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

To: Baldur Fjvlnisson who wrote (4042)	6/29/2002 11:11:24 PM
From: Mephisto	Respond to of 5185

Governor George W. Bush and Crescent Had you heard the story? I don't know very much about it, but here is a reference. monybush.com " BACKGROUND During the early 1980s MONY sustained heavy financial losses as the result of a failed attempt at expansion into the financial services industry. In an effort to recoup the losses, MONY's management team concocted a number of schemes to circumvent state insurance laws and adopted a "shoot it all" attitude with policyholders funds. Those laws were designed to protect policyholders by limiting investments in risky investments such as real estate and junk bonds. Management also introduced ill conceived insurance products designed to provide immediate cash flow to the company while encouraging current policyholders to roll their existing polices into the new "investment grade" contracts that would yield greater future dividends. This allowed for a shifting of current dividend obligations to later years. These "investment grade" life insurance policies were a "PONZI" scam." monybush.com