Permission to Steal
Revealing the Roots of Corporate Scandal

By: Lisa H. Newton

Enron and Other Scandals: A Partial Chronology of News and Opinion

1999: Jan-Feb: David Korten, “The Difference Between Money and Wealth: How Out-of-control speculation is destroying real wealth,” p. 4

2002: January 28: Michael Duffy, “What Did They Know and When Did They Know It?” Meet Sherron Watkins, who sounded the alarm on Enron long before its collapse. TIME pp. 16-22.

2002: March 1: “Enron Officials Received Millions in Bonuses in 2001: Large payouts when profits were questionable,” A1, C6.

2002: March 1: Richard A. Oppel Jr. and Kurt Eichenwald, “House Panel Voices Doubts on Skilling: Letter Questions Truth of Official’s Testimony,” C1, 6.

2002: March 5: Corey Kilgannon, “Coincidences From a Case 15 Years Old: Oil Trading Fraud By 2 Top Executives,” NYT C4. Seems that Louis Borget and Thomas Mastroeni, both execs with the Enron Oil Company, an Enron subsidiary, were investigated for setting up fake offshore companies to disguise trades and falsified records to conceal them from company officials in Houston.

2002: March 5: David Leonhardt, “For Executives, Nest Egg Is Wrapped in a Security Blanket: Unlike many managers, most workers have seen their pensions decline.” C1, C4. Details of pension arrangements for executives that are insured, so as not to be subject to the pension hazards of workers.

2002: April 1: Kurt Eichenwald, “Special Grand Jury Zeroes In on Enron Executives,” A1, A16. Andy Fastow is prime target now.

2002: April 2: Floyd Norris and Claudia H. Deutsch, “Xerox to Restate Results and Pay Big Fine,” C1, 12.

2002: April 2: Richard A. Oppel Jr. and David E. Sanger. “Loan Agency Wants Inquiry Into Enron: Possible Deception Seen On U.S. Backed Credit,” C1, 6

2002: April 2: Floyd Norris, “Adelphia Delays Annual Report o Consider Accounting For Debt,” C1, 12.

2002: April 11: Editorial, “Disinformation on Wall Street,” conflict of interest is to blame for all the bad stock tips we got.

2002: May 19: Editorial, “Other People’s Money,” ADelphia, WorldCom, others, making loans to executives without expecting payment; stock options tempt them to twist the numbers to make the stock go up; everyone loses. Other perks are detailed.

2002: June 24: Allan Sloan, “The Jury’s In: Greed Isn’t Good. D Tocqueville traced love of wealth to all that Americans do. But the drive, he said, ‘disciplines their lives.’ That lesson’s been forgotten.” Newsweek p. 37

2002: July 5: Mary Williams Walsh and David Leonhardt, “To Rein In Abuses, Executives Get Watchdogs,” C 1. Independent “lead directors” are appointed to the board to watch out for abuse.

2002: July 7: Jean Strouse, “Capitalism Depends on Character,” op-ed. Heritage of J. P. Morgan—we could use someone like him now.

2002: July 7: David Skeel and William Stuntz, “Another Attempt to Legislate Corporate Honesty: More criminal fraud laws aren’t the answer,” op-ed. Just makes people concentrate on the legal rather than the moral, and criminals become more ingenious.

2002: July 9: Simon Romero with Floyd Norris, “2 Former WorldCom Executives Refuse to Testify to Congress: No Hint of Irregularities, Auditor and Analyst Say.” C1, 5. Ebbers and Sullivan announce they have done nothing wrong and then refuse to answer.

2002: July 9: Gretchen Morgenson, “Despite Access, Star Analyst Missed WorldCom Trouble Signs,” C1, 5. Jack Grubman, telecommunications analyst, backed WorldCom until it revealed a $3.9 billion accounting fraud on June 25.

2002: July 9: Kurt Eichenwald, “Auditor Gave Assurances of Safeguards Against Fraud,” C5. Arthur Andersen assured WorldCom’s audit committee in February that the company had strict procedures in place to prevent false statements in financial filings—even in areas that proved to be central to the company’s bookkeeping scandal, according to a copy of Andersen’s report.

2002: July 10: Editorial, “The Corporate Scandals: Cleaning Up and Coming Clean.” Very strong criticism of Bush for not taking tough measures to reform Wall Street practices that led to scandals, and for tolerating conflicts of interest in his own appointees.

