ENRON'S Rebecca P. Mark-Jusbasche
Rebecca Mark-Jusbasche has held major leadership positions with one of the world's largest corporations. She was chairman and CEO of Azurix from 1998 to 2000. Prior to that time, she joined Enron Corp. in 1982, became executive vice president of Enron Power Corp. in 1986, chairman and CEO of Enron Development Corp. in 1991, chairman and CEO of Enron International in 1996 and vice chairman of Enron Corp. in 1998. She was named to Fortune's "50 Most Powerful Women in American Business" in 1998 and 1999 and Independent Energy Executive of the Year in 1994. She serves on a number of boards and is a member of the Young President's Organization.
She is a graduate of Baylor University and Harvard University. She is married and has two children.
Rebecca P. Mark, vice chairwoman and director: Sold 1.4 million shares for $79.5 million.
Enrons Dirty Laundry
Thu Mar 7 22:18:40 2002
Enrons Dirty Laundry
Enron executive Rebecca Mark, pictured here at a
1998 company Christmas party
March 11 issue The U.S. Senators seemed a little
taken aback by the gall of the star witness. Hauled
before a congressional committee last week,
former Enron CEO Jeffrey Skilling not only
declined to take the Fifth, he seemed unrepentant,
unbowed, at times defiant. He insisted he had
never lied. Enrons problems were all someone
GO HERE FOR THE FULL STORY:
SCANDAL JUNKIES, who had been looking forward to a
showdown between Skilling and Enron whistle-blower Sherron
Watkins, were disappointed. Even though she sat but a few
feet from her old boss, Watkins did not even make eye contact
with Skilling. Somehow Skilling emerged from five hours of
skeptical questioning appearing just as cocky as ever.
Watching the spectacle from the privacy of her palatial home
in Houston, former high-ranking Enron executive Rebecca
Mark felt a mix of emotions. She was amused by the theatrics
of the confrontation, appreciative of Skillings contempt for
showboat politicians and miffed at his continuing criticisms of
her division, Enron International. Overall, the businesses that
EI was running were profitable from its earliest days in 1993
until I left the company in mid-2000, Mark told
NEWSWEEK. But she was not surprised at Skillings sheer
bravado, his ability to intimidate.
Is The Boss Dumping Stock?
For much of the 1990s, as Enron had soared from
obscure utility company to Empire of the New Economy, Mark
had been Skillings chief rival. As one of Enrons rising stars,
she had been named twice as one of the 50 most powerful
businesswomen in America by For-tune magazine. Her
reputation as a hard-driving dealmaker was known to heads of
state and corporate CEOs all over the world. But within the
vicious, Darwinian jungle of Enron, she had been quietly
devoured by her nemesis Skilling. In Marks view, she had
been bad-mouthed by him, undercut by him and ultimately
outmaneuvered by him. According to the companys feverish
gossip mill, she had even been romanced by him. I wont even
dignify that with a response, Mark says. A spokeswoman for
Skilling says the rumors are absolutely, positively, completely
If Mark had taken a bitter pleasure in Skillings current
woesthe congressional grilling, the mounting lawsuits, the
inevitable criminal investigationno one would have blamed
her. And yet she was not altogether happy to be out of the
game. Sure, she had sold her stock when it was still worth $56
million, and she still owns her ski house in Taos. Her battle
with Skilling, however, had been a wild, exhilarating ride.
TIME TABLE AND THE REST OF THE STORY:
Review & Forecast xiii/i
By Joel McCormick, AsiaWise
13 Jan 2002 23:25 (GMT +08:00)
Enron in India
How ironic that Taliban terrorists, to use their pretrial moniker, are being taken from the windswept barrens of Central Asia to the U.S. Naval base in semitropical Guantanamo Bay. Cuba, of course, was once the playground of American gambling, agribusiness and banking syndicates who backed the rule of fascist monster Fulgencio Baptista, speaking of terrorists. It was also where President John F. Kennedy's CIA-trained assassins bumbled the Bay of Pigs invasion aimed at bringing down Fidel Castro.
As fate would have it, the transportation program was announced as more Enron slime puked volcanically to the surface. Using long sticks (and nose plugs), students of corporate governance are now poking through the detritus and isolating sample specie of cronyism, record-destroying chicanery (courtesy of auditors Andersen motto: "We invented the data warehouse"), insider trading and assorted other vices America likes to lecture other countries about.
It looks like perpetrators of dirty, corrupt, scheming Indonesia's Asia Pulp and Paper (APP) scam can put their feet up for a while. There are bigger fish to fry right there in the Holy See of corporate correctness.
While Enron employees were prevented by the rules from unloading shares as prices were sliding to the bottom, chairman Kenneth Lay managed to clear his back shed of $30 million worth. Another executive, the New York Times reported Saturday, sold shares valued at over $350 million. Altogether, 29 executives made $1.1 billion while Enron was sliding into the sea, taking thousands of pension plans with it. It will be amazing in gun-toting America if Lay and his greedy cohorts escape for very long with their lives.
Rebecca P. Mark-Jusbasche, now listed as a director, bagged nearly $80 million for her 1.4 million shares. Rebecca was just Rebecca P. Mark without the hyphenated flourish in 1995, though I shouldn't say "just" because she was also Enron's CEO at the time, busily trying to smooth huge wrinkles in the unraveling Dabhol power project outside Bombay. That deal, projected to run to $40 billion and said to be the biggest civilian deal ever written in India, hinged on a power purchase agreement between the Maharashtra State Electricity Board (MSEB) and Enron's Dabhol Power Corp. (a JV led with project manager Bechtel and generator supplier GE).
