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Non-Tech : The Enron Scandal - Unmoderated
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To: Glenn Petersen who wrote (2363)7/23/2002 10:56:55 AM
From: The Duke of URL©  Read Replies (1) of 3602
 
Mr. Bennett, the Enron lawyer, said the current criticisms by Congress were a result of political pressure to crack down on the appearance of corporate wrongdoing. "What we have here is an incredible amount of revisionist history, which is motivated by the upcoming election," he said. "Most of the problems — not all of them — are things that have been legal and have been acceptable."

Bullsht, the bank is in the business of lending money, not the oil business. Unless they change the name to Citigas.

This is just one of the reasons glass steagall was enacted in 1934, and revoked by a republican congress in 1999.

The bank lent the money, not to help enron, but because CITI CORP WAS THE ONLY ONE WHO KNEW THAT THE ENRON BALANCE SHEET WAS CRAP, and they knew they could dump and foreclose when the truth became known. Even though, that might be "legal" in accounting law, it is definitly fraud if 10b5 were applied.

There are none so blind as those who will not vote for campaign finace reform.
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