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1. Enron's directors realized that Enron's conflict of interests policy would be violated by Fastow's proposed SPE management and operating arrange- ments and they instructed

1. Enron's directors realized that Enron's conflict of interests policy would be violated by Fastow's proposed SPE management and operating arrange- ments and they instructed the CFO, Andrew Fastow, as an alternative over- sight measure, endure that he kept the company out of trouble. What was wrong with their alternatives?

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