Enron Directors Vote for Pay Raise

[deadparrot]

HOUSTON - The five-member Enron Corp. board of directors has voted for pay raises that boost salaries by as much as $1 million.

In a filing with the New York bankruptcy court that oversaw the company's reorganization last year, the board said it voted to increase its compensation retroactively to the beginning of June.

It raises the annual salary of Chairman John Ray III, a Wheaton, Ill., bankruptcy specialist, from $200,000 to $1.2 million.

Three other board members had their pay double to $300,000, while vice chairman Robert Deutschman, a Santa Monica, Calif., investment banker, now gets $420,000 annually, up from $150,000.

http://news.yahoo.com/s/ap/enron_board_pay

[tridim]

1. Wait just a damn second here..

Why is Enron still in business? What do they do?

[KamaAina]

4. "Enron is in the midst of restructuring various businesses..."

...for distribution as ongoing companies to its creditors and liquidating its remaining operations.

http://www.enron.com/corp/

No doubt there are some juicy little assets left that will soon be carted off by other Bush**co cronies at fire-sale prices.

My particular favorite: "Jobs at Enron". No, really!

https://careerservices.enron.com/enronjobs/JobSearch.asp?ACTION_NAME=VIEWALL&Keywords=&radKeyword=ALL

There's three tempting jobs there, two of 'em in IT! Who's ready to load up the U-Haul and head on down to Houston? :sarcasm:

[tridim]

5. "liquidating remaining operations" is hard work

Worth at least 1 million/year salary. :sarcasm:

I'll do it for $40k/year and give all the cash raised from the liquidation to the employees that got screwed.

[Enraged_Ape]

2. This is just unbelievable. Where the f* is the outrage?

This would be like John Freaking Gotti boosting his annual income by a million dollars.

Hello, mainstream media? Is there anyone there?

[Chicago Democrat]

3. Not an issue really.. the rump Enron has little to do with the fraud.

The important criminals may go down yet.


Those salaries are very small for a mid sized company, which is what Enron is now.

[Enraged_Ape]

6. And they're giving themselves a bonus for...

what? :shrug:

[Chicago Democrat]

7. I don't know... Look at the numbers.. very small by officer standards

these days.


There are much bigger fish to fry. Enron wise and excessive pay wise.


Best approach: Limit its deductability if exceeds some standard based on company size.

[Massachusetts]

8. "Enron Directors Vote for Pay Raise"

[cosmicdot]

9. so, what is the old board up to these days?

re corporate corruption inventory system

enron-First In/Last Out (FILO)?

New Board of Directors
``````````````````````

John J. Ray, III, Chairman
Wheaton, Illinois

Robert M. Deutschman, Vice Chairman
Santa Monica, California

Stephen D. Bennett
Frankfort, Illinois

Rick A. Harrington
Scottsdale, Arizona

James R. Latimer, III
Dallas, Texas


Board c. 2004
`````````````

ROBERT A. BELFER, 61
Director since 1983

Mr. Belfer's principal occupation is Chairman, President and
Chief Executive Officer of Belco Oil & Gas Corp., a company
formed in 1992. Prior to that time, his principal occupation
was diversified investments. Prior to his resignation in
April, 1986 from Belco Petroleum Corporation ("BPC"), a
wholly owned subsidiary of Enron, Mr. Belfer was President
and then Chairman of BPC.

Mr. Belfer is also a director of
EOTT Energy Corp. (the general partner of EOTT Energy
Partners, L.P.) and NAC Re Corporation.

NORMAN P. BLAKE, JR., 55
Director since 1993

Since November, 1990, Mr. Blake has been Chairman, President
and CEO of USF&G Corporation, a holding company for United
States Fidelity and Guaranty Company, one of the nation's
largest property and casualty insurers. Before joining
USF&G, Mr. Blake was Chairman and CEO of Heller
International Corporation, a wholly owned subsidiary of The
Fuji Bank, Ltd. of Tokyo, Japan.

Mr. Blake is also a director of Owens-Corning Fiberglas Corporation.


RONNIE C. CHAN, 47
Director since 1996

For over five years, Mr. Chan has been Chairman of Hang Lung
Development Group, a publicly traded Hong Kong based company
involved in property development and investment as well as
hotel development and management. Mr. Chan also founded and
manages Morningside/Springfield Group, which invests in
private industrial companies internationally. Mr. Chan is
also Chairman of Springfield Bank and Trust Limited of
Gibraltar.

He serves on the boards of Standard Chartered
Bank PLC and Jusco Stores (Hong Kong) Co., Ltd.


JOHN H. DUNCAN, 69
Director since 1985

Mr. Duncan lives in Houston, Texas, and since 1990, his
principal occupation has been investments.

Mr. Duncan is also a director of EOTT Energy Corp. (the general partner of EOTT Energy Partners, L.P.) and Texas Commerce Bank National Association.


JOE H. FOY, 70
Director since 1985

Mr. Foy is a former President of Houston Natural Gas
Corporation ("HNG") (a predecessor of Enron) and is a
retired partner of Bracewell & Patterson L.L.P., in Houston,
Texas. For over five years prior to his retirement in 1992,
Mr. Foy served as a Senior Partner at such firm.

