Meanwhile, some of its earlier projects were going badly. For financial reporting purposes, a series of rules dictate whether a special purpose entity is a separate entity from the sponsor.
Bush and Attorney General John Ashcroft.
Eventually, this system would bring natural gas liquids from plants in the Midwest and Rocky Mountains to upper-Midwest markets, with connections for eastern markets as well.
Several years later, when Jeffrey Skilling was hired, he developed a staff of executives that, by the use of accounting loopholes, special purpose entities, and poor financial reporting, were able to hide billions of dollars in debt from failed deals and projects.
The company faced liquidation, with its only valuable asset the network of natural gas pipelines it had started out with in the mids.
He was also convicted for securities and wire fraud. It seemed to be a new kind of company, not a blundering old regulation-bound utility but a savvy energy trader. Ethical explanations centered on executive greed and hubris, a lack of corporate social responsibility, situation ethics, and get-it-done business pragmatism.
The example Mr.