Complete the following line from the Sherron Watkins ‘whistleblower letter’: “To the layman on the street, it will look like we recognized funds flow of $800mm from merchant asset sales in 1999 by selling to a vehicle (Condor) that we capitalizedwith_.”

a. a promise of Enron stock.

b. fabricated M-to-M earnings.

c. less than 3% equity from investors.

d. unrecognized M-to-M earnings.