Monday, 3 December, 2001, 15:14 GMT Firms admit $4bn Enron exposure   Even before Enron filed for Chapter 11 bankruptcy on Sunday, its business partners were totting up their exposure to the former energy giant. Major exposure reported so far JP Morgan: $900m Citigroup: up to $800m Credit Lyonnais: $250m Bank of Tokyo-Mitsubishi: $248m (30.6bn yen) Chubb Corp: $220m Canadian Imperial Bank: $215m Sumitomo Mitsui Banking Corp: $210m Nikko Cordial: $207m (25.5bn yen) Principal Financial Group: $171m Abbey National: $164m (£115m) National Australia Bank: $104m (Aus$200m) Duke Energy Corp: $100m Williams Cos: less than $100m ING: $95m Commonwealth Bank of Australia: $78m (Aus$150m) Dynegy: $75m Mirant: up to $60m ANZ: $69m Bear Stearns: $69m Westpac: $51m American Electric Power: up to $50m El Paso: up to $50m AEP: $50m Aquila: $50m Sanwa Bank: $44m Centrica: $43m ONEOK: $40m Mitsubishi Trust & Banking: $39m (4.8bn yen) TotalFinaElf: $25m Atmos Energy Corp: $13m Dominion Resources: $11m PPL Corp: less than $10m Exelon: less than $10m Northern Border Ptners: $9m Pacific Gas & Electric Corp's National Energy Group: $8m RWE AG: $8m Sony Bank: $3m Already a group of banks and trading partners have admitted to exposure of more than $4bn (£2.8bn) to the stricken energy giant. That figure could even rise as Enron's finances fall under greater scrutiny. The list includes the firms that traded in commodity and other markets with Enron, as well as the banks that lent money to the company. Undisclosed exposure In addition to the many companies that have admitted to exposure to are others that are suspected of having an exposure to Enron. For example, Royal Bank of Scotland is believed to be among Enron's creditors, but it has declined to comment on the issue. A UK Sunday newspaper reported that the bank has an exposure of about £600m, partly secured against Enron's assets. Sources have also said that Barclays Bank has an exposure of just under £300m, but the bank made no mention of this in a trading statement on Monday. "If there was a material exposure and a likely loss which could be 4-5% of profit... then they would have had to put it there today," said Tom Rayner, banking analyst at Dresdner Kleinwort Benson. Unconfirmed exposure Royal Bank of Scotland: $855m (£600m) Aegon: $300m Barclays Bank: less than $428m (£300m) ABN Amro: $99m BP: about $20m   In addition, ABN Amro could be making provisions against 110m euros ($98.5m) it has lent, according to industry sources. It could be months or even years before the true size of Enron-related liabilities is revealed, as the sheer complexity of its dealing makes it tricky for auditors to get a grasp of the situation. US banking worries Inevitably, the biggest exposures admitted so far come from the US banking sector. Citigroup and JP Morgan reportedly have combined exposure of up to $1.7bn, although about half of that is secured on Enron's assets. But India's banks have also suffered after lending to a $2.9bn power project run by Enron's 65%-owned subsidiary, Dabhol Power. Indian banks and financial institutions, which also include state-owned Canara Bank and IFCI, have lent or guaranteed loans totalling $1.4bn to Dabhol. International members of the lending syndicate, including ABN Amro, bring the total lent up to $3bn. Indian banking shares fell on Monday. In afternoon trade, state-run Industrial Development Bank of India shed nearly 5%, while State Bank of India was down 2.6%. Bondholders Banks that hold Enron bonds have also been hit after they were downgraded to "junk" status last week. More recently, Japan's Nikko Cordial, which had over $200m in Enron bonds, saw its own ratings put under threat. On Monday, the ratings agency Standard & Poor's placed some of Nikko's ratings on creditwatch with negative implications after investors. The ratings action came after panicked investors in funds sold by Nikko cashed in their holdings. Overall, the collapse of Enron could cost four Japanese financial institutions that held Enron bonds about $8bn. In addition to Nikko, these are UFJ Partners, Japan Investment Trust Management and Sumisei Global Investment Trust Management. Trading ties Some of this banking money may well be recovered. Secured bond and loan creditors get high priority when a company goes bankrupt. Less clear, however, is the situation on the energy markets, which have become hugely sophisticated in recent years, largely thanks to Enron's aggressive financial wizardry. Enron was a market maker in a large number of countries, signing highly complicated, high value transactions many years into the future. Although the company claims not to have defaulted on any of these deals so far, market participants are worried that it might if things become worse. Enron_liabilities

