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CNN BREAKING NEWS

Report Commissioned by Enron Board Released

Aired February 2, 2002 - 17:31   ET

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.


THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
FREDRICKA WHITFIELD, CNN ANCHOR: Breaking news on the Enron story tonight: The release of the so-called Powers report, a report commissioned by the Enron board and conducted by outside investigators. The report concludes that Enron's management, quote: "Spent considerable time and effort working to say as little as possible about those controversial partnerships that hid Enron's debt and inflated its assets." The revelations of those partnerships led to Enron's financial collapse last fall.

The report also says that the effort to say so little, combined with the importance of the partnerships, should have, quote, "raised red flags for senior management, as well as for Enron outside auditors and lawyers," end quote.

So at first look, an indictment of many of those responsible for making sure Enron's financial statements are accurate.

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