After Sherron Watkins had written a memo to Ken Lay, he took her advice and launched an investigation into the accounting treatment of the Raptors. About a month later – the same week of 9/11/01 – Rick Causey reported to new President Greg Whalley it would cost about $800 million to close out the structure. Whalley then reported this to Lay, and Lay decided to hold a meeting on the subject.
On the morning of September 19, 2001, a handful of Enron executives gathered in Ken Lay’s office to discuss the Raptors. Some wanted to find a way to postpone shutting down the vehicles, hesitant to spend the $800 million. Others wanted to close them once and for all. Ken Lay decided that the Raptors would be shut down.
