Page "Jeffrey Skilling" Paragraph 6

Under Skilling, Enron adopted mark to market accounting, in which anticipated future profits from any deal were accounted for by recording their present value rather than historical cost.

Skilling joked about the California energy crisis at one meeting of Enron employees by asking, " What is the difference between California and the Titanic?

At least when the Titanic went down, the lights were on.

" Skilling later attributed the remark to frayed relations between Enron and California.

His employees, meanwhile, plotted to keep the price of energy high in California.