Monday, May 22, 2006, 8:58PM ET - U.S. Markets Closed. Dow  0.17% Nasdaq  0.96%

Enron_Market_cap

Early life and career

Lay was born into a poor family in Tyrone, Missouri. His father was a Baptist preacher and some-time tractor salesman. He has been described by his undergraduate classmates at the University of Missouri as industrious and high-minded, and served as president of the Zeta Phi chapter of the Beta Theta Pi fraternity at the University of Missouri and got his doctorate in economics at University of Houston in 1970. Lay worked in the early ‘70s as a federal energy regulator. By the Reagan administration, when energy was deregulated, Lay was already an energy company executive and he took advantage of the new climate by merging Houston Natural Gas Co. with Nebraska-based Inter-North. Lay was one of America's best-paid CEOs, earning (for example) a $42.4 million compensation package in 1999.[1] Lay sold large amounts of his Enron stock in September and October of 2001 as its price fell, while encouraging employees to buy more stock, telling them the company would rebound. Lay liquidated more than $300 million in Enron stock from 1989 to 2001, mostly in stock options.

Lay maintained business and political ties to Republican goverment officials, hiring (for example) James Baker and Robert Mosbacher as they left the Cabinet of President George H. W. Bush (both men lobbied for Enron contracts in the wake of the First Gulf War). Lay was a supporter of Bush for Governor of Texas; in 1999, Bush signed a law deregulating Texas electric markets.[2] A Bush 'Pioneer,' Lay became one of the largest individual contributors to the Bush-Cheney 2000 presidential campaign: his donation history shows $651,760 to Republicans, $61,960 to Democrats, and $62,150 to special interests.[3] Lay served on the Bush-Cheney Transition Advisory Committee, and, according to Kurt Eichenwald's book Conspiracy of Fools, was nearly selected to be Secretary of the Treasury following Bush's victory in the 2000 U.S. presidential election. Ultimately Paul O'Neill was chosen for the position instead.

 

.Fastow

Andrew Stuart Fastow (born 22 December 1961) was the chief financial officer of Enron Corporation until the U.S. Securities and Exchange Commission opened an investigation into his 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 was born in Washington, DC, the middle child of three sons. His father worked in merchandising for a drug store chain. He grew up in New Providence, New Jersey, where he was student council president and on the tennis team and in the school band during high school. 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. Her family had founded a grocery store chain in Houston and later entered the real estate business.

 Fastow and Weingarten both earned MBAs at Northwestern University and worked for Continental Illinois National Bank and Trust Company in Chicago. While there, he helped pioneer a system of raising capital by selling notes backed by risky loans. 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." Continental became the largest U.S. bank to fail during the Savings and Loan crisis. Based on his work at Continental, Fastow was hired in 1990 by Jeffrey Skilling 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 cooperate with federal authorities in the prosecutions of other former Enron executives. Fastow, although convicted, remains out of prison until completion of the investigation.

On May 6, 2004, his wife, Lea Fastow, a former Enron assistant treasurer, pled 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 11 July 2005.

 

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." Continental became the largest U.S. bank to fail during the Savings and Loan crisis. Based on his work at Continental, Fastow was hired in 1990 by Jeffrey Skilling at Enron.

He also agreed to cooperate with federal authorities in the prosecutions of other former Enron executives. Fastow, although convicted, remains out of prison until completion of the investigation.

On May 6, 2004, his wife, Lea Fastow, a former Enron assistant treasurer, pled 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 11 July 2005.

The company's Chapter 11 filing leaves banks, pension plans and other lenders with at least $5 billion at risk. More than 4,000 Enron employees have lost their jobs and 401(k) savings. The collapse is still reverberating in the stock market, which has dropped some $200 billion in value since Enron's Dec. 2 filing, amid fears that other Enrons are lurking out there.

Fastow and at least six others involved in his financial gaming, all with jobs or spouses at Enron, made at least $42

So beginning in 1993, Fastow created hundreds of "special-purpose entities" designed to transfer Enron's debt to an outside company and get it off the books--without giving up control of the assets that stood behind the debt

How Fastow Helped Enron Fall

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In the hallways, colleagues respected and even feared Fastow's power--but not his presence. A former executive says he was never sure what Fastow was thinking other than how a particular project would affect his career. But, in the words of another former Enron manager, "he was Skilling's fair-haired boy."

