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NEWS RELEASE
COMMITTEE ON ENERGY AND COMMERCE DEMOCRATS
Congressman John D. Dingell, Ranking Member


For Immediate Release
November 29, 2001

Contact: Laura Sheehan
202-225-3641


Statement of Congressman John D. Dingell on Enron

"Enron went from the number seven company on the Fortune 500 to a penny stock in a stunning three weeks because it apparently lied for years in its financial statements. Where was the SEC? Where was FASB? Where was Enron’s audit committee? Where were the accountants? Where were the lawyers? Where were the investment bankers? Where were the analysts? Where were the institutional investors? Where was common sense? These are a few of the questions I intend to pose to the appropriate suspects over the next few weeks.

"This problem is not limited to Enron. There are likely other ticking time bombs out there with smoke-and-mirror earnings. Our accounting and auditing system and its oversight are seriously broken and need immediate reform."


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Prepared by the Committee on Energy and Commerce
2125 Rayburn House Office Building, Washington, DC 20515