CORPORATE AFTERSHOCK 2 PHẦN 5 pps

... exposure. 7 Dodd (20 02) estimates that Enron had about $773 billion in notional principal outstanding on derivatives contracts at year-end 20 00: $1 52 bil- lion in natural gas contracts, $26 7 billion ... unused until 19 92, credit derivatives have exploded in popularity in recent years. Nearly $1.6 trillion in notional principal was reported outstanding in credit derivatives in mid -20 0...

Ngày tải lên: 07/08/2014, 02:20

... settlement dates. If the swap is negotiated on September 15 and spec- ifies a fixed purchase price of $K/bbl, on December 15, March 15, and June 15, the long pays $K/bbl × 1,000 bbls to the short in ... example FIGURE 9 .2 Prepaid Forwards and Swaps Time September 15 December 15 Short Prepaid 1,000 bbls. of Oil $M/bbl. × 1,000 bbls. STRUCTURED COMMODITY FINANCE AFTER ENRON 1 75 the proje...

Ngày tải lên: 07/08/2014, 02:20

... block creative risk opportunities for long periods. 26 8 REGULATING CORPORATE INNOVATION AFTER ENRON such a migration from legitimate entrepreneurship to abusive corporate malfeasance cease to discipline ... endangered by the careless acts of a few aberrant members. Modern society, as dis cussed 27 2 REGULATING CORPORATE INNOVATION AFTER ENRON in the next section, has evolved a wide a...

Ngày tải lên: 07/08/2014, 02:20

Ngày tải lên: 12/07/2014, 15:20

... 5, 338 7 ,23 2 Total revenues 31 ,26 0 40,1 12 100,789 Less: noncash revenues (see footnotes) (1,984) (2, 53 3) (4,794) Cash revenues 29 ,27 6 37 ,57 9 95, 9 95 Cash cost of sales 26 ,381 34,761 94 ,51 7 Cash ... performance. Table 2. 3 Enron’s Cash Flow Analysis (in Millions) 1998 1999 20 00 Revenues Natural gas and other products 13 ,27 6 19 ,53 6 50 ,50 0 Electricity 13,939 15 ,2...

Ngày tải lên: 07/08/2014, 02:20

... on NASDAQ, had hit its high of $96. 75 in June 1999, giving it a market capi- talization of $191 billion. On April 22 , 20 02, WorldCom reduced its revenue projections for 20 02 by “at least” $1 billion. 173 Seven ... Commission.” 174 On June 25 , 20 02, WorldCom announced that an internal audit had determined that approximately $3.8 billion of expenditures were improperly capitalized...

Ngày tải lên: 07/08/2014, 02:20

... (B) (2) (a). 21 8. See note 21 5 at ¶ 2( a) and Commentary. 21 9. See note 21 5 at ¶ 2( b). 22 0. See note 21 5 at ¶ 3. 22 1. See note 21 5 at ¶ 4. 22 2. See note 21 5 at ¶ 5. 22 3. See note 21 5 at ¶ 7(a). 22 4. ... Release No. 174 35 (March 26 , 20 02) . 133. SEC, Release No. 34- 429 68 ( June 21 , 20 00). 134. SEC, Litigation Release No. 174 35 (March 26...

Ngày tải lên: 07/08/2014, 02:20

... cit. 5. Energy Info Source (October 18, 20 02) . 6. Bryce (20 02) , p. 21 7. 7. Woods (20 02) , p. 1 25 . 8. “A Conversation with the LME’s Simon Heale.” Wall Street and Technology (April 5, 20 02) . 9. ... Works: The Mule Market,” National Review ( January 22 , 20 02) . 2. “Enron Networks,” Draft Presentation and Internal Discussion Document, November 20 01 (on file with the author)...

Ngày tải lên: 07/08/2014, 02:20

... which LJM2 invested allowed Enron to avoid reflecting nearly $1 billion in losses on merchant investments from the third quarter of 20 00 through the third quarter of 20 01 (Powers et al., 20 02, p. ... disclosed (Powers et al., 20 02) . Despite its hedging efforts, Enron’s finance team chose to terminate the Rhythms hedge toward the end of the first quarter of 20 00. In No- vember 20 0...

Ngày tải lên: 07/08/2014, 02:20

... a limited context was FAS 1 25 , Accounting for Transfers and Servicing of Finan- cial Assets and Extinguishments of Liabilities (FASB, 1996). FAS 1 25 did not re- place EITF 90- 15 and did not address ... a sale. FAS 1 25 did not mention the 3 percent guideline for the outside sub- stantive residual equity investment and did not address consolidation of SPEs. FAS 1 25 was superseded in 20...

Ngày tải lên: 07/08/2014, 02:20