Footnote 8

determined what structures to form and which lenders to use. In cooperation with the BankDefendants, they also determined the terms and conditions of the transactions themselves.145. Together, Fastow, Causey, Glisan and McMahon were the architects of Enron’sdisclosure policy, and were responsible for how Enron’s financial statements disclosed the SPEtransactions. Their strategy – refined and implemented over a period of years – was one ofopaqueness, not transparency.146. Finally, Fastow, Glisan and McMahon were responsible for communicating with therating agencies. They knew that from at least 1997 on the rating agencies believed Enron’soperations and prospects were robust, and they knew rating agencies had formed those beliefs as aresult of the distorted and inaccurate financial information the Insiders had Enron report. John Diaz,a Managing Director at Moody’s, testified before Congress that Fastow, Glisan, and McMahon didnot deal truthfully with Moody’s.b. Causey and Maxey caused Enron to enter into improper taxtransactions.147. The Tax Group reported to Causey, Enron’s CAO. Maxey headed the StructuredTransactions Group within the Tax Group. Like Causey, Maxey is a certified public accountant.From at least 1997 through bankruptcy, Maxey was also a licensed attorney. Maxey was fired onJanuary 11, 2002, after he refused his superior’s request to detail, in writing, all tax transactions thatimplicated Enron’s assets. Immediately before he was fired, Maxey is alleged to have shreddeddocuments from his office.148. Causey was responsible for determining which tax transactions to begin and whichto complete. Maxey worked closely with BT/Deutsche Bank in designing, structuring and/orimplementing the tax transactions, which Causey then approved.604041v1/007457-34-