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t r u t h o u t - Enron Investigation Heats Up -- New Evidence
(truthout, 11 December 2002)
As disturbing as Enron's own misconduct is the growing evidence that leading U.S. financial institutions not only took part in Enron's deceptive practices, but at times designed, advanced, and profited from them. . . . Citigroup and JPMorgan Chase repeatedly used these deceptive prepays to issue Enron huge loans that were disguised as energy trades, which enabled Enron to misstate the loan proceeds as cash flow from business operations. Investors and analysts were misled, along with the many employees who lost their life savings and jobs. . . . The evidence shows that Citigroup and Chase actively aided Enron in these transactions, despite knowing they employed deceptive accounting or tax strategies and were being used by Enron to manipulate its financial statements or deceptively reduce its tax obligations. Citigroup and Chase received substantial fees for their actions or favorable consideration in other business dealings. . . . Enron could not have completed Slapshot without a major bank like Chase which had the resources to use $1 billion for a few brief moments and quickly move that $1 billion through multiple bank accounts across international lines. Chase charged Enron $5 million for its so-called "tax technology." Chase has also shopped the same "tax technology" to other companies.

posted by LoZo 11:04 AM