2002: July 13: David Leonhardt, “Slivers of Support for Shackling Corporate Pay: Slivers of Support for Shackling Stock Options of Corporate Executives: Scandals give rise to calls for new policies on compensation,” C1, 4.

2002: July 13: Riva D. Atlas and Jonathan D. Glater, “Banks Move To Put Curbs On WorldCom: Judge Is Asked to Stop Any Spending of Loans,” C1, 5. Likely to push WorldCom into bankruptcy.

2002: July 13: Richard A. Oppel, Jr., “Senator Urges Change in How Stock Options Are Handled,” C1, 4. Senator Carl Levin, D-MI, trying to get executives to account for stock options.

2002: July 14: Kate Jennings, “The Hypocrisy of Wall Street Culture,” op-ed. Corporate governance as high-handed, bureaucratic, rigid.

2002: July 17: Kevin Phillips, “The Cycles of Financial Scandal: Will an era of reform follow a decade of excess?” NYT op-ed

2002: July 18: Richard Stevenson and Janet Elder, “Poll Finds Concerns That Bush Is Overly Influenced by Business: President Stays Popular but Pessimism Rises Over Economy,” A1, A16.

2002: July 20: Leslie Wayne, “Tighter Rules for Options Fall Victim to Lobbying,” C1. Huge attack by the Stock Option Coalition.

2002: July 20: Stephen Labaton, “S.E.C. Is Suffering From Nonbenign Neglect,” C1. Suffering from lack of money and manpower.

2002: July 20: Richard A. Oppel Jr. “Lobbyists Still Pushing to Alter Corporate-Overhaul Bills,” C4.

2002: July 21: Jeffrey L. Seglin, “The Right Thing: Corporate Values Trickle Down From the Top,” BU 4. Citing Linda Trevino and Laura Hartman on how to keep your business ethical. Make sure incentives are in the right place and look especially to your own behavior.

2002: July 21: Alex Berenson, “Hold On For A Wild Ride,” WK 1 We are relearning that stocks can go down as well as up. $7 trillion lost between its peak in March of 2000 to July 2002.

2002: July 28: Gretchen Morgenson, “Banks Are Havens (And Other Myths),” BU1, 13. Citigroup officials denied at a Senate hearing last week that bankers helped Enron disguise its debts. But skeptical senators questioned the role of bankers in such deals.(Caption)

2002: July 28: David Cay Johnston, “Living Tax-Free at the Top Rungs: Among the wealthiest, 2,525 paid no federal income taxes,” BU 11.

2002: July 28: Jonathan D. Glater, “Mad as Hell: Hard Time for White-Collar Crime,” WK 5. Should executives who defraud investors face life in prison? . . .But as recent stunning corporate failures and resulting stock price collapses have cost employees their jobs and retirement savings, attitudes have shifted dramatically.

2002: July 28: Thomas L. Friedman, “In Oversight We Trust,” op-ed

2002: August 9: Barnaby J. Feder and Seth Schiesel, “WorldCom Finds $3.3 Billion More in Irregularities: Errors Date from 1999; Concern Says Audits Continue and New Misstatements Could be Uncovered,” A1, C3.

2002: August 10: Barnaby J. Feder and Riva D. Atlas, “WorldCom Chief Tries to Reassure Customers,” C1, C2.

2002: October 8: Paul Krugman, “Fool Me Once,” op-ed. Oxley has led the efforts to gut the move to SEC independence and corporate reform, backed up by Bush.

2002: December 22: Timothy Egan, “Legacy of Power Cost Manipulation: West Tries to Recover Billions in Excess Electricity Payments.” P. 28. Wholesale prices drop, but many customers can’t pay their bills.

2002: December 27: Lucian Bebchuk, “Settling for Less: Regulators gave Wall Street just a slap on the wrist.” Op-ed. For all of the investment lost, 10 top securities firms will have to pay just $1.4 billion.

2002: December 31: Kurt Eichenwald, “Pushing Accounting Rules To the Edge of the Envelope: Numbers Can Be Legal and Still Be Misleading,” C1-2. Tyco sort of stayed within the lines of GAAP, but aggressive accounting devices made profits look a lot higher than they really were.

