying on behalf of Greater Houston Partnership).
06/30/93
Enron Capital Corp., a subsidiary of Enron Gas Services Corp. (EGS),
and the California Public Employees Retirement System (CalPERS)
announce that they have agreed to form the Joint Energy
Development Investments Limited Partnership (JEDI). Each
contributed $250 million to the partnership.
05/06/93
Enron Corp.’s UK Ltd. power plant begins operation in Teesside,
England.
1992
12/16/92
Enron Corp. and a consortium acquire Transportadora de Gas del Sur
SA, operator of the southern Argentina pipeline system. This is
Enron’s first presence in South America.

CRS-33
1991
03/19/91
Forrest E. Hoglund, chairman and president of Enron Oil & Gas Co,
testifies before the Texas Railroad Commission.
1990
07/17/90
Jeffrey K. Skilling becomes chairman and chief executive officer of
Enron Finance Corp., a subsidiary of Enron Corp.
07/11/90
In U.S. Southern District of New York, a former Enron Corp. vice
president, who was also secretary and treasurer, is sentenced to 400
hours of community service and required to pay an unspecified
amount of restitution to Enron Corp. for fraud. Another former Enron
executive was sentenced the previous month to one year plus one day
in prison, and fined more than $5 million for the same crime.
1989
11/16/89
Richard Kinder, vice chairman of Enron Corp., announces before the
New York Society of Security Analysts, a shift in the psychology of
natural gas users away from spot purchases.
1988
06/14/88
Enron Corp. announces it has established a wholly owned subsidiary,
Enron UK Ltd. in London, England, where the power industry has
been deregulated. Enron Corp.’s corporate strategy shift – to capture
unregulated markets in addition to its regulated pipeline operations –
is disclosed to corporate officials at a meeting that becomes known as
the “Come to Jesus” meeting.
1987
03/12/87
Kenneth L. Lay, Chairman and CEO of Enron Corp., testifies before
the Senate Subcommittee on Energy Regulation and Conservation.
01/25/87
Enron Corp. reports that its oil trading subsidiary, Enron Oil Corp.,
lost nearly $1 billion in unauthorized trading. Enron Corp. eventually
pays $142 million for violating trading limits.
1986
04/10/86
Stockholders at the annual meeting of HNG/InterNorth approve
changing the corporation’s name to Enron Corp.
1985
07/17/85
Stockholders of Houston Natural Gas Corporation (HNG) agree to a
$2.3 billion merger with InterNorth Inc., forming America’s second-
largest pipeline system and the first nationwide natural gas pipeline
network. Management reports it would, in the interim, conduct its
business as HNG/InterNorth.

CRS-34
Web Sites for Other Government and Industry
Agencies Having Oversight Authority on Enron
Related Issues
American Institute of Certified Public Accountants
[http://www.aicpa.org/index.htm]
California Public Utilities Commission
[http://my.ca.gov/state/portal/myca_homepage.jsp]
Financial Accounting Standards Board
[http://www.fasb.org/]
Texas Workforce Commission
[http://www.twc.state.tx.us/]
U.S. Bankruptcy Court Southern District of New York
[http://www.nysb.uscourts.gov/]
U.S. Department of Labor, Pension and Welfare Benefits Administration
[http://www.dol.gov/dol/pwba/]
Table 1. Monthly Adjusted Stock Prices – 2/29/00 to 1/31/02a
Date
Close Price
Date
Close Price
01/31/02
0.414
01/31/01
80.000
12/31/01
0.600
12/29/00
83.125
11/30/01
0.260
11/30/00
64.750
10/31/01
13.900
10/31/00
82.062
09/28/01
27.230
09/29/00
87.641
08/31/01
34.990
08/31/00
84.875
07/31/01
45.350
07/31/00
73.750
06/29/01
49.000
06/30/00
64.500
05/31/01
52.910
05/31/00
72.875
04/30/01
62.720
04/28/00
69.688
03/30/01
58.100
03/31/00
74.875
02/28/01
68.500
02/29/00
68.750
Source: DIALOG–Tradeline–ENRN–Q Enron. Prices are in U.S. currency as reported by the
New York Stock Exchange.
a. The New York Stock Exchange suspended trading in Enron shares on January 15, 2002.