From your URL:
Q. What does ``leveraging'' mean?
A. Lying.
I must tell you that statements like that are what politely may be called "inoperative", i.e., they don't help understand or inform about this or any problem. They are cute, witty and utterly USELESS!!
I have now reviewed the Partnoy testimony before the Senate Committee on Government affairs, and have scanned the May 2001 10Q and the April 2001 10K as filed with the Edgar database.
It may be of some passing interest that these documents seem to me at least harder to find from the usual internet places.
It occurs to me that some of the internet web sites are busily ERASING the documents so that no one will ever claim that the website participated in the misdirection that will be alleged. :)
Let me give you one example of "operative" information. MY OPINION ONLY DO NOY RELY, etc.
From the LJM2 offering prospectus, as posted, WITHOUT EXTENSIVE REVIEW, MY OPINION ONLY, ON A PRELIMINARY BASIS:
This is how it worked:
I am a bank. I want to lend money to Enron. The Senate has just passed a bill which allows me the bank to own a Brokerage house.
Clinton might have vetoed this legislation but if he does, it might just be that the Senate will institute criminal procedings against him, so the Senate Banking Committee, headed by Gramm (R, Texas) and the Judiciary Committee headed by Hatch (R, Utah) are definately not going to give me any trouble.
I (The Bank) have been given the green light, therefore to do the following. We will have LJM get money and use the proceeds to pay Enron to pay down our loan. Friends and family of the bank will lend LJM money and get 30% interest. That will make the balance sheet of enron look so good that we can then pump Enron stock to our unsophisticated depositors and switch them from insured bank deposits to our funds, buy more enron stock use the money to pay down the loans, and start all over again.....
To be continued.
MY OPINION ONLY BASED ON A PRELIMINARY REVIEW OF VERY FEW PRELIMINARY REPORTS. |
