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Strict Standards: date(): It is not safe to rely on the system's timezone settings. You are *required* to use the date.timezone setting or the date_default_timezone_set() function. In case you used any of those methods and you are still getting this warning, you most likely misspelled the timezone identifier. We selected 'America/New_York' for 'EST/-5.0/no DST' instead in /homepages/16/d351569275/htdocs/Jewogle.com/includes/cache.php on line 250

Strict Standards: date(): It is not safe to rely on the system's timezone settings. You are *required* to use the date.timezone setting or the date_default_timezone_set() function. In case you used any of those methods and you are still getting this warning, you most likely misspelled the timezone identifier. We selected 'America/New_York' for 'EST/-5.0/no DST' instead in /homepages/16/d351569275/htdocs/Jewogle.com/includes/cache.php on line 251

Strict Standards: getdate(): It is not safe to rely on the system's timezone settings. You are *required* to use the date.timezone setting or the date_default_timezone_set() function. In case you used any of those methods and you are still getting this warning, you most likely misspelled the timezone identifier. We selected 'America/New_York' for 'EST/-5.0/no DST' instead in /homepages/16/d351569275/htdocs/Jewogle.com/modules/global.php on line 521

Strict Standards: date(): It is not safe to rely on the system's timezone settings. You are *required* to use the date.timezone setting or the date_default_timezone_set() function. In case you used any of those methods and you are still getting this warning, you most likely misspelled the timezone identifier. We selected 'America/New_York' for 'EST/-5.0/no DST' instead in /homepages/16/d351569275/htdocs/Jewogle.com/modules/global.php on line 522

Strict Standards: getdate(): It is not safe to rely on the system's timezone settings. You are *required* to use the date.timezone setting or the date_default_timezone_set() function. In case you used any of those methods and you are still getting this warning, you most likely misspelled the timezone identifier. We selected 'America/New_York' for 'EST/-5.0/no DST' instead in /homepages/16/d351569275/htdocs/Jewogle.com/includes/functions_home.php on line 95

Strict Standards: getdate(): It is not safe to rely on the system's timezone settings. You are *required* to use the date.timezone setting or the date_default_timezone_set() function. In case you used any of those methods and you are still getting this warning, you most likely misspelled the timezone identifier. We selected 'America/New_York' for 'EST/-5.0/no DST' instead in /homepages/16/d351569275/htdocs/Jewogle.com/includes/functions_home.php on line 95

Strict Standards: getdate(): It is not safe to rely on the system's timezone settings. You are *required* to use the date.timezone setting or the date_default_timezone_set() function. In case you used any of those methods and you are still getting this warning, you most likely misspelled the timezone identifier. We selected 'America/New_York' for 'EST/-5.0/no DST' instead in /homepages/16/d351569275/htdocs/Jewogle.com/includes/functions_home.php on line 95

Strict Standards: getdate(): It is not safe to rely on the system's timezone settings. You are *required* to use the date.timezone setting or the date_default_timezone_set() function. In case you used any of those methods and you are still getting this warning, you most likely misspelled the timezone identifier. We selected 'America/New_York' for 'EST/-5.0/no DST' instead in /homepages/16/d351569275/htdocs/Jewogle.com/includes/functions_home.php on line 95

Strict Standards: getdate(): It is not safe to rely on the system's timezone settings. You are *required* to use the date.timezone setting or the date_default_timezone_set() function. In case you used any of those methods and you are still getting this warning, you most likely misspelled the timezone identifier. We selected 'America/New_York' for 'EST/-5.0/no DST' instead in /homepages/16/d351569275/htdocs/Jewogle.com/includes/functions_home.php on line 95

Strict Standards: getdate(): It is not safe to rely on the system's timezone settings. You are *required* to use the date.timezone setting or the date_default_timezone_set() function. In case you used any of those methods and you are still getting this warning, you most likely misspelled the timezone identifier. We selected 'America/New_York' for 'EST/-5.0/no DST' instead in /homepages/16/d351569275/htdocs/Jewogle.com/includes/functions_home.php on line 95