Fastow is married to a woman he met at Tufts, Lea Weingarten, whose family built a supermarket and real estate empire based in Houston. They were not social climbers, for good reason. "Lea is from an old Houston family," says Marti Mayo, executive director of the Contemporary Arts Museum. "She didn't need to move anywhere. She was there." For most of the Roaring Nineties, the Fastows did not play the power couple; instead they lived like other professionals in the West University area and raised two children. They worked together at Enron's finance divisions in the early '90s, before Lea left to focus on the kids. They were just beginning to live rich--they are building a $1.3 million home in the city's old-money River Oaks section--and he tooled around town in a Porsche 911.

Their passion is modern art, and they donated $25,000 to the Menil Collection, one of the city's contemporary-art museums. They were accumulating edgy contemporary art--not just for themselves but also for Enron's new 40-story Cesar Pelli skyscraper. Lea took charge of the firm's art purchases, which included sculptures by Claes Oldenburg and Martin Puryear. The Fastows had plans to be big givers; they channeled $4.5 million, reaped from a $25,000 investment in one of his deals, to the Fastow Family Foundation.

Friends and acquaintances saw Fastow as a low-key family man. Attorney Robert Lapin, who has known him for a dozen years, calls him "modest, unassuming, not at all self-aggrandizing." At his temple, Congregation Or Ami, Fastow spent time helping shape some of the congregation's education programs along nontraditional lines. Says Rabbi Shaul Osadchey: "He was one of those people who could think outside the box."

That may be why Skilling hired him in 1990 from Continental Illinois, a Chicago thrift that failed in the mid-'80s savings-and-loan bust. Fastow had a skill Skilling needed; he did asset "securitization," a means for banks to sell off risk in the form of securities backed by mortgages or other obligations.

Skilling

As a consultant for McKinsey & Company, Skilling worked with Enron in 1987, helping the company create a forward market in natural gas. Skilling impressed Kenneth Lay in his capacity as a consultant, and was hired by Lay in 1990 as chairman and chief executive officer of Enron Finance Corp. In 1991, he became the chairman of Enron Gas Services Co., which was a result of the merger of Enron Gas Marketing and Enron Finance Corp. Skilling was named CEO/managing director of Enron Capital & Trade Resources, which was the subsidiary responsible for energy trading and marketing. He was promoted to president and chief operating officer (Second only to Lay) of Enron in 1997, while remaining the head of Enron Capital & Trade Resources. In 1999, Enron launched EnronOnline, an Internet-based trading operation, which was used by virtually every energy company in the U.S.

On February 12, 2001, Skilling was named CEO of Enron. Skilling began to behave strangely during this time and in April 2001 verbally attacked Wall Street analyst Richard Grubman[1], who questioned Enron's unusual accounting practice during a recorded conference call. When Grubman complained that Enron was the only company that could not release a balance sheet along with its earnings statements, Skilling replied "Well, thank you very much, we appreciate that... asshole." Though the comment was met with dismay and astonishment by press and public, it became an inside joke among many Enron employees, mocking Grubman for his perceived meddling rather than Skilling's lack of tact.[citation needed]

Skilling unexpectedly resigned on August 14 of that year, citing personal reasons, and he soon sold large blocks of his shares in the corporation.[citation needed] Then Enron Chairman Kenneth Lay, who previously served as CEO for 15 years, replaced him until the company declared bankruptcy in December of 2001. When brought in front of congressional committees, he stated that he had "no knowledge" of the complicated chain of scandal that would eventually result in Enron's bankruptcy.[citation needed]

On March 28, 2001, PBS's Frontline interviewed Skilling, he claimed Enron was one of "the good guys". [5]

 

Directors

Pamela M. Tittle, Plaintiff No. 2, and Plaintiff No. 3, on behalf of themselves and a class of persons similarly situated, Plaintiffs, vs. Enron Corp., an Oregon corporation; Mary K. Joyce; Robert A. Belfer, Norman P. Blake, Ronnie C. Cohen, John H. Duncan, Wendy L. Gramm, Ken L. Harrison; Robert K. Jaedicke, Kenneth L. Lay, Charles A. LeMaistre, Jeffrey K. Skilling, John A. Urquhart, John Wakeman, Herbert S. Winokur, John Mendelsohn, Jerome J. Meyer, Rebecca Mark-Jusbasche, Paulo V. Ferraz Pereira, and Frank Savage, individually and as constituting the Board of Directors of Enron Corp.; James S. Prentice; and John and Jane Does 2-20, Defendants.
	Robert Belfer He owned 17.02%  of the preferred Convertible Stock. Owns Belco Oil
	REBECCA MARK-JUSBASCHE ----The $82 Million Woman A Harvard Jewess had shot into prominence in 1991 when she persuaded Mr Kenneth L. Lay, till recently Enron's Chairman and CEO, to set up Enron Development Corporation to pursue overseas projects under her leadership. E On the widely published lists of high-ranking executives who made millions cashing out stock options, she's the first female name to show up; according to a court filing, she received $82.5 million from the sale of stock.
	RUBEN, LAWRENCE, JR., Owned 22% of the convertible preferred stock
	Mendelsohn Director since 1999 Since July, 1996, Dr. Mendelsohn has served as President of the University of Texas M.D.
Bitsy and R. Sol Causey Head accountant
	Micky Kopper Fastow aide Michael Kopper pleaded guilty in July. He is under surveillance so he doesn't skip to Israel
	timothy Belden
	Jewish brokers at Merril Lynch Robert Furst ,Daniel Bayly, and James Brown-- received a similar sentence by co-defendants and former Merrill executives, .
	Lays wife could be Jewish ALTHOUGH the maiden name of Linda Lay is not known (she is the wife of Ken Lay, CEO of Enron -- the most costly scandal since WTC, and Actualité juive insists that neither she nor her husband is Jewish, she was the yearly biggest donor of the Houston Holocaust Museum. Enron and the Lays were patrons of Houston's Jewish causes

