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LJM which stands for Leah, Jeffery, Michael (Andy Fastow's wife and children) was a company created by [[Enron]] 's "financial wizard", [[Andrew Fastow]] to buy poorly performing Enron stock. In reality, LJM was used to hide debt and inflate profits for Enron in order to boost its stock price. It is also believed that the creation was the beginning of the complex and questionable accounting practices that lead to Enron's demise. |
LJM which stands for Leah, Jeffery, Michael (Andy Fastow's wife and children) was a company created in 1998 by [[Enron]] 's "financial wizard", [[Andrew Fastow]] to buy poorly performing Enron stock. In reality, LJM was used to hide debt and inflate profits for Enron in order to boost its stock price. Originally [[Arthur Anderson]], Enron's accounting firm did approve of LJM, but since it was already earning tens of millions of dollars a year from Enron it decided to keep its client happy and back LJM. It is also believed that the creation of LJM was the beginning of the complex and questionable accounting practices that lead to Enron's demise. |
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== References== |
== References== |
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Revision as of 01:27, 8 February 2007
LJM which stands for Leah, Jeffery, Michael (Andy Fastow's wife and children) was a company created in 1998 by Enron 's "financial wizard", Andrew Fastow to buy poorly performing Enron stock. In reality, LJM was used to hide debt and inflate profits for Enron in order to boost its stock price. Originally Arthur Anderson, Enron's accounting firm did approve of LJM, but since it was already earning tens of millions of dollars a year from Enron it decided to keep its client happy and back LJM. It is also believed that the creation of LJM was the beginning of the complex and questionable accounting practices that lead to Enron's demise.
References
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