An obscure ZIM in Africa traded Down Under Message Board

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Gold/Mining/Energy : An obscure ZIM in Africa traded Down Under

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To: TobagoJack who started this subject	7/27/2002 3:36:32 PM
From: smolejv@gmx.net	of 867

have been reading Doug Noland's "Credit Bubble bulletin" of July 26th 2002 quoting... ...“Under prepay arrangements, the financing is booked as deferred income and recognized once the underlying commodity such as oil or natural gas is delivered. With Enron, Citibank and J.P. Morgan Chase created third party entities to help the company make the transactions look like cash flow from energy trades, investigators said. Lawmakers questioned bank executives on the independence of an offshore entity, Mahonia Ltd., created and controlled by J.P. Morgan to participate in trades with Enron and other of the bank's clients, Levin said. It had no employees, office or independent business operations and was run by a paid agent of J.P. Morgan, he said. ‘In fact it was a shell,’ Levin told J.P. Morgan executives. ‘This goes to the heart of the deception.’” Mahonia?... Like in Ed McMahon?... Chuckling off-camera to Johnie's comments on what's REALLY going on?... There's a fist in your face, US. dj

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