Strict Standards: getdate(): It is not safe to rely on the system's timezone settings. You are *required* to use the date.timezone setting or the date_default_timezone_set() function. In case you used any of those methods and you are still getting this warning, you most likely misspelled the timezone identifier. We selected 'America/New_York' for 'EST/-5.0/no DST' instead in /homepages/16/d351569275/htdocs/Jewogle.com/includes/functions_home.php on line 95

Strict Standards: getdate(): It is not safe to rely on the system's timezone settings. You are *required* to use the date.timezone setting or the date_default_timezone_set() function. In case you used any of those methods and you are still getting this warning, you most likely misspelled the timezone identifier. We selected 'America/New_York' for 'EST/-5.0/no DST' instead in /homepages/16/d351569275/htdocs/Jewogle.com/includes/functions_home.php on line 95

Strict Standards: getdate(): It is not safe to rely on the system's timezone settings. You are *required* to use the date.timezone setting or the date_default_timezone_set() function. In case you used any of those methods and you are still getting this warning, you most likely misspelled the timezone identifier. We selected 'America/New_York' for 'EST/-5.0/no DST' instead in /homepages/16/d351569275/htdocs/Jewogle.com/includes/functions_home.php on line 95

Strict Standards: getdate(): It is not safe to rely on the system's timezone settings. You are *required* to use the date.timezone setting or the date_default_timezone_set() function. In case you used any of those methods and you are still getting this warning, you most likely misspelled the timezone identifier. We selected 'America/New_York' for 'EST/-5.0/no DST' instead in /homepages/16/d351569275/htdocs/Jewogle.com/includes/functions_home.php on line 95

Strict Standards: getdate(): It is not safe to rely on the system's timezone settings. You are *required* to use the date.timezone setting or the date_default_timezone_set() function. In case you used any of those methods and you are still getting this warning, you most likely misspelled the timezone identifier. We selected 'America/New_York' for 'EST/-5.0/no DST' instead in /homepages/16/d351569275/htdocs/Jewogle.com/includes/functions_home.php on line 95

Strict Standards: getdate(): It is not safe to rely on the system's timezone settings. You are *required* to use the date.timezone setting or the date_default_timezone_set() function. In case you used any of those methods and you are still getting this warning, you most likely misspelled the timezone identifier. We selected 'America/New_York' for 'EST/-5.0/no DST' instead in /homepages/16/d351569275/htdocs/Jewogle.com/includes/functions_home.php on line 95

Strict Standards: getdate(): It is not safe to rely on the system's timezone settings. You are *required* to use the date.timezone setting or the date_default_timezone_set() function. In case you used any of those methods and you are still getting this warning, you most likely misspelled the timezone identifier. We selected 'America/New_York' for 'EST/-5.0/no DST' instead in /homepages/16/d351569275/htdocs/Jewogle.com/includes/functions_home.php on line 95

Strict Standards: getdate(): It is not safe to rely on the system's timezone settings. You are *required* to use the date.timezone setting or the date_default_timezone_set() function. In case you used any of those methods and you are still getting this warning, you most likely misspelled the timezone identifier. We selected 'America/New_York' for 'EST/-5.0/no DST' instead in /homepages/16/d351569275/htdocs/Jewogle.com/includes/functions_home.php on line 95

Strict Standards: getdate(): It is not safe to rely on the system's timezone settings. You are *required* to use the date.timezone setting or the date_default_timezone_set() function. In case you used any of those methods and you are still getting this warning, you most likely misspelled the timezone identifier. We selected 'America/New_York' for 'EST/-5.0/no DST' instead in /homepages/16/d351569275/htdocs/Jewogle.com/includes/functions_home.php on line 95

Strict Standards: getdate(): It is not safe to rely on the system's timezone settings. You are *required* to use the date.timezone setting or the date_default_timezone_set() function. In case you used any of those methods and you are still getting this warning, you most likely misspelled the timezone identifier. We selected 'America/New_York' for 'EST/-5.0/no DST' instead in /homepages/16/d351569275/htdocs/Jewogle.com/includes/functions_home.php on line 95

