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:
“All of Western tradition, from the late bloom of the British Empire right through the early doom of Vietnam, dictates that you do something spectacular and irreversible whenever you find yourself in or whenever you impose yourself upon a wholly unfamiliar situation belonging to somebody else. Frequently it’s your soul or your honor or your manhood, or democracy itself, at stake.”
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“I seemed intent on making it as difficult for myself as possible to pursue my “male” career goal. I not only procrastinated endlessly, submitting my medical school application at the very last minute, but continued to crave a conventional female role even as I moved ahead with my “male” pursuits.”
—Margaret S. Mahler (1897–1985)