Houston-Jews
 

Houston Jews Quaking Over Enron Scandal

Publicly, community members go out of their way to dismiss concerns that Mr. Fastow's religion is part of the story. "I don't think it is an issue," said Lee Wunsch, executive vice president of the Jewish Federation of Greater Houston.

Even so, Houston dinner tables are buzzing with talk. Some Houston Jews say Mr. Fastow is being singled out for blame even more than former Enron chairman Kenneth Lay and CEO Jeffrey Skilling. Others see Mr. Fastow's prominence at Enron as a sign of just how far Jews have come in an oil town where memories of anti-Jewish discrimination are still fresh.Yet even as some Jews voice concern that the media is focusing unnecessarily on Mr. Fastow's Judaism, it appears that Mr. Fastow himself has been playing the religion card by directing calls to his rabbi, who has vouched for his moral character.

Despite Jewish worries, press and Internet discussions about the scandal have not taken on an anti-Semitic tone, Jewish officials say. The Houston Anti-Defamation League says it is monitoring the media and Web sites of former Enron employees for signs of anti-Semitic slurs and has found nothing. The press has "commented on how he's Jewish, on his Jewish communal activities, but nothing that's been pejorative," said the ADL's Southwest regional director, Martin Cominsky.

Barbara Friedman, a lifelong member of the Houston Jewish community who is active in local politics, also said she hasn't encountered any anti-Semitic sentiment. "If anything, my reaction has surprised me," Ms. Friedman said.

Mr. Fastow, 40, is best known in Houston Jewish circles through his wife, Lea Weingarten, who hails from a prominent and well-respected philanthropic family. She is an heiress to its grocery store and commercial real estate fortune.

The couple met at Tufts University, where Mr. Fastow studied economics and Chinese. They both worked at a Chicago bank in the 1980s, where Mr. Fastow went to Northwestern University's Kellogg Business School. They moved to Houston in 1990 when Mr. Fastow joined Enron.

Ms. Weingarten also worked at Enron but left in 1997 to devote more time to the couple's sons, ages 6 and 3. An avid art collector, she remained active in an Enron art collection committee.

The Fastows are building a $1.3 million home in River Oaks, one of Houston's poshest neighborhoods where in past decades Jews and blacks were not welcomed.

Mr. Wunsch declined to comment on whether the Fastows had donated to the Houston federation. He said that the scandal had not affected charitable giving, even though Enron had been an engine for local philanthropy.

Friends and colleagues describe Mr. Fastow as ambitious and arrogant. Growing up in New Providence, N.J., he was the only high school member of the state's Board of Education.

A cocky whiz kid, Mr. Fastow was a protégé of Mr. Skilling. Named CFO in 1998, he is seen as the chief architect of the partnerships that have attracted intense congressional scrutiny and accusations that they were intended to keep massive amounts of corporate debt off the books, ultimately bringing the company to financial ruin. Mr. Fastow reportedly made $30 million from the partnerships.

Mr. Fastow's criminal lawyer, David Gerger, did not return a call for comment.

Mr. Fastow is not the only Jew in the Enron scandal. New York oil financier Robert Belfer, chairman of Belco Oil & Gas Corp., has served on Enron's board of directors since 1983. One of two Jewish board members, he is Enron's largest individual shareholder.

There's also a Jewish whistle blower, Jordan Mintz, a senior Enron lawyer who testified before a House committee that he sent memos to Mr. Skilling about some of the partnerships that brought the company down. Mr. Skilling's lawyer has denied that his client ever saw the memos.

