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Enron fires Causey and Buy
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February 14, 2002: 12:24 p.m. ET
Bankrupt energy trader ousts two officers in light of Powers report.
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NEW YORK (CNN/Money) - Enron Corp.'s board fired Chief Accounting Officer Richard Causey and Chief Risk Officer Richard Buy Thursday in light of findings revealed in a report from the company's independent directors.
Enron said it is continuing to review the allegations made in the Powers report, which is named for University of Texas Law School professor William Powers Jr., who headed the three-member panel.
The report, released earlier this month, said Enron's management spent considerable time and effort working to say as little as possible about the company's controversial partnerships to its shareholders
Enron also allegedly used off-the-book transactions to inflate profits and hide nearly $1 billion in debt. The transactions were allegedly instrumental in Enron's collapse and the energy trader filed the largest bankruptcy in United States history in December.
Both Buy and Causey refused to testify last week before a Congressional panel and asserted their Fifth Amendment right against self-incrimination. Enron Corp.'s ousted Chief Financial Officer Andrew Fastow also refused to testify.
Enron's ex-CEO and Chairman Kenneth Lay, who also refused to speak this week before two separate congressional panels, resigned last month as in light of the scandal.
Stephen Cooper, Enron's acting CEO and chief restructuring officer, said Thursday he is dedicated to restructuring the company.
"The new Enron and its board are committed to ensuring that communication within the company is open and free-flowing, particularly as to any matters of professional concern regarding Enron's business affairs," Cooper said.
The dismissal of Causey and Buy is effective immediately, the company said. 
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