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 Late 2000: Trouble brewing
 Enron continues to expand but problems loom

By the summer, Enron's shares had hit an all time high of more than $90. But there was also controversy.

California was suffering an energy crisis, blamed by many on its poor handling of deregulation.

Some claimed Enron had profiteered by buying futures in electricity supplies and passing them on at higher costs. Enron dismissed the allegation saying it was merely the market-maker.

Enron's 2000 annual report reported global revenues of $100bn. Income had risen by 40% in three years.

In reality, real revenue would have been far lower had it not been for the special partnerships established by chief finance officer Andrew Fastow.

Enron's growth was increasingly dependent on these accounting tools. Enron made investments and then shifted the debt off its books to theoretically independent partnerships, in return for potential income that provided a buffer against future losses.

Meanwhile, Enron kept up it political donations. Chief among the individual donors was Kenneth Lay himself.

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