Fastow(ENRON) Says He helped Mask Enron Losses

[katty]

cont'd: http://articles.news.aol.com/business/article.adp?id=20060305162209990004&cid=2194

Fastow Says He Helped Mask Enron Losses
Onetime Financial Executive Faces Former Bosses in Court
By ERIN McCLAM, AP

Who Is Andrew Fastow?

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The former Enron CFO pleaded guilty to two counts of conspiracy in 2005. He is cooperating with the prosecution and awaits sentencing.

1984

Graduates from Tufts University and joins Continental Bank

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Source: Houston Chronicle

More: Scrushy Lawyer Sees Skilling, Lay as 'Doomed'


HOUSTON (March 7) - Former Enron Corp. Chief Financial Officer Andrew Fastow testified Tuesday he ran partnerships designed to help the company mask as much as hundreds of millions of dollars in losses.

Fastow , 44, took the witness stand against former bosses Kenneth Lay and Jeffrey Skilling, whom federal prosecutors have accused of fraud, conspiracy and other charges in the spectacular collapse of Enron in 2001.

In the most highly anticipated testimony yet in the trial, he told jurors about a partnership, known as LJM1, set up in 1999 to help Enron "solve a problem" that it was facing future losses from its investment in a small startup firm.

"We were doing this to inflate our earnings, and I don't think we wanted to show people what we were doing," Fastow said.

[napi21]

1. Ohhhh, I hope everybody rats out these bt'ds!

I really WANT to see Lay behind bars for a VERY LONG TIME!