While other Enron players don't always come up in conversation, Mr. Fastow is consistently placed at the heart of the scandal. "Every time people put together a combination of who's responsible, Fastow's name is always mentioned," Mrs. Friedman said.

Mr. Fastow's rabbi, Shaul Osadchey of Houston's Congregation Or Ami, told the Forward that some Houston Jews are concerned "that here you have the CFO who's Jewish, who's involved in what appears to be a scandal. It does make some people nervous that Jewish stereotypes and prejudice will surface."

Yet no one has been more prominent in playing up Mr. Fastow's religion than Rabbi Osadchey, who has gone on the record defending Mr. Fastow's moral character.

"He's a mentsh," the rabbi said. "He's a very committed member of the community. He's active in supporting Jewish causes and he's a devoted supporter of Israel."

Rabbi Osadchey said he didn't feel compromised in defending Mr. Fastow.

"He's not a major benefactor of the synagogue," the rabbi said. "I have not personally, nor has the synagogue, received any large donation from the Fastows. They've been members. They're not overly active."

The rabbi, who said he has known Mr. Fastow for 17 years and officiated at his wedding, also called Mr. Fastow a "mentsh" in Newsweek, U.S. News and World Report, the Atlanta Journal and Constitution, The Daily Deal and Cox News Service. Meanwhile, Mr. Fastow's friend, Houston attorney Robert Lapin, called him a "mentsh" in the Los Angeles Times.

Mr. Fastow's religion has popped up in other stories, too. When the Washington Post opened a profile of Mr. Fastow with the line, "Andy Fastow's rabbi is dumbfounded," a number of Jewish readers called in wondering why the story had emphasized Mr. Fastow's religion, sources at the Post said.

The paper's ombudsman even sent out an internal memo on the topic, the sources said. Post Ombudsman Mike Getler did not return a call for comment.

Lois Romano, the Tulsa-based national correspondent who wrote the Post story, said Mr. Fastow himself had directed her to Rabbi Osadchey. "When does religion come into a story? When the subject brings it into play," Ms. Romano said. "And the subject brought it into play."

The rabbi "was the closest on-the-record source I had and that's why I used it," she said. "If his dry cleaner had said the same things I would have led with that."

Some observers, however, say testimonials such as those from the rabbi can play into the very stereotypes they are intended to avoid.

"It's the marketing of religion as a cure-all for sins," said Evan Smith, the editor of Texas Monthly, who is Jewish. "Now when the white collar guys are in trouble they quote the clergy as a way to sanitize their sins."

Rabbi Osadchey dismissed this idea. "I don't think people are ascribing Andy's religious affiliation with anything that had to do with how he conduced himself at Enron," he said.

Others weren't surprised at all that Mr. Fastow's rabbi was vouching for his moral character. In a Baptist-dominated city where prayer breakfasts are the norm, religion is just another way of being part of the community, they say.

"I see religion and people's faith background coming into all the stories," ADL's Mr. Cominsky said. "I don't see it as uniquely a Jewish issue and fortunately not as an anti-Semitic issue. The Lays' minister has also been very forthcoming."

Yet coverage of Mr. Lay's religion has taken a decidedly different tack, placing Mr. Lay within a Christian narrative of sin and repentance, even casting him in the time-honored Texas role of prodigal son.

On February 11, the New York Post splashed Mr. Lay across its front page in a "photo exclusive." Under the banner headline, "Lay Prays," it documented how Mr. Lay had come out of seclusion to go to Houston's First United Methodist Church. "With God's help, we'll get through," Mr. Lay reportedly said.

Asked why it played up his religion, the Post said it was responding to Mr. Lay's actions. "The Post story reflected the fact that Mr. Lay chose a church setting to emerge back into the public eye," a Post spokeswoman said.

Just as religion didn't build Enron, in the end it won't save the company either. "Being a Jew in this case is no bargain," said Mr. Smith. "It's not what you are, it's who you are. Whether it's Jewish Andy Fastow or goyish Ken Lay, the chips are going to fall."

Merrill

Jury Gets Enron, Merrill Lynch Case

Closing Argument Blames Energy Trader's 'Snake Pit'

Bloomberg News
Friday, October 29, 2004; Page E02

ENRON'S Robert A. Belfer

Enron Corp.—Robert A. Belfer, 64, chairman and CEO of Belco Oil & Gas Corp.;

FIRSTROW, FROM LEFT, Ken L. Harrison, John A. Urquhart, Robert A. Belfer, Norman P. Blake, Jr., Robert K. Jaedicke, Ronnie C. Chan, Jeffrey K. Skilling, Kenneth L. Lay and Wendy L. Gramm. Second Row, from left, Bruce G. Willison, John H. Duncan, Joe H. Foy, Charls E. Walker, John Wakeham, Jerome J. Meyer, Herbert S. Winokur, Jr. and Charles A LeMaistre.

