Chewco Investments L. P., was a limited partnership associated with the Enron scandal, which resulted in the bankruptcy of Enron.

Chewco appeared to meet these tests, because it was financed by an unsecured loan from Barclay's Bank ; in reality, however, the loan had been guaranteed by Enron stock held by Enron itself.

Additionally, as investors became more wary of Chewco, Michael Kopper, an Enron employee who reported to CFO Andrew Fastow, took over the titular management role and was used to hide actual ownership.

With Enron thus assuming practical control over Chewco, the structure did not meet an additional requirement for a non-consolidated SPE.

After all was said and done, Enron used Chewco to report roughly $ 400 million in profits which did not exist, while concealing $ 600 million in debt.

However, as CalPERS had earned $ 132. 5 million from the sale of its stake in Enron's JEDI I project to Enron's Chewco project, its total Enron losses were only about $ 11 million.

Fastow was one of the key figures behind the complex web of off-balance-sheet special purpose entities ( limited partnerships which Enron controlled ) used to conceal their massive losses.

Located six miles ( 10 km ) north of Colstrip, this experimental electricity production facility is owned by Rosebud Energy Corp., a partnership that at one point included Enron.

In his book, Twilight of the Elites: America After Meritocracy, Chris Hayes has attributed what he calls the ' Fail Decade ' — which includes 9 / 11, the Enron scandal, the invasion of Iraq, Hurricane Katrina, the subprime crisis and the Great Recession — to the deterioration of America's meritocratic system into one of plutocracy.

Skilling, together with Enron founder Kenneth Lay, was constantly concerned with various ways in which he could keep company stock price up, in spite of the true financial condition of the company.

Fastow's approach to hiding losses was so effective that the year before Enron actually declared bankruptcy, a year in which the company was already well on its way to financial collapse, the Enron stock was at an all time high of $ 90.

In 2002, the firm voluntarily surrendered its licenses to practice as Certified Public Accountants in the United States after being found guilty of criminal charges relating to the firm's handling of the auditing of Enron, an energy corporation based in Texas, which had filed for bankruptcy in 2001 and later failed.

Following the 2001 scandal in which $ 100bn revenue energy giant Enron was found to have sustained itself by means of institutional and systematic accounting fraud, Andersen's performance and alleged complicity as an auditor came under intense scrutiny.

The subsequent bankruptcy of WorldCom, which quickly surpassed Enron as the then biggest bankruptcy in history ( the record is now held by Lehman Brothers and Washington Mutual ) led to a domino effect of accounting and like corporate scandals that continue to tarnish American business practices.

Lay sells off several profitable operations including Northern Petrochemical, PEAK anti-freeze, EVAL resins which makes plastic food packaging possible and brought in silent partnerships in Northern Liquid Fuels, Northern Natural Resources and Northern Engineering, Enron Oil Trading and Transport, Enron Exploration and Enron Cogeneration thus hiding burgeoning debt.

The socialist government of Peru seize Belnorth holdings in that country which are owned by Enron.

Jeff Skilling joins Enron Corp after leaving the failed bank, First City Bank of Houston which was seized by the Federal Deposit Insurance Corporation for insolvency after a proposed merger fails to materialize.

December: Enron and Government of Maharashtra reach agreement to build the massive Dabhol power plant which never operates when ENRON is still in business.

Andrew Fastow constructs off-book entities in which Enron would make deals with these companies and then Enron would transfer its debt into those companies while at the same time, Fastow and other Senior execs, with their respective companies, would also be taking money out of those companies from the Enron transactions.

Enron launches EnronCredit. com which buys and sells credit risk to help companies manage the risk in trading.

* October 15 Vinson & Elkins deliver a report which states that Arthur Andersen approved of Enron's accounting procedures, and that Enron did nothing wrong.

The WorldCom bankruptcy proceedings were held before U. S. Federal Bankruptcy Judge Arthur J. Gonzalez who simultaneously heard the Enron bankruptcy proceedings which were the second largest bankruptcy case resulting from one of the largest corporate fraud scandals.

More prosaically, this was one of many ways in which Enron " cooked the books ", failing to disclose corporate debt that SEC regulations require to be disclosed.

