Report: Andersen seeks quick deal on Enron to stem losses

SUMMARY:

Enron's former CEO complained that Congress has prematurely judged him and his dealings with the bankrupt energy giant. And a Friday report revealed that Enron executives received bonuses based on the company's stock prices -- the values company execs acre accused of inflating by concealing debt.

UPDATE:

Former Enron CEO Jeffrey Skilling said he thinks Congress is acting as a judge and jury before all of the facts in the case of the bankrupt energy trader have been presented.

In an interview taped for CNN's Larry King Live, Skilling said he was just as shocked as everyone else when the company collapsed. He said that looking back at the company's demise, he might have done things differently. (Full story)

Enron executives received large bonuses for hitting stock price targets at the end of 2000, a published report said Friday.

According to the New York Times, more than 2,000 executives received $432 million in bonuses and other one-time payments during the two years before Enron's collapse, and $320 million was paid 10 months before the company filed for bankruptcy. (Full story)

• Summary   • Update   • Key questions   • Who's who   • Impact

KEY QUESTIONS:

WHO'S WHO

David Duncan: Former Arthur Andersen partner who was Enron's chief auditor.

Kenneth L. Lay, Former Enron chairman and CEO. He served as Enron's CEO from 1985 until Skilling's election in early 2001 and was re-elected to the job by the Enron board after Skilling's resignation in August. Lay helped transform Enron from a regional natural gas pipeline company to a global energy behemoth.

Jeffrey Skilling, Former Enron president and CEO who resigned in August for what he said were personal reasons after more than a decade at the company.

Sherron Watkins, Enron vice president of corporate development who warned Lay about potentially serious accounting problems at the company in a letter.

Jeffrey McMahon, Enron chief financial officer

Andrew Fastow, Former Enron chief financial officer who was ousted in October.

IMPACT:

The Enron case already has led to increased investor skepticism about corporate financial reporting, and the Securities and Exchange Commission recently said it would seek new rules requiring greater disclosure of accounting practices by companies.

The case also prompted the Treasury Department to lead a review of federal regulations governing 401(k) retirement investment plans and other pension programs. Officials want to explore whether companies should have to notify investors when its finances decline significantly.