Editing Enron (section)

=====1991=====
* Enron adopts [[mark-to-market accounting]] practices, reporting income and value of assets at their replacement cost.<ref name="fusaro" />
* [[Rebecca Mark]] becomes chairman and CEO of Enron Development Corp., a unit formed to pursue international markets.<ref name="mimi" />
* Andy Fastow forms the first of many off-balance-sheet partnerships for legitimate purposes. Later, off-balance-sheet partnerships and transactions will become a way for money-losing ventures to be concealed and income reporting to be accelerated.<ref name="fusaro" />{{efn| In September 1999, Fastow pitched a partnership between Enron and [[Merrill Lynch]] to provide $390 million in outside investments for the Fastow controlled private partnership known as the [[LJM (company)|LJM2 Co-Investment LP]].<ref>{{cite news |last=Johnson |first=Carrie |url=https://www.washingtonpost.com/archive/business/2002/07/31/enron-pact-troubled-merrill-employee/1e723c71-f746-46a8-a95c-9d4faaf1ac95/ |title=Enron Pact Troubled Merrill Employee |newspaper=[[Washington Post]] |date=July 31, 2001 |access-date=August 9, 2023 |archive-date=August 9, 2023 |archive-url=https://archive.today/20230809202316/https://www.washingtonpost.com/archive/business/2002/07/31/enron-pact-troubled-merrill-employee/1e723c71-f746-46a8-a95c-9d4faaf1ac95/}}</ref> The then Enron Treasurer Jeff McMahon would book a $12 million gain and meet its earnings target for 1999 with a $7 million investment from Merrill Lynch for a stake in three floating power generators off Nigeria. In July 2000, Merrill Lynch sold its stake in three floating power generators off Nigeria to the Fastow-controlled LJM2 to place the venture off the books.<ref>{{cite news |last=Ivanovich |first=David |url=https://www.chron.com/business/enron/article/early-on-exec-saw-enron-deal-as-risk-2063208.php |title=Early on, exec saw Enron deal as risk |work=[[Houston Chronicle]] |date=July 31, 2002 |access-date=August 9, 2023 |archive-date=August 9, 2023 |archive-url=https://archive.today/20230809202208/https://www.chron.com/business/enron/article/early-on-exec-saw-enron-deal-as-risk-2063208.php}}</ref> In August 2001, [[Sherron Watkins]] informed [[Ken Lay]] that the Fastow partnerships could cause Enron to "implode in a wave of accounting scandals." Lay requested that Watkins and Elizabeth A. Tilney, whose investment banker husband Schuyler Tilney is a managing director and head of the energy investment banking unit at Merill Lynch and a close personal friend of Andrew S. Fastow and his wife [[Lea Fastow|Lea]], develop a crisis management strategy.<ref name=NYT31072002>{{cite news |last=Barboza |first=David |url=https://www.nytimes.com/2002/07/31/business/corporate-conduct-close-links-merrill-banker-had-many-direct-ties-to-enron.html |title=CORPORATE CONDUCT: CLOSE LINKS; Merrill Banker Had Many Direct Ties to Enron |work=[[New York Times]] |date=July 31, 2002 |access-date=August 9, 2023 |archive-date=August 9, 2023 |archive-url=https://archive.today/20230809203009/https://www.nytimes.com/2002/07/31/business/corporate-conduct-close-links-merrill-banker-had-many-direct-ties-to-enron.html}}</ref> In 1993, Schuyler Tilney joined Merrill Lynch and previously he had been employed at [[Credit Suisse First Boston|CS First Boston]] during which CS First Boston invested heavily in the [[Boris Jordan|privatization of Russia]].<ref name=NYT31072002/><ref name=Bloomberg1995>{{cite news |last=Kranz |first=Patricia |url=https://www.bloomberg.com/news/articles/1995-05-21/boris-jordan-the-man-who-made-moscows-market |title=Boris Jordan: The man who made Moscow's Market |work=[[Businessweek]] |date=May 22, 1995 |access-date=August 9, 2023 |archive-date=June 6, 2021 |archive-url=https://archive.today/20210606010753/https://www.bloomberg.com/news/articles/1995-05-21/boris-jordan-the-man-who-made-moscows-market}}</ref><ref>{{cite news |last=Апраксин |first=Григорий (Apraksin, Grigory) |url=http://www.flb.ru/iw0023.html |title=Тихий американец или 5 российских скандалов из жизни Бориса Йордана |trans-title=The Quiet American or 5 Russian scandals from the life of Boris Jordan |language=ru |work=[[:ru:Агентство федеральных расследований|Free Lance Bureau]] (flb.ru) |date=December 29, 1999 |access-date=August 9, 2023 |archive-date=November 22, 2001 |archive-url=https://web.archive.org/web/20011122044058/http://www.flb.ru/iw0023.html}}</ref>}}