If the CNN report is accurate...
he was something of a whistleblower. Not that blowing the whistle kept him from cashing in big time but if true, that's sure to feed the conspiracy theories. From the CNN article,
A former vice president at Enron, Sherron Watkins, wrote to former Enron Chairman Kenneth Lay saying Baxter had been unhappy about Enron's dealings with one of its limited partnerships.
"Cliff Baxter complained mightily to (former Enron CEO Jeff) Skilling and all who would listen about the inappropriateness of our transactions with LJM," the limited partnership.