Wednesday, July 3, 2013

Haslam 4 Billion Debt is BIG What's Bigger is ENRON Had the Same Players. Wonder if That's HOW Reid Weingarten Got to Be the Companies Investigator?

The Pilot Flying J Chart "Most Likely" Looks Like ENRON's

Someone should make one... you'll find "some" of the same players and companies...
Pilot Flying J has a "Product" but it's one that's not specialized.  Gas stations have "low margins"
The Books are NOT open for viewing ....   Even after Jimmy's brother became governor.  I was told the connections exist.  It's like playing "where's waldo"-Except were looking for the SMOKING GUN

"The company's debt nearly doubled to $4 billion in a two-year period through last year, as its owners paid themselves two payments totaling $1.7 billion from it, according to Moody's."  Terry Pluto of the Cleveland Plain Dealer via the Wall Street Journal

"Despite his company's financial issues, Haslam doesn't seem to believe that he will be crippled by the debt, reportedly claiming that the debt can be paid down quickly. ...." The Bleacher Report

After reading an article last night from Terry Pluto saying the Pilot was NOT officially downgraded I asked ask an expert and learned that Pluto was correct to clarify BUT the announcement about the monitoring of Pilot is basically in the eyes the "the street" a downgrade.  By not having it be official it give the rich more time to "cash in their chips" in the case of Pilot it's not traded on the market so that seems somewhat irrelevant.  It was stated that many people are millionaires and some like the Haslams billionaires "on paper" but Cash is King and if you ain't got access to cash.... your wealth is "fiction".

I was told that ENRON is a "model" that was being used by SEVERAL companies that were abusing the Bonds....A LOT of Tennessee companies are doing this and they share the same bond attorneys.     Executives at these big companies know when to "cash out" thus leaving Average American 401k owners holding the debt.   

Look at this Haslam has the SAME Lawyer as ENRON people.....  

Coincidence?  My personal opinion is YES-  There's a connection....  These guys are SMART.   

Another NFL Team has ownership in an energy company too..   I was told that in the NFL vetting process that part of the process is "How  can this guy help me" ....  The NFL owners have a system of scratching each others back.  .....   I'm getting something confirmed but if you curious look at the "assists" of ALL the owners.  Make a chart and connect the dots.    See what banks they use.  See what government (taxpayer funded) grants they got.  You'll see that they "play the system" actually maybe they CONTROL the system.  

Causes of downfall of Enron (from Wiki)

Enron's complex financial statements were confusing to shareholders and analysts.[12][13] In addition, its complex business model and unethical practices required that the company use accounting limitations to misrepresent earnings and modify the balance sheet to indicate favorable performance.[14] According to McLean and Elkind in their book The Smartest Guys in the Room, "The Enron scandal grew out of a steady accumulation of habits and values and actions that began years before and finally spiraled out of control."[15] In an article by James Bodurtha, Jr., he argues that from 1997 until its demise, "the primary motivations for Enron's accounting and financial transactions seem to have been to keep reported income and reported cash flow up, asset values inflated, and liabilities off the books."[16]
The combination of these issues later resulted in the bankruptcy of the company, and the majority of them were perpetuated by the indirect knowledge or direct actions of Lay, Jeffrey SkillingAndrew Fastow, and other executives. Lay served as the chairman of the company in its last few years, and approved of the actions of Skilling and Fastow although he did not always inquire about the details. Skilling constantly focused on meeting Wall Street expectations, advocated the use of mark-to-market accounting (accounting based on market value, which was then inflated) and pressured Enron executives to find new ways to hide its debt. Fastow and other executives "...created off-balance-sheet vehicles, complex financing structures, and deals so bewildering that few people could understand them."[15]

Recently an accountant from Deloitte told me that NISSAN had "another" cash flow problem- guess they ran out of Dept. of Energy loan $$$.   Some of that is happily in off shore accounts.  I was told that "faux consultants" were used.  I really hope the FBI is looking into that?  Maybe I'll email some Treasury lawyers today.  Anyway NISSAN's recent profits were "accountant driven" and not real "Just readjusting balance sheets.."   I sure hope someone is looking into that especially since Carlos Ghosn the CEO just got the BIGGEST paycheck for a CEO in Japan.

"Gov. Bill Haslam says he is unconcerned that a company seeking coal mining rights on public land in Tennessee is managed by a board member of Pilot Flying J, the truck stop chain owned by the Haslam family.  ......  Hillsborough Resources, a subsidiary of the Vitol Group,...... The president and CEO of Vitol’s North and South American operations, Mike Loya, serves on the Pilot board.
Haslam, who owns an undisclosed stake in Pilot, told .... The governor shrugged off questions about the multiple connections between the coal company and Pilot. “That’s just how life works a lot of time,” Haslam said. “Look, there’s a whole lot of lobbyists who represent a whole lot of different people. ....“There’s just a lot of people who have overlapping interests,” he said.....Tom Ingram, a close adviser to both the governor and Pilot, faces a hearing by the Tennessee Ethics Commission over his failure to register as a lobbyist on behalf of Hillsborough..."

From Wiki

Enron was formed in 1985 by Kenneth Lay after merging Houston Natural Gas and InterNorth. Several years later, when Jeffrey Skilling was hired, he developed a staff of executives that, by the use of accounting loopholes, special purpose entities, and poor financial reporting, were able to hide billions of dollars in debt from failed deals and projects. Chief Financial Officer Andrew Fastow and other executives not only misled Enron's board of directors and audit committee on high-risk accounting practices, but also pressured Andersen to ignore the issues.

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