• Robert A. Belfer, director and member of executive committee: Sold one million shares for $51 million.

Blind Faith: How Deregulation and Enron's Influence Over Government Looted Billions from Americans
http://www.apfn.org/ENRON/Blind_Faith.pdf

ROBERT A. BELFER, FOUNDER OF BELCO OIL & GAS CORP., ELECTED 
CHAIRPERSON OF ALBERT EINSTEIN COLLEGE OF MEDICINE’S BOARD OF OVERSEERS

October 25, 2000 -- -- (BRONX,NY) -- Robert A. Belfer, founder of Belco Oil and Gas Corp., has been elected chairperson of the Board of Overseers of the Albert Einstein College of Medicine of   Yeshiva University. 

Mr. Belfer succeeds Burton P. Resnick, the New York real estate developer, who served as chairperson of the Einstein Board for the past 19 years. Mr. Resnick continues on the Board as chairperson emeritus.

A member of the Einstein Board since 1973, Mr. Belfer has held several leadership positions including Board treasurer and chairperson of the Budget and Finance Committee.  Mr. Belfer and his wife, Renée—also a member of the Einstein Board—have established a professorial chair in developmental biology at the College of Medicine.

Mr. Belfer is a graduate of Columbia University and the Harvard Law School. After completing law school, he joined the Belco Petroleum Corp., a Fortune 500 company. He was elected president in 1960 and was named chairman in 1985. This company subsequently merged into Enron Corp. Seven years later, in 1992, he founded Belco Oil and Gas Corp., a major independent producer of domestic oil and gas that is listed on the New York Stock Exchange.  He also serves on the Board of Enron Corp., a leading electricity, natural gas, and communications company.

He is a member of the Visiting Committee of the John F. Kennedy School of Government at Harvard University. He serves on the boards of Weill Medical College of Cornell University, Weizmann Institute of Science, and the American Jewish Committee. He is the recipient of an honorary degree from Yeshiva University.

Mr. Belfer and his wife are deeply involved in promoting better health and enhancing cultural life. Mrs. Belfer is a member of both the Board of Directors of Einstein’s National Women’s Division and the executive committee of its New York Chapter.

Mr. and Mrs. Belfer have supported major cancer research projects at Memorial Sloan Kettering Cancer Center in New York City and the Dana Farber Cancer Institute in Boston. They established the Belfer Center for Science and International Affairs at Harvard’s Kennedy School of Government, and also named the Robert and Renée Belfer Court for early Greek art at the Metropolitan Museum of Art where Mrs. Belfer is a trustee. She is also a trustee of Lincoln Center for the Performing Arts and of the American Friends of the Israel Museum.

Mr. and Mrs. Belfer have three children, Rachelle Malkin, Laurence, and Elizabeth, and four grandsons.

Albert Einstein College of Medicine of Yeshiva University is one of the leading centers for biomedical research and education in the United States. Its research strengths include cancer, heart disease, diabetes, liver diseases, immunology, neuroscience, and molecular genetics, among others. It is among the most selective medical schools in the nation; approximately 7,500 applicants vied for the 180 places in its entering class this year. Einstein’s hospital affiliates include Montefiore Medical Center, The University Hospital for the Albert Einstein College of Medicine; Beth Israel Medical Center, University Hospital and Manhattan Campus for the Albert Einstein College of Medicine; Long Island Jewish Medical Center, University Hospital and Long Island Campus for the Albert Einstein College of Medicine;  Jacobi Medical Center and Bronx Lebanon Hospital Center.

http://www.aecom.yu.edu/home/news/belfer.htm

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HARVARD'S The Robert and Renée Belfer Center for Science and International Affairs
 

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$7.5 Million Gift from Belfers Will Refurbish Center for Science and International Affairs ( TO HARVARD UNIVERSITY)

A generous gift from Renée E. and Robert A. Belfer, JD '58, to the Kennedy School of Government will greatly enhance Harvard's capacity to find and promote solutions to problems facing the international community.

