Banks pay $455m over Enron

[Nottingham]

Banks pay $455m over Enron
By Erin McClam in New York
July 29, 2003
TWO of the largest banks in the US, J.P. Morgan Chase and Citigroup, have agreed to pay nearly $US300 million ($455 million) to settle charges they helped Enron Corp manipulate its financial statements and mislead investors.

The payments settle charges by the Government that the banks helped Enron, a once high-flying energy trader that filed for bankruptcy in 2001, mislead investors by creating complex financial transactions designed to beef up reported cash flow and hide debt.

In a separate development, a court examiner said he found evidence those banks and others knew of Enron's schemes, but offered "substantial assistance" in perpetrating them, Dow Jones Newswires reported late yesterday.

The examiner, attorney Neal Batson, said evidence showed Barclays PLC, Canadian Imperial Bank of Commerce, Deutsche Bank AG and Merrill Lynch & Co also knew about Enron's wrongdoing but helped anyway
http://feeds.bignewsnetwork.com/redir.php?jid=c5fcd715c69a71f4

more.....

One Helluva scandal and Bush's name is allover it!

:bounce:

Destroyed the confidence of the Stock Market
It will be a long time before people grow confident again

[TahitiNut]

1. That's about 10% of what they probably owe.

Such a deal. :eyes:

[cosmicdot]

2. J.P. Morgan will pay $US135 million to the SEC

what will the SEC do with the money?

[DemoTex]

3. I heard on NPR that it will be distributed to the shareholders.

I will not be happy until Ken Lay is in prison. Period. As the old-timers at DU know, I used to fly Learjets and Lockheed Jetstar IIs for Kenny-boy. In his pre-Enron days.

[goforit]

4. Where the hell are Skilling and Lay?????

:argh:

America wants their money back!!!....NOW!!!

[JackSwift]

5. Let's not assume that Lay is guilty

I am certain that one person could not have set up all the fraudulent dealings, and that dozens must be involved, and I am beyond outraged that only one person has been charged, but we shouldn't try Lay on the internet and assume his guilt, we should try him in a court of law.

[Bushfire]

6. Citigroup had a $3 BILLION profit last qtr

as heard on the news today. Does anyone besides me think they got a do not go to jail card by the SEC? How is it that no one takes personal responsibility for this is beyond me, oh that's right they're Republicans.

[schultzee]

7. Socialism for Corporations, welfare for the rich, and America.

Only in America will they rob the middle class and give corporate welfare while screaming about the evil of socialism at the same time.

[dArKeR]

8. Enron deception aided by CIBC

The Canadian Imperial Bank of Commerce "aided and abetted" Enron Corp. executives in manipulating their infamous financial statements, a court-appointed examiner probing the Enron collapse concludes in a damning report.

CIBC knew the disgraced energy trading company was concealing billions of dollars in debts from the public and that some of the Houston company's profits were due to "financial engineering," examiner Neal Batson says in the document of more than 1,000 pages released last night.

http://theglobeandmail.com/servlet/story/RTGAM.20030729.wcibc0729/BNStory/Business/

What about Enron conspiring with Bush to trash the California economy to force a Davis recall?

http://darkerxdarker.tripod.com/