What a wookie
You may remember that Enron's off balance sheet deals were with such imaginatively named companies as Jedi Capital, Obi-1 Holdings and Kenobe Inc. which I
mentioned in October. But now a new contender enters the picture. According to the head of Anderson Consulting,
most of Enron’s loses came from a financial vehicle called Chewco. This
article does the best I've seen to break done what was going on with JEDI capital which stands for Joint Energy Development Investments.
Whether Chewco played a large part in Enron’s downfall or not we shall see. Anderson may just be trying to cover their own asses as they were Enron’s auditor for the past 16 years and are the only ones left with deep pockets. The chief exec at Anderson also is trying to blame the whole industry of accounting and its loose standards. "Don’t hate the playa, hate the game", he said in his testimony before congress. I would bet that won’t get them anywhere and they’ll end up settling the coming mountain of lawsuits. And that’s a shame because it makes it less likely that the whole story will come out.