The $7.5 million gift will re-endow and refurbish the Center for Science and International Affairs, which was established two decades ago. The expanded Center will be named for the Belfers to honor their commitment to Harvard and to international security issues.

http://www.news.harvard.edu/gazette/1997/05.08/75MillionGiftfr.html

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Belfer elected chairperson, AECOM's Board of Overseers


Robert A. Belfer, founder of Belco Oil and Gas Corp., has been elected chairperson of the Board of Overseers of the Albert Einstein College of Medicine.

Mr. Belfer succeeds Burton P. Resnick, the New York real estate developer, who served as chairperson of the Einstein Board for the past 19 years. Mr. Resnick continues as chairperson emeritus and chairman of the YU Board of Trustees Executive Committee.

A member of the Einstein Board since 1973, Mr. Belfer has held several leadership positions including Board treasurer and chairperson of the Budget and Finance Committee. Mr. Belfer and his wife, RenŽe-also a member of the Einstein Board-have established a professorial chair in developmental biology at the College of Medicine. The Belfer family has a long connection with YU-the tallest building on the Main Campus is named Belfer Hall.

Mr. Belfer is a graduate of Columbia University and Harvard Law School. After completing law school, he joined the Belco Petroleum Corp., a Fortune 500 company. He was elected president in 1960 and was named chairman in 1985. This company subsequently merged into Enron Corp. Seven years later, in 1992, he founded Belco Oil and Gas Corp., a major independent producer of domestic oil and gas that is listed on the New York Stock Exchange. He also serves on the Board of the Enron Corp., a leading electricity, natural gas, and communications company.

He is a member of the Visiting Committee of the John F. Kennedy School of Government at Harvard University. He serves on the boards of Weill Medical College of Cornell University, Weizmann Institute of Science, and the American Jewish Committee. He is the recipient of an honorary degree from Yeshiva University.

Mr. Belfer and his wife are deeply involved in promoting better health and enhancing cultural life. Mrs. Belfer is a member of both the Board of Directors of Einstein's National Women's Division and the executive committee of its New York chapter.

Mr. and Mrs. Belfer have supported major cancer research projects at Memorial Sloan Kettering Cancer Center in New York City and the Dana Farber Cancer Institute in Boston. They established the Belfer

Center for Science and International Affairs at Harvard's Kennedy School of Government, and also named the Robert and RenŽe Belfer Court for early Greek art at the Metropolitan Museum of Art, where Mrs. Belfer is a trustee. She is also a trustee of Lincoln Center for the Performing Arts and of the American Friends of the Israel Museum.

Mr. and Mrs. Belfer have three children, Rachelle Malkin, Laurence, and Elizabeth, and four grandsons.
http://www.yu.edu/news/yutoday/nov00/belfer.html

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Enron Corp.—Robert A. Belfer, 64, chairman and CEO of Belco Oil & Gas Corp.; Norman P. Blake, Jr., 58, CEO and secretary general of the United States Olympic Committee; Ronnie C. Chan, 50, chairman of Hang Lung Development Ltd.; John H. Duncan, 72, private investor; Wendy L. Gramm, 55, director of the Regulatory Studies Program of the Mercatus Center at George Mason University; Ken L. Harrison, 57, chairman of the board and CEO of Portland General Electric Co.; Robert K. Jaedicke, 71, professor emeritus of Accounting at the Stanford University Graduate School of Business; Kenneth L. Lay, 57, chairman of the board and CEO; Charles A. Lemaistre, 76, president emeritus of the University of Texas M.D. Anderson Cancer Center; Rebecca Mark-Jusbasche, 45, former chairman and CEO of Azurix Corp.; John Mendelsohn, 63, president of the University of Texas M.D. Anderson Cancer Center; Jerome J. Meyer, 62, chairman and CEO of Tektronix; Paulo V. Ferraz Pereira, 45, president and COO of Meridional Financial Group; Frank Savage, 61, chairman of Alliance Capital Management International; Jeffrey K. Skilling, 46, president and COO; John A. Urquhart, 71, senior advisor to the Chairman; John Wakeham, 67, retired former U.K. secretary of state for Energy; Herbert S. Winokur, 56, chairman and CEO of Capricorn Holdings.

