Geronimo,
Funny you should mention that....
My firm handled Enron's retirement accounts during the debacle.
Towards the end-- before the blow-up, we were fired with no real reason or explaination. Another firm was given the accounts.
Only later did we see why we were fired....
You see, during a period where a retirement plan is being TOA'd (Transfer of Accounts), Enron had a provision where employees could not sell stock or take money out.
They fired us and moved the accounts as a desperate measure to prevent the employees from selling and getting out of company stock.
I didn't work in our retirement division-- I was in Pinnacle Trading, but I could see the freezes on the accounts.
Another ironic thing. MY division got one of the execs caught.
One exec who knew that the blow-up was imminent sold a massive amount of Naked Call Options in one of his private accounts. This brought in approximately 3 million dollars cash. When you sell naked call options it means that you are hoping the stock goes DOWN. If it goes up, you have to cover a massive loss. If it goes down to zero, you make a 100% profit and keep all the premiums you recieved.
He then transfered the 3 million in call option premiums into an account in his wife's name. This was then wired to an account outside of the United States.
A Pinnacle broker on my team saw the massive wire out (which isn't all that unusual for our clients, but we knew that she was an Enron exec's wife.) Since it was going out of the country, the joke was that she was getting out of dodge and leaving the guy. Curiosity caused him to see where the funds came from and he discovered the chain of funds.
A quick call to our wire department had the wire halted and reversed. The concern at this point was funds from an open naked option sale was leaving not only the firm, but the USA. This could have exposed my firm to liability.
As it turns out, this exec was arrested later.
Crazy times, Crazy times.
I still get mad when I think of Enron.
-- John