Rebecca Mark-Jusbasche
Encyclopedia
Rebecca P. Mark-Jusbasche (born August 13, 1954 in Kirksville, Missouri
) was famous as the head of the Enron International division of Enron
. She later was promoted to Vice-Chairman of Enron, and resigned from the company in 2000 following the failure of a major investment.
, and grew up on a farm. She attended William Jewell College
in Liberty, Missouri
until she transferred to Baylor University
, a Baptist school in Waco, Texas
. She received a BA
in psychology
from Baylor in 1976 but did not find an internship working with juvenile delinquents fulfilling. She went back to school and got an MA
in international management, also from Baylor, in 1977. She moved to Houston, Texas
where she got a job in banking and married Thomas Mark, also a Baylor grad. The two had identical twin boys. After a divorce, Mark attended Harvard Business School
with the twins in tow. Mark worked for First City National Bank in Houston before it failed twice, and then an energy company called Continental Resources, which through a series of mergers and acquisitions became part of Houston Natural Gas before it was purchased by Internorth and then changed the name of the combined company to Enron.
Enron and the Maharashtra State Electricity Board
of India agreed in December 1993 to build the Dabhol
power plant capable of producing 2,015 MW of power. The cost was estimated at $2.8 billion, and the MSEB guaranteed to buy 90% of the power produced by the plant. Problems with financing immediately arose, and in 1995, BJP, the main national opposition party opposed the plant after winning state elections in Maharashtra. Allegations of bribery and human-rights abuses (never proven) against Enron led to riots and the cancellation of the plant in August 1995. Mark and Enron re-negotiated with the local government and struck a new bargain in February, 1996, but the project fell further behind schedule and costs soared to $3 billion. Eventually, after Mark had left Enron International, the plant was shut down when the MSEB proved unable to afford the power. Enron spent $900m on Dabhol and lost most of it. Four years after Enron's bankruptcy, in 2005, an Indian company was set up to revive the moribund Dahbol facility.
In 1998, Mark led Enron into the purchase of British water utility Wessex Water
, paying 30% more than the market capitalisation. The company was run from a subsidiary, Azurix
which was controlled by Enron through a Special Purpose Entity called Atlantic Water Trust http://www.cfo.com/article.cfm/3002770/2/c_2984294http://www.secinfo.com/dsvRu.5Yg.htm#4hk. The investment proved a disaster for Enron, as deregulation brought a rapid decrease in water prices, and the junk debt financing of the acquisition was very costly. Wessex was eventually sold at a loss of $1.1 billion. http://www.ytlcommunity.com/commnews/shownews.asp?newsid=5092 In August 2000 Mark resigned from Enron.http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2000/08/30/cnwes30.xml
She has twins enrolled in college. After her remarriage to Michael Jusbasche, the two adopted a two year old boy from Kazakhstan
. She also owns and operates cattle ranches in Watrous, New Mexico and Colorado.
She is involved with the Telluride Foundation and the New Community Coalition. The Telluride Foundation promotes philanthropy and creates a stronger Telluride community. The New Community Coalition promotes sustainability for our future.
Kirksville, Missouri
Kirksville is the county seat of Adair County, Missouri, United States. It is located in Benton Township. The population was 17,505 at the 2010 census. Kirksville also anchors a micropolitan area that comprises Adair and Schuyler counties. The city is perhaps best known as the location of Truman...
) was famous as the head of the Enron International division of Enron
Enron
Enron Corporation was an American energy, commodities, and services company based in Houston, Texas. Before its bankruptcy on December 2, 2001, Enron employed approximately 22,000 staff and was one of the world's leading electricity, natural gas, communications, and pulp and paper companies, with...
. She later was promoted to Vice-Chairman of Enron, and resigned from the company in 2000 following the failure of a major investment.
Early life
Rebecca Sue Pulliam was born in Kirksville, MissouriKirksville, Missouri
Kirksville is the county seat of Adair County, Missouri, United States. It is located in Benton Township. The population was 17,505 at the 2010 census. Kirksville also anchors a micropolitan area that comprises Adair and Schuyler counties. The city is perhaps best known as the location of Truman...
, and grew up on a farm. She attended William Jewell College
William Jewell College
William Jewell College is a private, four-year liberal arts college of 1,100 undergraduate students located in Liberty, Missouri, U.S. It was founded in 1849 by members of the Missouri Baptist Convention and other civic leaders, including Robert S. James, a Baptist minister and father of the...
in Liberty, Missouri
Liberty, Missouri
Liberty is a city in Clay County, Missouri and is a suburb of Kansas City, Missouri. At the 2007 population estimate, the city population was 29,993...
until she transferred to Baylor University
Baylor University
Baylor University is a private, Christian university located in Waco, Texas. Founded in 1845, Baylor is accredited by the Southern Association of Colleges and Schools.-History:...
, a Baptist school in Waco, Texas
Waco, Texas
Waco is a city in and the county seat of McLennan County, Texas. Situated along the Brazos River and on the I-35 corridor, halfway between Dallas and Austin, it is the economic, cultural, and academic center of the 'Heart of Texas' region....