2002: December 31: Alex Berenson, “Tyco Relies On Unusual Definition For Cash Flow,” C1-2

2002: December 31: Simon Romero, “Global Crossing Chairman Resigns After Sale of Assets,” C5

2003: January 1: Andrew Ross Sorkin, “Tyco, After the Glitter and the Agile Math,” BU1.

2003: January 13: Edmund L. Andrews, “Economic Inequality Grew in 90s Boom, Fed Reports,” C1, C7.

2003: January 18: Stephanie Strom, “Funds Aid Ex-Workers of Enron and WorldCom,” A11. Started as a small charitable effort, but then politicians started donating from the contributions they had received from the two bankrupt companies, starting with Senator Charles Schumer of NYC.

2003: January 22: Alex Berenson, “Banks Encourage Overdrafts, Reaping Profit,” A1, C7.

2003: January 22: Stephen Labaton with Jonathan D. Glater, “Staff of S.E.C. Is Said to Dilute Rule Changes: Lawyers and Auditors Lobbied Persuasively,” A1, C12. “This is very disappointing,” said Lynn Turner, a former chief accountant at the commission during the Clinton administration who is now a professor of accounting at Colorado State University. “We’ve had Enron, Tyco, WorldCom. We’ve had the most tumultuous year ever in corporate America. And despite all of that, the commission is softening, rather than toughening, the rules in favor of the attorneys and auditors to the great detriment of investors. To me, it’s just amazing.”

2003: February 5: Kurt Eichenwald, “Second Enron Energy Trader Pleads Guilty: Manipulated California Power Market and Lied to Investigators.” C2

2003: February 13: David Cay Johnston, “Tax Moves by Enron Said to Mystify the I.R.S.” C1, 2 Tax Avoidance Moves by Enron Are Called So Complex That They Mystified the I.R.S.

2003: February 14: David Cay Johnston, “Wall St. Firms Are Faulted In Report on Enron’s Taxes: Nothing Paid on Inflated Profits, Senators Are Told.” C1, C6. Senator John B. Breaux, D-LA: “ . . .instead of drilling for oil and gas, Enron was drilling the tax code, looking for ways to find more and more tax shelters.” Senator Charles E. Grassley, “What hit me the most was the moral fiber of the people involved,” who displayed “unbridled greed and blatant disregard for the law of fairness.”

2003: February 17: James B. Stewart, “Spend! Spend! Spend! Where did Tyco’s money go?” The New Yorker, February 17 th and 24 th, 2003, p. 132-147.

2003: February 24: “Unbridled Greed” editorial. Tax shelters used by Enron and Sprint were particularly outrageous.

2003: March 4: Richard A. Oppel, Jr., “ California Says Files Reveal Effort to Limit Energy Output,” A 19. After examining company transcripts, Gray Davis says there is an industry-wide pattern of cheating and stealing. Dynegy and Reliant had taken plants in perfectly good working order off line for “maintenance.” Megawatt laundering to avoid price caps.

2003: March 24: Books of the Times: Charles R. Morris, “Untangling the Threads of the Enron Fraud,” reviewing Kurt Eichenwald’s Conspiracy of Fools: a True Story, summarizing the problem: “In early 2000 Fortune magazine selected Enron as America’s best-managed and most innovative company, and Enron’s stock market valuation peaked at $73 billion that August. The following March the company announced that 2000 revenues had more than doubled, to $100 billion. The company paid its normal quarterly dividend in October 2001, announcing that regular earnings were up 26 percent and that it was “on track” to meet its full-year profit targets. Six weeks later, Enron filed for bankruptcy.” What happened? This book answers that question.

2003: May 2: Kurt Eichenwald, “U.S. Indicts 11 Former Enron Executives,” C1 Perp walk pictured.

2003: May 11: “Corporate Scandals: A User’s Guide” summaries and identifying pictures to date. WK 2

2003: June 8: Kurt Eichenwald and John Markoff, “Deception, or Just Disarray, at Enron [on broadband technology]? Technology evidence could be a weak link for prosecutors.” BU 1, 10. In high-tech areas, hard to separate lying from exaggerating from incompetence and ignorance.

2003: June 8: Gretchen Morgenson, “Shareholders Will Pick Up the Bill This Time, Too, When executives are humbled, they rarely have to pay the price.” BU 1.

