J. Clifford Baxter
Cliff Baxter | |
|---|---|
| Born | John Clifford Baxter Template:Birth date Amityville, New York, U.S. |
| Died | January 25, 2002 (aged 43) Sugar Land, Texas, U.S. |
| Occupation | Corporate executive |
| Known for | Chief strategy officer at Enron; involvement in Enron scandal |
John Clifford "Cliff" Baxter (September 27, 1958 – January 25, 2002) was a corporate executive at Enron who stepped down in May 2001 and tragically took his own life the following year. Prior to his death, Baxter had consented to provide testimony before Congress regarding the Enron scandal.
Early life
Born in Amityville, New York, Baxter completed his undergraduate studies at New York University. He served as an officer in the United States Air Force from 1980 until 1985, achieving the rank of captain. After his military tenure, he pursued and obtained an MBA degree from Columbia University. Following a brief period in investment banking, Baxter joined Enron in 1991, eventually rising to the position of chief strategy officer before his resignation.
Scandal at Enron
On August 15, 2001, an anonymous letter was sent by Sherron Watkins, then Vice President of Corporate Development at Enron, to Kenneth Lay, raising alarms about questionable accounting methods within the company. The letter referenced earlier grievances brought forth by Baxter to senior executives including Jeffrey Skilling and Andrew Fastow, concerning unethical and potentially illegal financial activities. This communication came just one day after Skilling’s sudden departure as CEO; notably, Skilling was recognized as Baxter’s closest associate at Enron.
After Enron declared bankruptcy in December 2001, Baxter faced a personal lawsuit demanding $30 million due to his sale of Enron shares worth the same amount in the months prior.
In her work Enron: The Smartest Guys in the Room, Fortune journalist Bethany McLean characterized Baxter as a highly capable negotiator but also identified him as suffering from manic depression.
During congressional testimony in February 2002, Skilling recalled a visit from Baxter shortly after Enron’s collapse, during which Baxter expressed profound sorrow over the company’s demise and lamented: "They're calling us child molesters. That will never wash off."
Suicide
On January 25, 2002, soon after receiving a congressional subpoena related to the Enron investigation, Baxter was discovered deceased inside his black Mercedes-Benz S500 in Sugar Land, Texas. The cause of death was a self-inflicted gunshot wound using a Glaser Safety Slug. A revolver was found inside the vehicle along with a suicide note addressed to his wife, Carol, located at their residence. The Harris County Medical Examiner officially ruled the death as suicide. Baxter’s passing is briefly portrayed during the opening sequence of Enron: The Smartest Guys in the Room.
His personal handwritten letter conveyed profound anguish regarding his life's trajectory:
<poem>Carol,
I am so sorry for this. I feel I just can't go on. I have always tried to do the right thing but where there was once great pride now it's gone. I love you and the children so much. I just can't be any good to you or myself. The pain is overwhelming. Please try to forgive me.
Cliff</poem>