SEC Probe of Enron Heads to Washington
Enron Corp.’s stock plummeted to a nine-year low, pushed down in part by reports that an investigation by the Securities and Exchange Commission moved to the agency’s headquarters in Washington from a regional office in Fort Worth.
Shares of Enron, the nation’s largest natural gas and power marketer, fell $2.65, to $11.16 on the New York Stock Exchange, a level not seen since 1992.
Enron’s stock price has declined steadily from a 52-week high of $84.63 in December.
Since reporting quarterly losses Oct. 16, Enron has been negotiating with banks to establish new credit lines and has been surrounded by turmoil because of losses stemming from partnerships managed by the company’s former chief financial officer.
The partnerships have raised concerns about a potential conflict of interest and touched off the inquiry by the SEC.
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