 

John A. Urquhart Associates Fairfield, Connecticut. Frank G. Wisner:
American International Group, Inc. New York, New York. ...

http://www.aucegypt.edu/auc/trustees_board/board/board.html

Top Individual Stock Holders

BELFER, ROBERT A., 1.18% (PRX 03-21-2000) Common Stock
BELFER, ROBERT A., 17.02% (PRX 03-21-2000) Preferred Convertible Stock
Office Address: Belco Petro. Corp. 67 5th Ave., 46th Fl. New York, New York 10153-0002
Age: 64
Director since 1983 Mr. Belfer's principal occupation is Chairman and Chief Executive Officer of Belco Oil & Gas Corp., a company formed in 1992. Prior to his resignation in April, 1986 from Belco Petroleum Corporation ("BPC"), a wholly owned subsidiary of Enron, Mr. Belfer served as President and then Chairman of BPC. (Proxy Statement, March 21, 2000)

RUBEN, LAWRENCE, JR., ET AL, 1.43% (PRX 03-21-2000) Common Stock
RUBEN, LAWRENCE, JR., ET AL, 22.06% (PRX 03-21-2000) Preferred Convertible Stock
Married to Selma Belfer (see above)
Office Address: 600 Madison Ave, New York, NY, 10022-1615

U.S.News Nation & World 2/18/02 'Conflicts come back to bite' How an Enron director helped fund a deal that started the death spiral BY CHRISTOPHER H. SCHMITT Whether because of investment, consulting, or other business ties to Enron Corp., the outside directors of the failed energy giant have come under withering fire for being too close to the firm they were supposed to oversee. Now, there is surprising new fallout from those relationships: A company controlled by an Enron director, U.S. News has learned, was a key source of funds for the venture that kicked off Enron's chain of financial trickery. Congress continued the Enron ground war last week, chiefly in a House hearing that featured good theater but shed little light on the company's collapse. Former Enron chief executive Jeffrey Skilling confidently asserted he knew of nothing improper in the company's questionable deals and had no idea Enron was in danger of failing when he quit last summer. That didn't budge the ill-concealed skepticism of members of the House energy committee's investigations subcommittee, who also heard two other Enron executives say they repeatedly tried to warn Skil-ling about trouble. Four other current or former executives claimed their Fifth Amendment right against self-incrimination. Attention also focused last week on the role of Enron's board of directors. Corporate critics have long maintained that directors should not have other connections to the companies under their control. The latest link, between Enron and director Robert Belfer, offers a vivid demonstration of the consequences of such coziness. It also suggests that contrary to public statements, Enron's directors could have been involved with the actual workings of the company's troubled partnerships. "[It's] just wrong in so many different ways," says Nell Minow, a longtime shareholder advocate. Like everything else about Enron, the connection between Belfer and the troubled Enron venture is roundabout, but the essentials are these: In 1997, Enron formed a partnership called Chewco Investments. Named after the woolly Star Wars character, the partnership is believed to be the first time that Enron executives schemed to inflate earnings and keep huge amounts of debt off the company's books. Chewco has been blamed for overstating Enron's profits by $405 million and understating debt of $2.6 billion. Chewco's role was to make a $383 million deal involving a partnership between Enron and the mammoth California Public Employees' Retirement System, or CalPERS. But shortly before Chewco got off the ground, a hitch developed. Barclays Bank, the big English financial concern, was poised to lend $240 million to Chewco. But as the deal was wrapping up, Barclays balked, insisting on special reserves to protect its investment. Badly needing Barclays to stay with the deal, Chewco agreed to pony up $6.6 million. That's where Belfer comes in. In October 1997, his company, Belco Oil & Gas Corp., agreed to buy Coda Energy Inc., a Dallas oil and natural gas firm, from the Enron-CalPERS partnership, of which an Enron affiliate was the lead partner. After the sale, the partnership, called JEDI (for Joint Energy Development Investment), solved Chewco's problem with Barclays. Using money received from Belfer's company, JEDI forked over $16.6 million to Chewco, and it was a chunk of those funds that Chewco used to fund the reserves needed to put itself in business. Phantom profits. The millions Enron and JEDI received from Belfer's company also figure in another major strand of the scandal: Enron's bogus boosting of its earnings. According to an investigation by an Enron board, Chewco paid questionable fees to Enron so that Enron–under strong pressure from Wall Street to keep its earnings rolling–could feed those fees into its profit calculations. As with the money used to launch Chewco initially, the source for at least $7 million of those dubious fees was the proceeds from Belco's purchase of Coda Energy. One key question raised by the Coda deal is whether anyone on either side–Belco or Enron–knew whether the sale proceeds would be channeled into getting Chewco running or later pumping up Enron earnings. Attorneys for Belfer acknowledge the flow of funds but say Belfer knew nothing in advance. An Enron spokesman did not respond to a request for comment. But outside observers were astonished to learn of the sequence. Patrick McGurn, vice president at Institutional Shareholder Services, says the maneuvers could be "a foot in the door" showing that Enron directors were involved in the actual workings of Enron's partnerships, rather than simply having passively approved them. "The conflicts," he says, "come back to bite you."