2003: July 29: Kurt Eichenwald with Riva D. Atlas, “2 Banks Settle Accusations They Aided in Enron Fraud: Deal Suggests Advisers Are Responsible for Legal Actions That Deceive Investors.” A1 C7. Banks are the nations two largest, J.P. Morgan Chase and Citigroup.

2003: July 29: Floyd Norris, “A Warning Shot to Banks on Role in Others’ Fraud,” C1, C7.Enron lied to investors aboutits financial condition, but it could not have done so without active help from its friendly bankers. And that help constituted fraud. That was the conclusion reached by the Securities and Exchange Commission and the Manhattan district attorney as they disclosed settlements yesterday with two of the nation’s larges financial institutions, J.P. Morgan Chase and Citigroup. If you know you are helping someone violate securities laws, then you are too.

2003: July 29: Stephen Labaton: “MCI’s Competitors are Quick to Make Use of Federal Inquiry: Company to Look Into Accusations Over Fees,” C1, C4. The rivals—AT&T, Verizon and SBC Communications—all lodged complaints against MCI.

2003: July 29: Barnaby J. Feder, “The Line Between Cost Management and Deceit,” C1, C4

2003: September 18: Gretchen Morgenson and Landon Thomas, Jr. “Chairman Quits Stock Exchange in Furor Over Pay: But Grasso Departure is Unlikely to End Scrutiny of Big Board,” A1, C4 Set to collect almost $140 million, several noted that his pay was set by those he regulated.

2003: September 18: Kurt Eichenwald, “Merrill Reaches Deal With U.S. in Enron Affair,” A1, C5. Promise not to engage in deals again that might mislead investors.

2004: February 20: Kurt Eichenwald, “Enron’s Skilling is Indicted by U.S. in Fraud Inquiry: S.E.C. Seeking Forfeiture: Executive Profited While Hiding Fiscal Trouble, Prosecutors Charge,” A1, C3.

2004: June 14: Erik Eckholm, “Procurement: White House Officials and Cheney Aide Approved Halliburton Contract in Iraq, Pentagon Says,” A6.

2004: June 14: Simon Romero, “Halliburton Seeks Distance Between Itself and Inquiry,” C9.

2004: June 20: Kate Murphy, “After Enron, A Sunless Year in a Tiny Cell” NYT BU 5. Lea Fastow’s 1-year sentence starts July 12, 2004, in Houston’s Federal Detention Center.

2004: September 4: Reuters, “Firm Requests ‘Success Fee’ in Enron Case: New Management Seeks $25 Million.” That’s how much Stephen Cooper of Kroll Zolfo Cooper wants for bringing Enron through 3 years of bankruptcy.

2005: January 16: Andrew Ross Sorkin, “Tyco Ex-Chief is Humbled, But Unbowed.” A1, 25. L. Dennis Kozlowski wants to be clear: the $6000 shower curtain wasn’t his idea. The shower curtain, bought by his decorator in Tyco International’s tab for an extravagantly furnished Manhattan apartment, became perhaps the most notable symbol of an era of corporate excess and conspicuous consumption. Meanwhile, he’s facing up to 25 years in prison.

2005: February 4: Timothy Egan, “Tapes Show Enron Arranged Plant Shutdown: New details of energy market manipulation are released.” A 12. Tapes and memoranda show Enron arranging to take plant off line the day the blackouts started. As early as 1998, Enron was creating artificial energy shortages in Canada. Phone tapes show officials conspiring to lie to California officials about why the plant was shutting down.

2005: March 15: Erik Eckholm, “Excess Fuel Billing by Halliburton in Iraq is Put at $108 Million in Audit,” A 12. Representative Henry A. Waxman wants stronger efforts to reclaim money from Halliburton.

2005: March 16: Kurt Eichenwald, “When the Top Seat Is the Hot Seat: Ebbers Verdict Gives Other Ex-Chiefs Cause to Worry,” C1, 8. Like the Rigas conviction last year, not like the Martha Stewart conviction.

2005: June 4: Steve Lohr, “How to Exorcise A Corporate Scandal: HealthSouth, WorldCom and Tyco Succeeded Where Andersen Failed.” C1, 13. Need to get to the right people earlier, make deals.

2005: June 13: Theo Francis, “’Phantom’ Accounts for CEOs Draw Scrutiny,” Wall Street Journal B1. Way of increasing CEO compensation without having to report it—assign value to retirement accounts.

