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Archive for Tuesday, February 28, 2006

Former accountant reveals reserves raid

February 28, 2006

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The former top accountant for Enron Corp.'s profitable trading division said Monday that he improperly raided reserves to increase earnings in mid-2000 when he got word that former Chief Executive Jeffrey Skilling and other superiors wanted results that would wow Wall Street.

Wesley H. Colwell kicked off the fifth week of the fraud and conspiracy trial of Skilling and Enron founder Kenneth Lay, telling jurors he helped the company fraudulently manipulate earnings to meet or beat analysts' expectations by dipping into reserves when Enron needed an income boost that business operations didn't provide.

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