Strict Standards: getdate(): It is not safe to rely on the system's timezone settings. You are *required* to use the date.timezone setting or the date_default_timezone_set() function. In case you used any of those methods and you are still getting this warning, you most likely misspelled the timezone identifier. We selected 'America/New_York' for 'EST/-5.0/no DST' instead in /homepages/16/d351569275/htdocs/Jewogle.com/includes/functions_home.php on line 95

Strict Standards: getdate(): It is not safe to rely on the system's timezone settings. You are *required* to use the date.timezone setting or the date_default_timezone_set() function. In case you used any of those methods and you are still getting this warning, you most likely misspelled the timezone identifier. We selected 'America/New_York' for 'EST/-5.0/no DST' instead in /homepages/16/d351569275/htdocs/Jewogle.com/includes/functions_home.php on line 95

Strict Standards: getdate(): It is not safe to rely on the system's timezone settings. You are *required* to use the date.timezone setting or the date_default_timezone_set() function. In case you used any of those methods and you are still getting this warning, you most likely misspelled the timezone identifier. We selected 'America/New_York' for 'EST/-5.0/no DST' instead in /homepages/16/d351569275/htdocs/Jewogle.com/includes/functions_home.php on line 95

Strict Standards: getdate(): It is not safe to rely on the system's timezone settings. You are *required* to use the date.timezone setting or the date_default_timezone_set() function. In case you used any of those methods and you are still getting this warning, you most likely misspelled the timezone identifier. We selected 'America/New_York' for 'EST/-5.0/no DST' instead in /homepages/16/d351569275/htdocs/Jewogle.com/includes/functions_home.php on line 95

Strict Standards: getdate(): It is not safe to rely on the system's timezone settings. You are *required* to use the date.timezone setting or the date_default_timezone_set() function. In case you used any of those methods and you are still getting this warning, you most likely misspelled the timezone identifier. We selected 'America/New_York' for 'EST/-5.0/no DST' instead in /homepages/16/d351569275/htdocs/Jewogle.com/includes/functions_home.php on line 95

Strict Standards: getdate(): It is not safe to rely on the system's timezone settings. You are *required* to use the date.timezone setting or the date_default_timezone_set() function. In case you used any of those methods and you are still getting this warning, you most likely misspelled the timezone identifier. We selected 'America/New_York' for 'EST/-5.0/no DST' instead in /homepages/16/d351569275/htdocs/Jewogle.com/includes/functions_home.php on line 95

Strict Standards: getdate(): It is not safe to rely on the system's timezone settings. You are *required* to use the date.timezone setting or the date_default_timezone_set() function. In case you used any of those methods and you are still getting this warning, you most likely misspelled the timezone identifier. We selected 'America/New_York' for 'EST/-5.0/no DST' instead in /homepages/16/d351569275/htdocs/Jewogle.com/includes/functions_home.php on line 95

Strict Standards: getdate(): It is not safe to rely on the system's timezone settings. You are *required* to use the date.timezone setting or the date_default_timezone_set() function. In case you used any of those methods and you are still getting this warning, you most likely misspelled the timezone identifier. We selected 'America/New_York' for 'EST/-5.0/no DST' instead in /homepages/16/d351569275/htdocs/Jewogle.com/includes/functions_home.php on line 95

Strict Standards: getdate(): It is not safe to rely on the system's timezone settings. You are *required* to use the date.timezone setting or the date_default_timezone_set() function. In case you used any of those methods and you are still getting this warning, you most likely misspelled the timezone identifier. We selected 'America/New_York' for 'EST/-5.0/no DST' instead in /homepages/16/d351569275/htdocs/Jewogle.com/includes/functions_home.php on line 95

Strict Standards: getdate(): It is not safe to rely on the system's timezone settings. You are *required* to use the date.timezone setting or the date_default_timezone_set() function. In case you used any of those methods and you are still getting this warning, you most likely misspelled the timezone identifier. We selected 'America/New_York' for 'EST/-5.0/no DST' instead in /homepages/16/d351569275/htdocs/Jewogle.com/includes/functions_home.php on line 95