Ultimately it would drop down to 40 cents per share, but not before many employees had been told to invest their retirement savings in Enron stock.

* November 5 Voters in the Portland, Oregon metro area defeat a measure that would begin the process of converting Enron subsidiary PGE into a PUD, after both local utility companies, Portland General Electric and PacifiCorp, spend $ 1. 9 million on advertisements to defeat the measure.

* May 18 Voters in Clackamas County, Oregon defeat a measure that would begin the process of converting Enron subsidiary PGE into a PUD.

Enron wanted to keep JEDI afloat, but it needed a partner to take at least a 3 % stake, or the partnership's results would have to be included in Enron's financial statements.

According to the subsequent Federal Energy Regulatory Commission's investigation and report, numerous energy trading companies, many based in Texas, such as Enron Corporation, illegally restricted their supply to the point where the spikes in power usage would cause blackouts.

The terms of this sale would leave the physical assets of the distribution system — the poles, wires and other components — owned by Enron, who would then manage this system as a contractor exempt from state regulation.

Concerned by uncertainty that the Enron bankruptcy would bring, several local governments began investigation of acquiring PGE by condemnation.

To accomplish this “ comprehensive regulation ”, the proposed legislation would repeal many of the provisions of the CFMA, including all of the exclusions and exemptions discussed in Sections 4 above that have been identified as the “ Enron Loophole .” While the proposed legislation would generally retain the “ legal certainty ” provisions of the CFMA, it would establish new requirements for parties dealing in non -“ standardized ” OTC derivatives and would require that “ standardized ” OTC derivatives be traded through a regulated trading facility and cleared through regulated central clearing.

During the fall of Enron, Arthur Andersen, Enron's accounting firm, instructed its employees to destroy documents relating to Enron after Andersen officials learned they would soon be investigated by the Securities and Exchange Commission.

For example, if the California power grid was congested with energy flowing south, Enron would schedule energy to be transmitted north to Oregon.

US District Judge Ken Hoyt said the 44-year-old former Enron chief financial officer had given ' exceptional ' assistance to prosecutors, had pledged to help victims and had shown remorse, and his wife had gone to prison for a year.

On October 29, 2001, Enron Chairman Ken Lay telephoned Evans, asking for help in persuading the credit rating agencies to refrain from a downgrade.

However, the market for electricity was dominated by the Enron Corporation, which, with help from other corporations, artificially pushed prices for electricity ever higher.

* March 19 Enron Board of Directors approves to keep its three pipeline companies, Transwestern Pipeline Company, Citrus Corp., and Northern Plains Natural Gas Company, as subsidiaries of the new company temporarily called PipeCo.

Ex-HNG CEO Ken Lay " borrowed " over $ 400, 000, 000 from the employee stock ownership program to buy back Jacobs stock, so he could keep his job and cover other financial losses of Enron as early as 1987.

* March 26 To cover problems in the Raptor partnerships, Enron repurchases Chewco's investment in JEDI for $ 35 million, netting Enron executive Michael Kopper over $ 10 million.

It wanted to buy out the California Public Employees ’ Retirement System ’ s interest in JEDI, but it did not want to be forced, by accepted accounting principles, to consolidate JEDI in the Enron financial statements and thus reflect debt and / or financial losses.

Enron and UNOCAL executives along with the then governor of Texas, George W. Bush met with the Taliban in Houston to discuss a trans-Afghan pipeline project to bring Caspian Sea petroleum to the Indian subcontinent, partially to supply the Dabhol, India power plant with a cheap source of fuel.

This, combined with White's actions on the Crusader, disagreements with Rumfeld on the Stryker project, and his distracting association with Enron including the selling of restricted Enron stock through “ private investments ” ( derivatives ), prompted Rumsfeld to demand White's resignation.

He represented the bankrupt American energy giant Enron, as a senior lawyer in India, and is again set to revive its Dhabol power project.

GE provided the generating turbines to Dabhol, Bechtel constructed the physical plant, and Enron was charged with managing the project through Enron International.

By then, Enron had invested about $ 300 million into the project.