2005: May 20: Jennifer Steinhauer, “After Scandals, New Legal Stars Rise on Wall St.,” A1, C8. Compliance lawyers are the big winners from the last round of scandals. The firms try to hire lawyers with experience in the attorney general’s office.

2005: June 4: Simon Romero, “Scrushy Jury In Deadlock: Judge Says Keep Trying.” C1, 13.

2005: August 27: Jonathan D. Glater, “Settlement Seen On Tax Shelters By Audit Firm: $456 Million Payment in Lieu of Indictment.” A1, C4. KPMG settles; no one wanted to see another of the Big Five just go out of existence, which KPMG would have if indicted.

2006: March 3: Houston, AP; “Witness Says Enron Chief Told Others, ‘They’re On to Us’” C3 At a meeting in May, 2001, after Fastow had said the Raptors were “good deals for me,” Skilling told the others, “They’re on to us,” after small firm questioned the Raptors.

2006: March 6: Alexei Barrionuevo and Kurt Eichenwald, “In the Chess Game of Enron, Lawyers Weigh Value of One Piece,” C1, C5. Putting Andy Fastow on the stand could be risky for the prosecution in the trials of Skilling and Lay, because the defense lawyers, with tough questioning, might make it look like Fastow was the only bad actor in the firm.

2006: March 9: Alexei Barrionuevo, “Fastow Testifies Lay Knew of Enron’s Problems,” C1, 4. This is already the sixth week of the trial of Lay and Skilling, and Fastow said that Lay knew all about the problems Enron was having. Daniel Petrocelli, Lay’s lawyer, conducted searing cross-examination for more than four hours about Fastow’s criminal activity.

2006: March 20: Alexei Barrionuevo, “Enron Prosecutors Have Another Key Witness, From Jail,” C1, 2. Ben Glisan will testify in prison uniform. “For seven weeks and through 14 witnesses, jurors have listened to prosecutors build a case on largely disparate pieces of indirect circumstantial evidence that Mr. Lay and Mr. Skilling, the top executives of what was once the seventh-largest company in the world by revenue, conspired to mislead and defraud investors.”

2006: March 21: (AP) “Enron Tried to Avoid Write-Down, Accountant Says,” C4. Testimony from John R. Suit. Lay promoted a $1 billion growth strategy that would make the problem go away. Trial is now in its eighth week. Another former Andersen accountant, Thomas Bauer, corroborated earlier testimony from former senior Enron accountant, Wesley Colwell, that Enron wrongly dipped into reserves to pad earnings.

2006: March 22: Alexei Barrionuevo, “Ex-Treasurer Testifies Skilling Left Enron in Weak Shape,” C3. Ben F. Glisan, former treasurer, testified against Skilling, significantly, not as part of government cooperation agreement, but while his jail term continues—no motive to try to hurt the others. To follow the trial, go to

2006: April 4: Alexei Barrionuevo and Kurt Eichenwald, “In Enron Trial, A Calculated risk: Two Former Chiefs Prepare to Take the Stand in Their Own Defense,” C1, 6. As Lay and Skilling prepare to take the stand at their trial, history suggests that their credibility will sway the jury, and both sides are very nervous.

2006: April 14: Alexei Barrionuevo, “Jury Hears Indignation of Skilling: History Distorted, Enron Chief Says,” C1, 9. Jeffrey K. Skilling admitted that he made mistakes but continued to profess his innocence, blasted the government for charging him with conspiracy to defraud Enron investors, seemed righteously indignant in speeches deploring the fall of Enron, called it “result of rewriting history to accomplish certain objectives.”

2006: April 27: Alexei Barrionuevo and Simon Romero, “Lay Loses His Cool On Stand: Enron Founder Grows Agitated,” C1, 4. After waiting 13 weeks to respond to his accusers, Kenneth L. Lay “lost his legendary cool,” accusing prosecutor John Hueston of personally preventing him from repaying a company credit line. Then got excited when accused of tampering with witnesses. Not the grandfatherly charm that had been expected.

2006: April 28: Alexei Barrionuevo and Simon Romero, “Enron Prosecutor Attaches Theory of 2001 Collapse: Lay Confronted With Son’s Stock Sales,” C3. After accusing “short sellers” of bringing about the collapse of Enron, Lay was confronted with evidence his own son had been selling stock during Enron’s last days; claims he did not know.