. She received a BA
Bachelor of Arts
A Bachelor of Arts , from the Latin artium baccalaureus, is a bachelor's degree awarded for an undergraduate course or program in either the liberal arts, the sciences, or both...
in psychology
Psychology
Psychology is the study of the mind and behavior. Its immediate goal is to understand individuals and groups by both establishing general principles and researching specific cases. For many, the ultimate goal of psychology is to benefit society...
from Baylor in 1976 but did not find an internship working with juvenile delinquents fulfilling. She went back to school and got an MA
Master of Arts (postgraduate)
A Master of Arts from the Latin Magister Artium, is a type of Master's degree awarded by universities in many countries. The M.A. is usually contrasted with the M.S. or M.Sc. degrees...
in international management, also from Baylor, in 1977. She moved to Houston, Texas
Houston, Texas
Houston is the fourth-largest city in the United States, and the largest city in the state of Texas. According to the 2010 U.S. Census, the city had a population of 2.1 million people within an area of . Houston is the seat of Harris County and the economic center of , which is the ...
where she got a job in banking and married Thomas Mark, also a Baylor grad. The two had identical twin boys. After a divorce, Mark attended Harvard Business School
Harvard Business School
Harvard Business School is the graduate business school of Harvard University in Boston, Massachusetts, United States and is widely recognized as one of the top business schools in the world. The school offers the world's largest full-time MBA program, doctoral programs, and many executive...
with the twins in tow. Mark worked for First City National Bank in Houston before it failed twice, and then an energy company called Continental Resources, which through a series of mergers and acquisitions became part of Houston Natural Gas before it was purchased by Internorth and then changed the name of the combined company to Enron.
At Enron
At Enron, Mark became head of Enron Development in 1991, and Enron International in 1996. Because she had a position that could be seen as equal in power to that of Skilling, and had control over all the areas Skilling didn't, the two had somewhat of a power struggle over control of the company. Skilling believed that the company didn't need assets and should be pushing its trading sector which proved to be popular with Lay. However, this proved to be counter productive to Mark's business sector, since it relied solely on assets. In order to counter this, Mark started a massive campaign to expand operations to other countries. And she wore pantyhose a lot.Enron and the Maharashtra State Electricity Board
Maharashtra State Electricity Board
Maharashtra State Electricity Board is a state-owned electricity regulation board operating within the state of Maharashtra in India. The MSEB was formed on June 20, 1960 under Section 5 of the Electricity Act, 1948...
of India agreed in December 1993 to build the Dabhol
Dabhol Power Company
The Dabhol Power Company was a company based in India, formed to manage and operate the Dabhol Power Plant. The Dabhol plant was built through the combined effort of Enron, GE, and Bechtel...
power plant capable of producing 2,015 MW of power. The cost was estimated at $2.8 billion, and the MSEB guaranteed to buy 90% of the power produced by the plant. Problems with financing immediately arose, and in 1995, BJP, the main national opposition party opposed the plant after winning state elections in Maharashtra. Allegations of bribery and human-rights abuses (never proven) against Enron led to riots and the cancellation of the plant in August 1995. Mark and Enron re-negotiated with the local government and struck a new bargain in February, 1996, but the project fell further behind schedule and costs soared to $3 billion. Eventually, after Mark had left Enron International, the plant was shut down when the MSEB proved unable to afford the power. Enron spent $900m on Dabhol and lost most of it. Four years after Enron's bankruptcy, in 2005, an Indian company was set up to revive the moribund Dahbol facility.
In 1998, Mark led Enron into the purchase of British water utility Wessex Water
Wessex Water
Wessex Water Services Limited, known as Wessex Water, is a water supply and sewerage utility company serving an area of the south west of England, covering 10,000 square kilometres including Dorset, Somerset, Bristol, most of Wiltshire and parts of Gloucestershire and Hampshire...
, paying 30% more than the market capitalisation. The company was run from a subsidiary, Azurix
Azurix
Azurix Corp. is a water services company, headquartered in Houston, Texas. The company owned and operated facilities in North America , Europe, and South America...
which was controlled by Enron through a Special Purpose Entity called Atlantic Water Trust http://www.cfo.com/article.cfm/3002770/2/c_2984294http://www.secinfo.com/dsvRu.5Yg.htm#4hk. The investment proved a disaster for Enron, as deregulation brought a rapid decrease in water prices, and the junk debt financing of the acquisition was very costly. Wessex was eventually sold at a loss of $1.1 billion. http://www.ytlcommunity.com/commnews/shownews.asp?newsid=5092 In August 2000 Mark resigned from Enron.http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2000/08/30/cnwes30.xml
After Enron
Mark, now Rebecca Mark-Jusbasche after her marriage to Michael Jusbasche in October 1999, left Enron at a fortunate time, selling her stock for $80 million before the company collapsed in 2001. Mark was never accused of wrongdoing in the ensuing series of scandals and prosecutions.She has twins enrolled in college. After her remarriage to Michael Jusbasche, the two adopted a two year old boy from Kazakhstan
Kazakhstan
Kazakhstan , officially the Republic of Kazakhstan, is a transcontinental country in Central Asia and Eastern Europe. Ranked as the ninth largest country in the world, it is also the world's largest landlocked country; its territory of is greater than Western Europe...
. She also owns and operates cattle ranches in Watrous, New Mexico and Colorado.
She is involved with the Telluride Foundation and the New Community Coalition. The Telluride Foundation promotes philanthropy and creates a stronger Telluride community. The New Community Coalition promotes sustainability for our future.
See also
- AzurixAzurixAzurix Corp. is a water services company, headquartered in Houston, Texas. The company owned and operated facilities in North America , Europe, and South America...
- EnronEnronEnron Corporation was an American energy, commodities, and services company based in Houston, Texas. Before its bankruptcy on December 2, 2001, Enron employed approximately 22,000 staff and was one of the world's leading electricity, natural gas, communications, and pulp and paper companies, with...
- Enron International