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Financial Collapse of Enron Corp
Subcommittee on Oversight and Investigations
Mr. Jeffrey McMahon
Good
morning. Mr. Chairman and Members of the committee, my name is Jeff McMahon. I
am President and Chief Operating Officer of Enron. I have been an employee of
Enron since 1994. From late October of last year until this past week, I served
as Chief Financial Officer of the company. Before that I was Chairman and Chief
Executive Officer of Enron's Industrial Markets Group. From 1998 until March
2000 I was Treasurer of the company. Before that I served as Chief Financial
Officer of European Operations. As
the committee knows, I was named as President and COO just last week, at the
same time that Stephen Cooper was named the new interim Chief Executive Officer
of the company. As part of the new management team at Enron, my focus is on the
future of Enron, our nearly 20,000 employees worldwide, our over 8,000 retirees
and various stakeholders. Working closely with the Board of Directors and the
Creditors Committee, we are developing a restructuring plan designed to bring
the company out of bankruptcy and preserve value for the company's creditors,
its employees and shareholders. I believe that Enron can emerge from bankruptcy by returning to its roots. As Mr. Cooper expressed last week, our reorganized business will be dedicated to the movement of natural gas and the generation of electricity. With
respect to the issues the committee is examining, as the Chairman knows, I have
been meeting and fully cooperating with the committee's staff, and welcome the
opportunity today presents to answer any questions the committee may have about
the past events at Enron or our future direction. Thank you, Mr. Chairman.
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