Explore popular quotes and sayings by a businessman Andrew Fastow.
Last updated on November 8, 2024.
Andrew Stuart "Andy" Fastow is a convicted felon and former financier who was the chief financial officer of Enron Corporation, an energy trading company based in Houston, Texas, until he was fired shortly before the company declared bankruptcy. Fastow was one of the key figures behind the complex web of off-balance-sheet special purpose entities used to conceal Enron's massive losses in their quarterly balance sheets. By unlawfully maintaining personal stakes in these ostensibly independent ghost-entities, he was able to defraud Enron out of tens of millions of dollars. The U.S. Securities and Exchange Commission opened an investigation into his and the company's conduct in 2001. Fastow was sentenced to a six-year prison sentence and ultimately served five years for convictions related to these acts. His wife, Lea Weingarten, also worked at Enron, where she was an assistant treasurer; she pleaded guilty to conspiracy to commit wire fraud, money laundering conspiracy and filing fraudulent income tax returns, and served jail time before early release to a halfway house.
I lost my moral compass and I have done terrible things that I very much regret.
When I was initially charged I still thought I was not guilty because I had followed the rules.
The question I should have asked is not what is the rule, but what is the principle.
There are people who look at the rules and find ways to structure around them. The more complex the rules, the more opportunities.
I wish I could undo what I did at Enron but I can't. I understand that I deserve punishment. Your honor, I accept the prison sentence that you are about to impose and will serve it without bitterness.
Mark-to-market accounting is like crack. Don't do it.