Magazine article American Banker

Analysts, Bankers to Testify on Enron

Magazine article American Banker

Analysts, Bankers to Testify on Enron

Article excerpt

Reconvening this week after a short break, Congress will remain focused on the policy issues raised by the bankruptcy of Enron Corp.

The Senate Governmental Affairs Committee has scheduled a hearing for Wednesday titled "The Watchdogs Didn't Bark: Enron and the Wall Street Analysts," on investment banking firms' coverage of the energy trader. The committee has invited equity analysts to testify, but the witnesses had not been announced Friday.

The House Energy and Commerce Committee, which is investigating the relationships between investment bankers and Enron executives, is expected to hold hearings next month. Bankers likely would be called as witnesses.

The House Financial Services Committee is planning hearings on matters raised by the Enron collapse. The panel will discuss a bill introduced on Feb. 13 by Chairman Michael G. Oxley that would, among other things, require public companies to provide more "real-time" information about their financials and establish stronger firewalls between auditors and their clients and a public oversight board for the accounting of publicly traded companies.

Separately, House Financial Services has scheduled a hearing for Wednesday to present the findings of a General Accounting Office study on the economic impact of insurers' canceling or significantly raising their rates for terrorism coverage.

The Senate Banking Committee has an "intense" hearing schedule through March on the accounting, corporate governance, and other issues raised by the Enron failure, Chairman Paul Sarbanes said in an address Thursday to a housing group. …

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