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Congressional Report Condemns Enron

A U.S. Congressional report released Sunday concludes Enron's board of directors may have ignored irregular accounting practices that helped contribute to the biggest corporate bankruptcy in U.S. history.

The Senate Permanent Subcommittee on Investigations issued the report. The 60 page document concludes Enron board members were paid lavish compensation, but did little or nothing about accounting practices that helped bring about Enron's financial failure.

The report alleges board members had numerous indications of conflict-of-interest transactions and undisclosed off the books activity by Enron management and auditors.

In an appearance on the NBC television program Meet the Press, Louisiana Congressman Billy Tauzin remembers appearances by Enron board members before his committee investigating the Enron debacle. "It was embarrassing," he said. "To hear from the head of the audit committee and the head of the finance committee of Enron that they had no knowledge of what Mr. Skilling was doing, of what Mr. Fastow was doing, … that they took everything at their word, that they never looked behind the numbers, that they never questioned any of these transactions."

Attorneys for members of the Enron board say the company's management and outside auditors misled the board.