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Non-Tech : The ENRON Scandal
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To: Smart_Money who wrote (3515)3/17/2002 11:38:56 PM
From: Raymond Duray  Read Replies (1) of 5185
 
Smart Money,

I first took a look at the capital structure of Global Crossing in late 1998. CIBC was the largest stockholder in the company at the time. What these Bermuda profits are is a wealth transfer from the general public to CIBC as they sold off their holdings in the public markets. It was a complete swindle. They knew very damn well the company was a house of cards. They helped structure it. These guys are dirty.

-Ray
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