Enron brass take Fifth in Senate probe 5

Ashland Daily Tidings (Ashland, OR — Wayback)

2003-05-14

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--> --> Enron brass take Fifth in Senate probe By Pete Yost Associated Press Writer WASHINGTON - Two former Enron executives at the heart of a web of partnerships that kept company debt off the books invoked the Fifth Amendment and refused to testify to Congress today. "On the advice of my counsel I respectfully decline to answer the questions," said Andrew Fastow, Enron's former chief financial officer. Fastow was dismissed after telling the committee that would be his answer to all questions posed by the panel. Michael Kopper, a former Enron officer, also invoked the constitutional protection against self-incrimination. Kopper saw an investment of $125,000 become $10.5 million in less than three years. After Kopper departed, two current Enron executives, Richard Buy and Richard Causey, also declined to answer questions. Both had knowledge of the partnerships that Fastow and Kopper ran. Fastow and Kopper collected $40 million for their role in the partnerships - which investigators say involved self-dealing and conflicts of interest that eventually lead to the energy trading company's collapse. Fastow was sworn in by Rep. Jim Greenwood, chairman of the House Energy and Commerce oversight and investigations subcommittee. Greenwood was rebuffed when he asked the witness two questions about his handling of company partnerships that hid hundreds of millions of dollars in Enron debt. "You enriched yourself by tens of millions of dollars" through deals "with your own company," Greenwood said to him. As the four current and former Enron executives sat silently in the crowded hearing room, lawmakers called those who drove the company into bankruptcy, "economic terrorists," "business cowboys" and "corporate thieves." "This collapse was not brought about by isolated acts of rogue employees. It required the complicity of far more than a few bad apples," Greenwood said as he opened Thursday's hearing. "Was the selling of your morals ... of your souls, worth it?" asked Rep. Bobby Rush, D-Ill., who said "millions of dreams" of people who lost retirement money were ruined by the Enron crash. Arthur Andersen auditor David Duncan also has invoked his Fifth Amendment rights and refused to testify before Congress. Email your... Technical questions & comments to: WebMaster Daily Tidings editorial comments & questions to: Editor Visit our other Oregon Newspapers... | Albany Democrat-Herald | Ashland Daily Tidings | Corvallis Gazette-Times | | Lebanon Express | Newport News-Times | Springfield News | Cottage Grove Sentinel | Ashland Daily Tidings 1661 Siskiyou Blvd. Ashland, OR 97520 Telephone 541-482-3456 © Copyright 2001 Lee Northwest Publishing