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Non-Tech : The ENRON Scandal -- Ignore unavailable to you. Want to Upgrade?

To: Raymond Duray who wrote (1441)	1/29/2002 1:20:05 AM
From: The Duke of URL©	Read Replies (2) \| Respond to of 5185

Were the bank guilty of fiduciary malfeasance with their customers? Of course they were. Can we get a case going that would make the poor investors and 401(k) holder some restitution from these scum-bucket bankers? Well, it's in the courts, but I'm not holding my breath. The real shame of the Enron situation is that it exposes that the corruption of our financial house of cards is systemic. There's not a whole hell of a lot about the American financial system that is honest or trustworthy. This is only a recent development, but look how quickly the Cancer has spread. The Glass Stegal Act, which was passed after the Great depresion has been recently repealed. It now allows Banks to be in the brokerage business. The banks knew what was going on, but they lend money to Enron, knowing that they could sell the Enron stock to their own depositors, by bait and switching them out of depositors funds and talking them into their own mutual funds that hold enron stock and use the proceeds to pay back their own loans. It is their depositors that get killed. And you can damn straight betcha, that burried in those same laws, are provisions that do not allow banks to be sued. What I see is the politicians blaming everthing on Ken Lay and burying everthing else.

To: Raymond Duray who wrote (1441)	1/29/2002 1:35:37 AM
From: Mephisto	Read Replies (2) \| Respond to of 5185

"There's not a whole hell of a lot about the American financial system that is honest or trustworthy. And this is what we are destroying Afghanistan for. No wonder they hate us. " As far as I recall no one lost money in Watergate, although people went to jail. Many people have lost money here, and as you point out, people question the American financial system. This is a lot worse than Watergate. With Watergate, people were concerned with who authorized the break in of the Democratic National Headquarters in the Water Gate Building in Washington, DC. Small compared to Enron Gate......