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Senator tax report disturbing { February 12 2003 } Original Source Link: (May no longer be active)    http://www.washingtonpost.com/wp-dyn/articles/A64484-2003Feb12.html http://www.washingtonpost.com/wp-dyn/articles/A64484-2003Feb12.html Senator Says Enron Tax Report Findings Disturbing Reuters Wednesday, February 12, 2003; 7:26 PM WASHINGTON (Reuters) - Enron's tax returns show disturbing efforts to manipulate taxes at the now-bankrupt energy trader and "eye-popping" revelations about executive compensation, Senate Finance Committee Chairman Charles Grassley said on Wednesday. A report on Enron's tax returns by the congressional Joint Committee on Taxation will be examined on Thursday at a Finance Committee hearing looking into whether legislation is needed to curb the use of tax shelters and other loopholes. Last March, Iowa Republican Grassley and the Finance Committee's ranking Democrat Max Baucus, then the panel's chairman, asked the joint committee to analyze Enron's Corp.'s tax records going back to 1985. They asked the committee to determine whether the bankrupt energy trader's tax practices were legal, somewhat questionable, highly questionable, or even illegal. Officials have been tight-lipped about the results, saying they are bound by an agreement with Enron not to release the details of its tax returns outside official committee hearings. But Grassley said on Wednesday: "I've not been briefed, but I'm informed by the finance committee staff that the report is an absolute barn-burner." "In addition to the eye-popping account of executive compensation, the report provides for the first time the complete story of Enron's efforts to manipulate its taxes and accounting. The report is very disturbing in its findings," he said. Enron filed for bankruptcy in December 2001, amid revelations of previously secret off-the-books partnerships that hid debt and enriched certain executives. A year ago, Citizens for Tax Justice, a labor-backed tax research group, analyzed Enron's financial reports for 1996 through 2000 and said Enron did not pay U.S. taxes in four of those five years. The group said Enron had used hundreds of subsidiaries in tax-haven countries, as well as deductions for stock options, to avoid paying taxes. Lawmakers say the new Joint Committee on Taxation study is critical toward shaping legislation to curb aggressive tax strategies -- an area of corporate reform left undone by Congress last year as it focused on cracking down on sham accounting. Grassley has said the Finance Committee might need to revise legislation it has already approved to give the Internal Revenue Service more authority to police tax shelters. The Finance Committee will hear testimony from Lindy Paull, chief of staff of the Joint Committee on Taxation. She declined on Wednesday to discuss the study's findings, citing the confidentiality agreement with Enron. The Senate panel will also hear from professors in accounting and corporate management, who are expected to help interpret the report. © 2003 Reuters

Anderson convicted { June 15 2002 } Bankers charged in enrol scandal { September 18 2003 } Banks enron deals Banks hide loans { July 24 2002 } Bush signs bill to keep california power flowing Chase financied enron borrowed gold Cheney energy { January 27 2002 } Citigroup enron Citigroup skirt rules { July 23 2002 } Clinton ties Enron accounting chief pleads not guilty { January 22 2004 } Enron auditor crime { May 14 2002 } Enron baxter dead { January 26 2002 } Enron california prices { May 7 2002 } Enron california wp { May 7 2002 } Enron ceo ken lay to face criminal charges { July 7 2004 } Enron citi Enron employees discussing state of economy { June 8 2004 } Enron employees joke about stealing from grandma { June 2 2004 } Enron employees praise bush and ken lay { June 1 2004 } Enron fake floor { February 22 2002 } Enron frank wisner cia { October 28 1997 } Enron funds restitution impossible after lays death { October 18 2006 } Enron gouged customers over billion dollars Enron lies Enron linked securities sparked citibank lawsuit Enron must pat california one and half billion { July 16 2005 } Enron policy Enron southamerc { May 6 2002 } Enron taxes Enron timeline { July 8 2004 } Enron traders gloated over rigging market Enron traders joked about theft Enron witness says he plundered reserves Enrons skilling ex ceo surrenders to fbi Ex enron execs arrested { May 2 2003 } Execs arrested { August 1 2002 } Fastow 78 counts Fastow and wife plea bargain Fastow charged { October 3 2002 } First criminal trial involving enron executives Former enron official changes plea to guilty Goa whitehouse Investigate bankers { June 26 2002 } Judge approves lea fastow enron plea deal { January 8 2004 } Ken lay hooks bush with uzbekistan [jpg] Ken lay likely to walk { July 9 2004 } Ken lay major 2000 bush fundraiser { June 26 2004 } Ken lay suddenly dies of heart attack { July 5 2006 } Ken lay victim of wave of terror by prosecutors Kennedy lay and skilling going to trial Kennedy lay surrenders to FBI Lawsuit cheney Lay and skilling convicted securities fraud Lay gone Lay no direct wrongdoings { November 25 2003 } Lieberman enron Merrill reaches deal with enron affair { September 18 2003 } No indication that ken lay suffered bad health { July 5 2006 } Plead guilty { August 21 2002 } Prosecutors seek ken lay indictment { June 20 2004 } Sec wants documents from ken lay { September 29 2003 } Senate deadlline enron Senator tax report disturbing { February 12 2003 } Skilling accusing people being fbi agents Whitehouse enron { May 23 2002 } Whitehouse papers enron Whitehouse subpoenaed { May 22 2002 } Witness says execs heavily involved in enron Files Listed: 69

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