Ex-Enron executives face new senate questioning

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(26 Feb 2002)
1. Wide shot Senate Commerce Committee
2. Cutaway of photographers
3. SOUNDBITE (English) Senator Bryon Dorgan, Chairman, Senate Commerce Committee
"I would like if we could have the three witnesses rise and raise your right hand and I will give you the oath."
4. UPSOUND Various of witnesses rising, taking oath and sitting down
5. Cutaway
6. SOUNDBITE (English) Sherron Watkins, Enron Vice President
"I fully expected Mr Lay to conduct a thorough investigation into my concerns and was disappointed that such was not the case. I was incredibly frustrated by Mr Lays actions or lack thereof. I believe that Enron had a brief window to salvage itself this past fall and we missed that opportunity because of Mr Lay's failure to recognise or accept that the company had manipulated its financial statements."
7. Wide shot of committee
8. SOUNDBITE (English) Jeffrey Skilling, Former Enron Chief Executive
"My dilemma like that of other innocents called before these committees is whether to take refuge in constitutional protections to avoid your questions or stand on the constitutional presumption of innocence to proclaim the truth. I am here and prepared to answer the committees questions as I have nothing to hide."
9. View from behind panel testifying
10. SOUNDBITE (English) Senator Bryon Dorgan, Chairman, Senate Commerce Committee
"Would you believe that the upper echelons of Enron would know what was happening with respect to the creation of these partnerships, including Mr Skilling, Mr MacMahon, Mr Lay and others? When you say common knowledge can you describe that for us?"
11. SOUNDBITE (English) Sherron Watkins, Enron Vice President
"Throughout the global finance group as well as the upper management I believe it was well understood that the Raptor entities were primarily backstopped with Enron stock. It wasn't a hidden fact. I do think some people thought it was some magic structure that was acceptable, but others that had some concerns about it kept their concerns mainly to themselves."
12. Medium shot of panel from side
13. Cutaway of Senators watching
14. Wide shot pan to television screen showing investors meeting in December 1999
15. Close up television screen woman reading question with Skilling in background "Should we invest all of our 401K in Enron stock? Absolutely?" (turns to Skilling) "Don't you quite agree?"
16. SOUNDBITE (English) Senator Barbara Boxer
"You agreed by laughing and shaking your head that employees should in fact invest their money in Enron. I think anyone seeing that would say that you were nodding in agreement. Why was it that you had begun unloading your stock pretty heavily before that date and yet led the employees to believe they should keep buying stock?"
17. SOUNDBITE (English) Jeffrey Skilling, Former Enron Chief Executive
"Senator, I have been a major shareholder in Enron Corp, I am currently a major shareholder in Enron Corp. Enron Corp has constituted maybe 90percent of my net worth the entire time I worked with the company. I was a strong believer in Enron Corp and you can take the video tape to mean what you want it to mean but I was a supporter of Enron Corp."
18. Wide shot back view of testifying panel
STORYLINE:
Former Enron chief executive Jeffrey Skilling has told senators he didn't lie to Congress when he testified that he was unaware of the U-S company's precarious financial position or that it was using a complex series of partnerships to hide debt.
At the witness table with their attorneys were Watkins, Skilling and Enron's current president and chief operating officer, Jeffrey McMahon.
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