culture, politics, commentary, criticism

Friday, May 16, 2003
Lea Fastow: bad art buyer. Wife of disgraced Enron CFO Andrew Fastow made not only aesthetic mistakes but also economic ones when she became the company's $20 million-toting art guru, described at length

Now that an auction of Enron's precious objets d'art has taken place, the first of several planned to raise funds for its 23,000 creditors, we learn that a piece she bought for $590,000 switchesthree years ago sold earlier this week for $360,000, an investment return of –39%, still a much better return than her husband and Ken Lay were able to produce on Enron stock.

From the subscription-loving Wall Street Journal:
Bankrupt Enron Corp. raised nearly $1 million to pay creditors during an art auction that sold prized possessions such as Claes Oldenburg's pop sculpture "Soft Light Switches," which fetched $360,000.

A U.S. bankruptcy judge earlier this week authorized Phillips de Pury & Luxembourg, an international art auction house, to conduct the sale.

The five-lot collection had been expected to bring between $720,000 and $1.03 million, Enron spokeswoman Karen Denne said. In Thursday's auction, it raised $952,000 for Enron, including $135,000 for Jack Pierson's sculpture "Stardust" and $265,000 for Donald Judd's untitled minimalist sculpture of two boxes.

Enron creditors have filed 23,000 claims worth hundreds of billions of dollars.
If I owed you a few hundred thousand dollars, and managed to raise one dollar, how happy would you be? Proportionally, that's what the auction proceeds of $1 million will be to the creditors — nothing.

Phillips de Pury & Luxembourg, on the other hand, got commissions both ways — on the original sale and on the auction. Round trip trading in the art world mirrors that of the energy industry.

Greatest Hits · Alternatives to First Command Financial Planning · First Command, last resort, Part 3 · Part 2 · Part 1 · Stealing $50K from a widow: Wells Real Estate · Leo Wells, REITs and divine wealth · Sex-crazed Red State teenagers · What I hate: a manifesto · Spawn of Darleen Druyun · All-American high school sex party · Why is Ken Lay smiling? · Poppy's Enron birthday party · The Saudi money laundry and the president's uncle · The sentence of Enron's John Forney · The holiness of Neil Bush's marriage · The Silence of Cheney: a poem · South Park Christians · Capitalist against Bush: Warren Buffett · Fastow childen vs. Enron children · Give your prescription money to your old boss · Neil Bush, hard-working matchmaker · Republicans against fetuses and pregnant women · Emboldened Ken Lay · Faith-based jails · Please die for me so I can skip your funeral · A brief illustrated history of the Republican Party · Nancy Victory · Soldiers become accountants · Beware the Merrill Lynch mob · Darleen Druyun's $5.7 billion surprise · First responder funding · Hoovering the country · First Command fifty percent load · Ken Lay and the Atkins diet · Halliburton WMD · Leave no CEO behind · August in Crawford · Elaine Pagels · Profitable slave labor at Halliburton · Tom Hanks + Mujahideen · Sharon & Neilsie Bush · One weekend a month, or eternity · Is the US pumping Iraqi oil to Kuwait? · Cheney's war · Seth Glickenhaus: Capitalist against Bush · Martha's blow job · Mark Belnick: Tyco Catholic nut · Cheney's deferred Halliburton compensation · Jeb sucks sugar cane · Poindexter & LifeLog · American Family Association panic · Riley Bechtel and the crony economy · The Book of Sharon (Bush) · The Art of Enron · Plunder convention · Waiting in Kuwait: Jay Garner · What's an Army private worth? · Barbara Bodine, Queen of Baghdad · Sneaky bastards at Halliburton · Golf course and barbecue military strategy · Enron at large · Recent astroturf · Cracker Chic 2 · No business like war business · Big Brother · Martha Stewart vs. Thomas White · Roger Kimball, disappointed Republican poetry fan · Cheney, Lay, Afghanistan · Terry Lynn Barton, crimes of burning · Feasting at the Cheney trough · Who would Jesus indict? · Return of the Carlyle Group · Duct tape is for little people · GOP and bad medicine · Sears Tower vs Mt Rushmore · Scared Christians · Crooked playing field · John O'Neill: The man who knew · Back to the top

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