Strict Standards: getdate(): It is not safe to rely on the system's timezone settings. You are *required* to use the date.timezone setting or the date_default_timezone_set() function. In case you used any of those methods and you are still getting this warning, you most likely misspelled the timezone identifier. We selected 'America/New_York' for 'EST/-5.0/no DST' instead in /homepages/16/d351569275/htdocs/Jewogle.com/includes/functions_home.php on line 95

Strict Standards: getdate(): It is not safe to rely on the system's timezone settings. You are *required* to use the date.timezone setting or the date_default_timezone_set() function. In case you used any of those methods and you are still getting this warning, you most likely misspelled the timezone identifier. We selected 'America/New_York' for 'EST/-5.0/no DST' instead in /homepages/16/d351569275/htdocs/Jewogle.com/includes/functions_home.php on line 95

Strict Standards: getdate(): It is not safe to rely on the system's timezone settings. You are *required* to use the date.timezone setting or the date_default_timezone_set() function. In case you used any of those methods and you are still getting this warning, you most likely misspelled the timezone identifier. We selected 'America/New_York' for 'EST/-5.0/no DST' instead in /homepages/16/d351569275/htdocs/Jewogle.com/includes/functions_home.php on line 95

Strict Standards: getdate(): It is not safe to rely on the system's timezone settings. You are *required* to use the date.timezone setting or the date_default_timezone_set() function. In case you used any of those methods and you are still getting this warning, you most likely misspelled the timezone identifier. We selected 'America/New_York' for 'EST/-5.0/no DST' instead in /homepages/16/d351569275/htdocs/Jewogle.com/includes/functions_home.php on line 95
Jewogle - Andrew Fastow

Andrew Fastow

Andrew Fastow

Andrew Stuart Fastow (born 22 December 1961) was the chief financial officer of Enron Corporation that was based in Houston, Texas until the U.S. Securities and Exchange Commission opened an investigation into his and the company's conduct in 2001. Fastow was one of the key figures behind the complex web of off-balance-sheet special purpose entities (limited partnerships which Enron controlled) used to conceal their massive losses. Fastow is serving a six-year prison sentence for charges related to these unlawful acts.

Early life and education

Fastow was born in Washington, D.C. He grew up in New Providence, New Jersey, the middle of three sons in a Jewish family. His parents, Carl and Joan Fastow, worked in merchandising. Fastow graduated from New Providence High School, where he took part in student government, played on the tennis team, and played in the school band. He was the sole student representative on the New Jersey State Board of Education.

Fastow graduated from Tufts University in 1983 with B.A.s in economics and Chinese. While there, he met his future wife, Lea Weingarten, whom he married in 1984. Fastow and Weingarten both earned MBAs at Northwestern University and worked for Continental Illinois National Bank and Trust Company in Chicago.

Early career

While at Continental Illinois, Fastow worked on the newly emerging "asset-backed securities". The practice spread across the industry "because it provides an obvious advantage for a bank," noted the Chicago Tribune. "It moves assets off the bank's balance sheet while creating revenue." In 1984, Continental became the largest U.S. bank to fail in American history until the seizure of Washington Mutual in 2008.

Based on his work at Continental, Fastow was hired in 1990 by Jeffrey Skilling at the Enron Finance Corp. Fastow was named the Chief Financial Officer at Enron in 1998.

Rise in Enron

Deregulation in the US energy markets in the late 1990s provided Enron with trade opportunities, including buying energy from cheap producers and selling it at markets with floating prices. Andrew Fastow was familiar with the market and knowledgeable in how to play it in Enron's favor. This quickly drew the attention of then chief executive officer of Enron Finance Corp Jeffrey Skilling. Skilling, together with Enron founder Kenneth Lay, was constantly concerned with various ways in which he could keep company stock price up, in spite of the true financial condition of the company.

