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:
“Some men have a necessity to be mean, as if they were exercising a faculty which they had to partially neglect since early childhood.”
—F. Scott Fitzgerald (1896–1940)
“The problem, thus, is not whether or not women are to combine marriage and motherhood with work or career but how they are to do so—concomitantly in a two-role continuous pattern or sequentially in a pattern involving job or career discontinuities.”
—Jessie Bernard (20th century)