There had been a lot of foot-dragging on the Indian side and Becky was there to light a fire. A memorandum of understanding between Enron and the MSEB had been signed in June '92 only two weeks, as it happened, before the World Bank said it couldn't back the project because it would make for hugely expensive electricity and didn't make sense.
According to the state chief minister's account given two years later, the phase-one $910 million 695 MW plant was to run on imported distillate oil till liquefied natural gas became available. By the time the phase-two $1.9 billion 1320 MW plant was to be commissioned, all electricity would be generated by burning LNG a very sore point with World Bank and other critics, given the availability of much cheaper coal.
In the event, by December '93, the power purchase agreement was signed, but with an escape clause for MSEB to jump clear of the second, much bigger plant.
State and union governments in India came and went, and for every doubt that surfaced, two were assuaged long enough for Indian taxpayers to sink deeper into Enron's grip.
Soon they were bound up in agreements to go ahead with the second phase of the project -- which now promised electricity rates that would be twice those levied by Tata Power and other suppliers. Unusually for this kind of project, the state government, with Delhi acting as a back-up guarantor, backed not just project loans but actually guaranteed paying the monthly power bill forever -- all in U.S. dollars in the event the electricity board, DPC's sole customer, defaulted.
"The deal with Enron involves payments guaranteed by MSEB, Govt. of Maharashtra and Govt. of India, which border on the ridiculous," noted altindia.net on its Enron Saga pages. "The Republic of India has staked all its assets (including those abroad, save diplomatic and military) as surety for the payments due to Enron."
Former Chairman and CEO
Rebecca P. Mark , Chairman and CEO, Enron International
COUNCIL ON FOREIGN RELATIONS [cfr]
General Meeting , Washington, DC
Thursday , February 27 , 1997
" Business-Government Partnership in the Global Economy "
General Meeting , New York, NY
Thursday , October 3 , 1996
" India's New Government and Its Concerns "
WORKING IN A GLOBAL ECONOMY
Rebecca Mark, Chairman and CEO of Enron International
Rebecca P. Mark is Chairman and Chief Executive Officer of Houston-based Enron
International, the emerging markets arm of Enron Corporation. She is responsible for
Enron's project development activities, operating assets and joint venture management in
emerging markets and for Enron's interest in Enron Global Power and Pipelines L.L.C. Ms.
Mark holds a master's degree in International Business from Baylor University and an MBA
from Harvard University. Ms. Mark will challenge SWE members to develop the skills to
succeed in a global marketplace and the ambition and attitude to succeed in a
Houston 2012 Foundation Board
|George H. W. Bush||Former President of the United States|
|Hon. Lee P. Brown||City of Houston Mayor|
|Hon. Robert Eckels||Harris County Judge|
|Rebecca P. Mark||Vice-President|
ENRON PROMOTES JOSEPH SUTTON TO VICE CHAIRMAN
FOR IMMEDIATE RELEASE: Thursday, July 01, 1999
HOUSTON - Enron announced today that Joseph W. Sutton has been promoted to vice chairman of the company. Sutton will join Enrons office of the chairman, which includes Chairman and CEO Kenneth L. Lay and President and COO Jeffrey K. Skilling. Sutton, previously chairman and CEO of Enrons international business unit, will help oversee the day-to-day operations of Enrons business units.
Joe has done a tremendous job developing our international business, said Skilling. His promotion will facilitate the transfer of Enrons knowledge and skills across our energy and communications networks.
In related moves, Enron announced that Rebecca P. Mark, currently chairman and CEO of Azurix and formerly vice chairman of Enron, has been elected to Enrons Board of Directors. Mark will focus on leading Azurix, a global water company in which Enron holds a substantial interest. Also, Ken Harrison, formerly vice chairman of Enron, will focus on his joint responsibilities as chairman and CEO of Portland General Electric, Enrons electric utility subsidiary, and as non-executive chairman of Enrons growing communications business. Harrison will continue to serve on Enrons Board of Directors.
Rebecca and Ken have been very instrumental in building Enrons energy and communications networks. These moves will allow each of them to fully concentrate on their respective businesses, said Lay.
Sutton, a native of Pennsylvania, holds a bachelors degree in business from Ohio University and masters degrees from Indiana and Long Island Universities. He joined Enron in 1992 and was named chairman and CEO of Enron International in March 1999.
Mark, a native of Missouri, holds a bachelors degree in psychology and a masters degree in international management from Baylor University. In addition, Mark earned an MBA with distinction from Harvard University. She joined Enron in 1982 and led the successful IPO of Azurix in June 1999.
Harrison, a native of Texas, holds a bachelors degree in general science and a masters degree in psychology and sociology from Oregon State University. He joined Portland General Electric in 1975 and became its chairman and CEO in 1988.
WATER, WATER ALMOST EVERYWHERE TO GO PRIVATE?
Water may be the next big area for privatization in the U.S. Less than 15% (Moneyline Dec. 3) has been privatized so far. The Clinton administration announced $850 million to upgrade drinking water. Rebecca Mark, Vice-Chairman of Enron, who is creating a market for private investment, sees water (Nightly Business Report Dec. 4) as the next big thing. J. James Barr, President and CEO of American Water Works, was interviewed. Citizens care less about who hauls their trash and care more about their water. So far cities are generally reluctant to sell their crown jewel but privatization could save as much as 40%. Companies now include: American Water Works, Philadelphia Suburban, DQE's Aquasource, American States Water, Aquarion, California Water Services, E'Town and United Water Resources.
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