Mr. Foy is also a director of Central and South West Corporation.


WENDY L. GRAMM, 52
Director since 1993

Dr. Gramm is an economist. From February, 1988 until
January, 1993, Dr. Gramm served as Chairman of the Commodity
Futures Trading Commission in Washington, D.C.

Dr. Gramm is also a director of IBP, inc., State Farm Insurance Co., the Chicago Mercantile Exchange and Kinetic Concepts, Inc.


ROBERT K. JAEDICKE, 68 (Stanfod -coincidentally- is home to the right wing Hoover Institute think tank

Director since 1985

Dr. Jaedicke is Professor (Emeritus) of Accounting at the
Stanford University Graduate School of Business in Stanford,
California. He has been on the Stanford faculty since 1961
and served as Dean from 1983 until 1990.

Dr. Jaedicke is also a director of Homestake Mining Co., Boise Cascade Corporation, Wells Fargo & Company, California Water Service
Company, GenCorp, Inc. and State Farm Insurance Co.


KENNETH L. LAY, 54
Director since 1985

For over five years, Mr. Lay has been Chairman of the Board
and Chief Executive Officer of Enron.

Mr. Lay is also a director of Eli Lilly and Company, Compaq Computer
Corporation, Enron Oil & Gas Company, EOTT Energy Corp. (the
general partner of EOTT Energy Partners, L.P.) and Trust
Company of the West.


CHARLES A. LEMAISTRE, 73
Director since 1985

For eighteen years, Dr. LeMaistre served as President of The
University of Texas M. D. Anderson Cancer Center in Houston,
Texas, and now holds the position of President Emeritus.


JEFFREY K. SKILLING, 43

Since January 1, 1997, Mr. Skilling has served as President
and Chief Operating Officer of Enron Corp. From June, 1995
until December, 1996, he served as Chief Executive Officer
and Managing Director of Enron Capital & Trade Resources
Corp. ("ECT"). From August, 1990 until June, 1995, Mr.
Skilling served ECT in a variety of managerial positions.


JOHN A. URQUHART, 68
Director since 1990

Since August, 1991, Mr. Urquhart has been Vice Chairman of
the Board of Enron. Since January, 1991, Mr. Urquhart has
also been President of John A. Urquhart Associates, a
management consulting firm in Fairfield, Connecticut. From
1982 through 1990, he served General Electric Company in the
roles of Senior Vice President of Industrial and Power
Systems and as Executive Vice President of two of General
Electric Company's sectors -- International and Power
Systems.

He also serves as a director of Aquarion Company,
TECO Energy, Inc., Hubbell, Inc. and The Weir Group, PLC.


JOHN WAKEHAM, 65 (I'm guessing Rothchild connection)
Director since 1994

Lord Wakeham is the retired former U.K. Secretary of State
for Energy and Leader of the Houses of Commons and Lords. He
served as a Member of Parliament from 1974 until his
retirement from the House of Commons in April, 1992. Prior
to his government service, Lord Wakeham managed a large
private practice as a chartered accountant. In the U.K. he
is currently Chairman of the Press Complaints Commission and
chairman or director of a number of publicly traded U.K.
companies.


CHARLS E. WALKER, 73
Director since 1985

Dr. Walker is currently Chairman of Walker & Walker, LLC, a
consulting firm in Potomac, Maryland. For two decades prior
to establishing Walker & Walker LLC, Dr. Walker was Chairman
of Walker/Potter Associates, a governmental relations
consulting firm, in Washington, D.C. He is also Adjunct
Professor at The University of Texas at Austin and
Georgetown University in Washington, D.C. Dr. Walker, a
former Deputy Secretary of the Treasury, is chairman of the
American Council for Capital Formation.


HERBERT S. WINOKUR, JR., 53
Director since 1985

Since 1987, Mr. Winokur has been President of Winokur &
Associates, Inc., an investment and management services
firm, and Managing General Partner of Capricorn Investors,
L.P. and Capricorn Investors II, L.P., private investment
partnerships concentrating on investments in restructure
situations. Prior to his current appointment, Mr. Winokur
was Senior Executive Vice President and Director of Penn
Central Corporation.

Mr. Winokur is also a director of NAC
Re Corporation, NHP, Inc. and DynCorp.

no mention of the CCC Information Services Inc.

http://www.sec.gov/Archives/edgar/data/72859/0000950129-97-001155.txt

[r0x0r Mc0wnage]

10. What about the employees that lost their savings?

First the pay raise for people who don't need it, and now this:

http://news.yahoo.com/s/afp/uscompanyethicsenron

Enron to pay up to 1.52 billion dollars on energy manipulation charge

WASHINGTON (AFP) - Bankrupt Enron Corp. agreed to pay up to 1.52 billion dollars to settle charges of market manipulation during the energy crisis that hit California and other western US states in 2000 and 2001.

. . .

What kind of "justice" allows $1.52 billion to flow out of Enron coffers while they still have thousands of former employees starving on the streets because the company "couldn't afford" to pay their pensions, 401k, bonds, etc . . .

[pinto]

11. Chairman John Ray III, "bankruptcy specialist" ...sounds like a vulture.

He's got his pickings.

[MetaTrope]

12. No different from any other corporate executives