Rebecca Mark's performance in pushing the Dabhol,
Ever the hardcore numbers guy, Kinder was skeptical of everything, but especially of Mark's business.
There was no way he could evaluate its performance, because so much of the profits were in the future, although already on the books through mark-to-market accounting.
But globalization had caught on, the board belonged to Ken Lay, and Mark was his star. To other Enron executives, it appeared as if Kinder was afraid to take her on, because he realized this was one battle that he would lose.
Ultimately, while it cannot be said with any solidity that Mark's losses at Dabhol led to the massive fraud, the galloping debt interacted with the Enron culture of making the books look good at all costs to produce conditions in the Enron environment that allowed the fraud to grow.







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Posted at 1:12PM on Sep 19th 2005 by hoojar