Early Career
While at Continental Illinois, Fastow worked on the newly emerging "asset-backed securities". The practice spread across the industry "because it provides an obvious advantage for a bank," noted the Chicago Tribune. "It moves assets off the bank's balance sheet while creating revenue." In 1984, Continental became the largest U.S. bank to fail in American history until the seizure of Washington Mutual in 2008.
Based on his work at Continental, Fastow was hired in 1990 by Jeffrey Skilling at the Enron Finance Corp. Fastow was named the Chief Financial Officer at Enron in 1998.
Read more about this topic: Andrew Fastow
Famous quotes containing the words early and/or career:
“Many a woman shudders ... at the terrible eclipse of those intellectual powers which in early life seemed prophetic of usefulness and happiness, hence the army of martyrs among our married and unmarried women who, not having cultivated a taste for science, art or literature, form a corps of nervous patients who make fortunes for agreeable physicians ...”
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