Testimony of Frank Partnoy, Professor of Law, University of San Diego School of Law, Hearings before the United States Senate, Committee on Governmental Affairs, January 24, 2002: “Even after Enron restated its financial statements on November 8, 2001, it could have clarified its accounting treatment, consolidated its debts, and assured the various analysts that it was a viable entity. But it could not. Why not? This question leads me to the second explanation of Enron’s collapse: most of what Enron represented as its core businesses were not making money.”