These are the type of guys causing the real damage to the country, and I'll bet you can guess whose friends they are.
prudentbear.com
Friday December 7, 8:49 pm Eastern Time
Enron broadband trades mostly shams, lawyer alleges
By C. Bryson Hull
HOUSTON, Dec 7 (Reuters) - Most of destroyed Enron Corp.'s (NYSE:ENE - news) broadband trades were meaningless swaps with other companies
designed to create the impression of an active market, the lead lawyer in a suit against the bankrupt energy trader's top insiders alleged in court on Friday.
``There were only 20 legitimate broadband trades. Everything else was just a 'dark swap,''' attorney Bill Lerach said. ``This is revisiting Michael Milken and
the daisy chain.''
Junk bond financier Milken, Lerach said, moved bonds from one subsidiary to another to create the impression of an active market. In the same fashion,
Enron traders swapped broadband contracts to other companies in the nascent market, who would do the same with others, Lerach explained. He said
Enron made meaningless trades with Reliant Energy (NYSE:REI - news), El Paso Corp. (NYSE:EPG - news), Level 3 Communications (NasdaqNM:LVLT -
news) and Qwest (NYSE:Q - news).
``They all had an interest in keeping the market alive, and they will have to answer to that eventually,'' he said.
Continues at biz.yahoo.com
With other ENE coverage....
finance.yahoo.com/q?s=ene&d=t |
