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To: Cactus Jack who wrote (182233)	7/22/2002 11:35:25 PM
From: KeepItSimple	Respond to of 436258

Havent seen it, but can it really be news? By now everyone knows that the biggest players in the financial world are all crooks. You don't become a billionaire by following the rules. It just doesnt happen- unless you happen to be mother theresa and inherit a billion dollars. The only way to get that rich is to fuck over or scam a LOT of people. Even robber barons didnt become billionaires. That kind of wealth is PURELY a function of suckering people through the stock market. There is no method on this planet besides being a saudi prince that provides that kind of wealth. ------------------- Anyone seen this? Message 17778029 jpgill

To: Cactus Jack who wrote (182233)	7/22/2002 11:42:53 PM
From: LLCF	Read Replies (2) \| Respond to of 436258

Haven't heard... no doubt banksters told companies how do do 'chit'... my understanding is that they were probably very careful to be within the letter of the law. BWTFDIK, when I was at CSFB, all anyone wanted was a bonus... who cares if someone takes pipe in 5 years after you're gone! DAK

To: Cactus Jack who wrote (182233)	7/23/2002 12:02:16 AM
From: BDR	Read Replies (1) \| Respond to of 436258

Re: Anyone seen this? "Senior Citigroup credit officers misrepresented '99 transaction in records of deal; Enron could ignore accounting requirements and hide true financial condition, the NY TIMES is planning to report on Tuesday" There was an article in today's WSJ: PAGE ONE QUESTIONS OVER ENRON Citigroup Deals Helped Enron To Disguise Its Debts as Trades By JATHON SAPSFORD and PAUL BECKETT Staff Reporters of THE WALL STREET JOURNAL Citigroup Inc. arranged an unusual financing technique for Enron Corp. that enabled the energy trader to appear rich in cash rather than saddled with debt, according to internal documents of both companies. Details of the controversial arrangement are only now coming to light as Congress turns to probing the role played by Enron's banks in enabling its illusory growth. In a series of deals known as Yosemite, the documents show, Citigroup's complex scheme helped Enron borrow money over the past three years that was booked as coming from trades instead of loans. The deals, involving bond offerings and trades with an offshore entity, helped boost the company's weak cash flow to match its growth in paper profits, at a time when the gap between the two had grown to as much as $1 billion a year, according to one Enron memo. HOW FINANCING BECOMES TRADES Documents show Citigroup's complex Yosemite transaction allowed Enron to disguise financing as trades to avoid booking it as debt. Here's how the money flowed: 1. Investors buy roughly $800 million in bonds issued by Yosemite. 2. Yosemite gives $800 million to Delta, a Citigroup-controlled, special-purpose entity in the Cayman Islands. 3. Delta starts a circular transaction, which gives $800 million first to Enron, then to Citigroup, then back to Delta. Oil is then scheduled to flow in the opposite direction, from Enron to Delta to Citigroup then back to Enron. The transactions effectively cancel each other out. 4. Delta then returns the $800 million to Yosemite. 5. Enron affiliate gives money to Yosemite through a "magic note," assuring Yosemite's investors get 8.25% in interest. Sources: Enron documents; U.S. Senate Permanent Subcommittee on Special Investigations Investigators want to determine whether Enron would have been able to defraud investors if not for the willing participation of Wall Street. The documents amount to the most in-depth evidence yet of the extent to which Citigroup, the nation's largest financial institution, helped Enron disguise debt on its balance sheet through some of the most complex financial accounting arrangements at the Houston energy company.

To: Cactus Jack who wrote (182233)	7/23/2002 4:01:25 AM
From: TobagoJack	Respond to of 436258

<<Anyone seen this?>> in a manner of speaking<g> Message 14861804 November 22nd, 2000 <<Uncertainty, not the hope for gain, but the despair of impending loss, will drive people in and outside of the US to ... other store of value ... Depending on the failings of the Japanese and Europeans to maintain the purchasing value of the Dollar is not wise ... especially as US assets starts to go down ... possibly ending with Citicorp, once again ... We are now entering a period of outlying events.>> Chugs, Jay