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Enron on the resume is a plus!
UT fund employs ex-Enron executive
Risk manager was not part of firm's scandal, her new boss says
by Sharon Jayson
AMERICAN-STATESMAN STAFF
Wednesday, April 23, 2003
A former Enron Corp. vice president who developed pricing and risk models for the bankrupt company will oversee risk for the University of Texas System's more than $13 billion in investment assets.
Andrea Vail Reed, 45, will start May 1 as risk manager for the University of Texas Investment Management Co.. Her salary will be $200,000.
UTIMCO manages a college endowment that ranks third in the nation in value, behind Harvard and Yale universities. Reed was a top official at Enron for eight years until she became one of thousands of workers who lost their jobs when the energy giant collapsed in 2001. Since then, she has worked at Rice University as an associate treasurer and portfolio risk manager.
Bob Boldt, UTIMCO's president and chief investment officer, said he is not worried about her Enron background.
"We were extra careful to look at Andrea's record at Enron," Boldt said. "We convinced ourselves there was no taint, if you want to call it that, because of what happened at Enron."
The energy giant's collapse highlighted company officials' use of accounting tricks to shield its losses and inflate profits.
Former Chief Financial Officer Andrew Fastow has pleaded not guilty to 78 counts of fraud and money laundering. Former CEO Kenneth Lay has not been charged.
Reed called her Enron layoff "pretty harrowing" and said she hopes she is not judged by her tenure at Enron.
"I think the experience is very useful, and I certainly hope the fact that I worked at Enron doesn't make me a bad person," she said.
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