Stockman Scott's Political Debate Porch Message Board

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Politics : Stockman Scott's Political Debate Porch

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To: Jim Willie CB who wrote (3351)	7/27/2002 8:13:43 PM
From: jjkirk	Read Replies (3) of 89467

"Enron victims have FINALLY found the deep pockets that they've been looking for all year! Enron didn't have any money left for them. Arthur Anderson was also reduced to rubble. But with Citigroup and JP Morgan Chase, they haven't wasted any time in going for the gold. "Enron investors have just added nine investment banks, including JP Morgan and Citigroup, to their fraud lawsuit against Enron. They charge that the banks knew of Enron's weak financial condition and questionable partnerships, but still marketed securities to unsuspecting investors. "JP Morgan's insurance companies are suing, too! The bank filed a claim for payment on Enron's failed "trades." The insurance companies' take? Those trades were loans in disguise -- and JP Morgan Chase isn't entitled to its $1 billion claim. "A Senate panel investigating the Enron collapse found that JP Morgan and Citigroup played an active role in helping Enron hide its debts. According to a Senate investigator, the banks structured complex financial schemes that allowed Enron to record money it received from bank loans as prepaid trades of natural gas and commodities. "Now, the Securities and Exchange Commission is conducting its own investigation into JP Morgan and Citigroup for their role in the Enron collapse. The SEC is cracking down on corporate fraud, and will surely punish any company who is facilitating it. The result could be a house cleaning like the one that is happening with analysts at Merrill Lynch and Goldman Sachs! "But like we said last week, this is just the tip of the iceberg. Wherever there's an accounting scandal, there are inevitably big debts; and wherever there are big debts, you can be sure that banks are lurking in the background. Whether or not they've played a role in the accounting shenanigans, they still get hurt badly when the companies default on their payments. "Banks have already been hit hard by the bear market -- lucrative businesses such as mergers & acquisitions and initial public offerings have plunged. If big banks get slapped with regulatory fines and a wave of lawsuits from questionable activity -- they can kiss their profits goodbye! " From a Martin Weiss, Safe Money Report solicitation...jj

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