Fastow designed a complex web of companies that solely did business with Enron, with the dual purpose of raising money for the company, and also hiding its massive losses in their quarterly balance sheets. This effectively allowed Enron's audited balance sheet to appear debt free, while in reality it owed more than 30 billion dollars at the height of its debt. While presented to the outside world as being independent entities, the funds Fastow created were to take write-downs off Enron's books and guaranteed not to lose money. Yet, Fastow himself had a personal financial stake in these funds, either directly or through a partner. Fastow made tens of millions of dollars defrauding Enron in this way, while also neglecting basic financial practices such as reporting the 'cash on hand' and total liabilities. Fastow pressured some of the largest investment banks in the United States, such as Merrill Lynch, Citibank, and others to invest in his funds, threatening to cause them to lose Enron's future business if they did not. Fastow also reportedly got these firms to fire their analysts who dared to report Enron with negative ratings. See Conspiracy of Fools.

Fastow's approach to hiding losses was so effective that the year before Enron actually declared bankruptcy, a year in which the company was already well on its way to financial collapse, the Enron stock was at an all time high of $90. Ultimately it would drop down to 40 cents per share, but not before many employees had been told to invest their retirement savings in Enron stock.

Legal problems at Enron

On October 31, 2002, Fastow was indicted by a federal grand jury in Houston, Texas on 78 counts including fraud, money laundering, and conspiracy. On January 14, 2004, he pled guilty to two counts of wire and securities fraud, and agreed to serve a ten-year prison sentence. He also agreed to become an informant and cooperate with federal authorities in the prosecutions of other former Enron executives in order to receive a reduced sentence.{{Biography.com}}

Prosecutors were so impressed with his performance that they ultimately lobbied for an even shorter sentence for Fastow. He was finally sentenced to six years at Oakdale Federal Correctional Complex in Oakdale, Louisiana. On May 18th, 2011 Fastow was released to a Houston halfway house for the remainder of his sentence.

On May 6, 2004, his wife, Lea Fastow, a former Enron assistant treasurer, pleaded guilty to a misdemeanor tax charge and was sentenced to one year in a federal prison in Houston, and an additional year of supervised release. She was released to a halfway house on July 8, 2005.

Sentencing and incarceration

After entering into a plea agreement with a maximum penalty of 10 years in prison and the forfeiture of US$23.8 million in family assets, on September 26, 2006, Fastow was sentenced to six years, followed by two years of probation. U.S. District Judge Ken Hoyt believed Fastow deserved leniency for his cooperation with the prosecution in several civil and criminal trials involving former Enron employees. Hoyt recommended that Fastow's sentence be served at the low-security Federal Correctional Institution in Bastrop, Texas. As of June 2010, Fastow was Inmate #14343-179 at the federal penitentiary near Pollock, Louisiana with a projected release date of December 17, 2011. In May 2011 Fastow was transferred to a halfway house in preparation for his release.

Other sources

A number of books have been written about Enron and Fastow. Prominent among these is Conspiracy of Fools (2005) by Kurt Eichenwald which essentially features Fastow as the book's antagonist.

In 2003, Fastow was a prominent figure in 24 Days: How Two Wall Street Journal Reporters Uncovered the Lies that Destroyed Faith in Corporate America, by the reporters who had broken some of the key stories in the saga, Rebecca Smith and John R. Emshwiller. They painted Fastow as in their words "a screamer, who negotiated by intimidation and tirade."

Also in 2003, Bethany McLean and Peter Elkind wrote the book The Smartest Guys in the Room: The Amazing Rise and Scandalous Fall of Enron. In 2005, the book was made into a film Enron: The Smartest Guys in the Room.

About Jewogle
Jewogle is not quite like any other Jewish site on the web. It looks like Google. (The look is, in fact, a parody). But, Jewogle is NOT a search engine of other Jewish sites. Jewogle brings you both a Kosher Search engine that allows you to find information across cyberspace from Jewogle certified kosher sites as well as giving an extensive listing of some of the most famous Jews in their respective fields. Read More
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