2006: May 3: Alexei Barrionuevo, “Hostility May Cost Ken Lay,” C1, 2. Seems more intent on protecting his reputation than refuting the charges brought against him, and juries don’t like that.

2006: May 4: Houston, May 3 (AP): “Accountant Says Enron’s Moves Were Routine: Walter Rush, an accountant hired by Jeffrey K. Skilling’s defense team, said last-minute changes in earnings reports are commonplace.” C4.

2006: May 9: Alexei Barrionuevo and Kurt Eichenwald, “What Remains Unanswered at Enron Trial,” C1, 2. Key people, who were at all the meetings, were never put on the stand. Top level executives—Lou Pai, Greg Whalley, and David Duncan of Arthur Anderson, refused to say anything without a guarantee of immunity, which the prosecution was not willing to grant.

2006: May 27: Kurt Eichenwald and Alexei Barrionuevo, “Tough Justice For Executives In Enron Era,” A1, C4. Prosecutors now treat white-collar criminals like drug dealers and mobsters, handcuffs, perp walks, and squeezing witnesses by threatening their families.

>2006: May 28: Gretchen Morgenson, “Are Enrons Bustin’ Out All Over?” Section 3 (Business) pp. 1, 8. With Kenneth Lay and Jeffrey Skilling convicted of fraud and other crimes, execs might have hoped worst was over. No such luck; turns out Fannie Mae was involved in most of the same crimes.

Alex Berenson, “The Other Legacy of Enron,” Section 4 (Week), pp. 1, 4. “With Thursday’s conviction of Kenneth L. Lay and Jeffrey Skilling, the books have finally closed on Enron, almost five years after the company’s collapse.” Resounding repudiation of accounting gimmickry, former top executives of half-dozen big public companies in or headed for prison, etc. But real legacy is “transition to a world where practically anything can be traded,” worst example the California energy markets, and that will live on.

2006: June 1: Kate Murphy, “One Guilty and One Acquitted in Enron Broadband Trial,” C3. Exec Kevin A. Howard convicted in connection with a $111 million accounting fraud; accountant Michael Krautz, from Enron Broadband Services, acquitted of the same. Trial had been going on next door to trial of Lay and Skilling, found guilty last week of fraud and conspiracy.

2006: June 3: Joe Nocera, “A Column That Needs No Introduction,” C1, 8. Story of Richard Kinder, former president of Enron who got squeezed out by Lay. Should have kept him.

2006: June 4: Alexei Barrionuevo and Kurt Eichenwald, “The Enron Case That Almost Wasn’t,” Section 3 (Business), pp. 1, 7. “Guilty.” The story of the convictions, when Ken Lay was convicted of 10 crimes. Almost didn’t happen. Long hard slog for the prosecutors. Out of all the complexity, they picked a simple theme—he chose to lie, and the lies were the crimes.

June 5, 2006: Newsweek

Allan Sloan, “Laying Enron to Rest,” Newsweek June 5, 2006, pp. 25-30. Crime Does Not Pay piece, tracking Enron in its glory days, featuring Ken Lay in handcuffs, Sarbanes Oxley. Tales of employees, California energy crisis, Playboy and Playgirl, auctions, special rundown of others (Dennis Kozlowski, Bernard Ebbers, John Rigas, Martha Stewart, everyone except Richard Scrushy), ended up in jail.

2006: July 6: Simon Romero, “A Verdict Interrupted: Efforts to Seize Lay’s Assets Are Now An Estate Matter,” C1, 6. The sudden death of Ken Lay (on Wednesday, July 5) may have spared his family financial ruin. The government was going to seize his entire estate to satisfy aggrieved investors.

Joe Nocera, “Even at the End, He Didn’t Get It,” C1, 7. Lay was guilty of wishful thinking—of so wanting reality to be as he wished it that he could not see that it was not.

2006: October 24: Alexei Barrionuevo, "Skilling Sentenced to 24 Years: The judge cites lies as the main reason for a stiffer sentence." The New York Times, C1, 4.

"As the many victims have testified, his crimes have imposed on hundreds if not thousands a life sentence of poverty," Judge Lake said.

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ISBN: 9781405145398

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