Re: [CANSLIM] Banks helped WCOM cover-up

From: Spencer48@aol.com
Subject: Re: [CANSLIM] Banks helped WCOM cover-up
Date: Wed, 24 Jul 2002 18:00:43 EDT

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Don and Tom:

     As I understand it, the reason the banks were able to loan Enron credit 
was because they used Enron's "energy swaps" as assets.  In other words, the 
collateral wasn't tangible, just "pie-in-the-sky" Enron predictions.  Thus, 
the bank accountants will probably say:  "Gee.  We thought Enron's assets 
were real.  We just made a mistake."  

     I have a feeling that if such a mistake were made with an individual, 
there would be cries of "Fraud".

jans

    


In a message dated 7/24/2002 9:11:31 AM Eastern Daylight Time, 
stkguru@bellsouth.net writes:

<< The banks (at least two, JP Morgan Chase, and Citigroup) are now revealed 
as having marketed the same kinds of energy swapping "loans" that they were 
doing with Enron to a number of other companies, and at least three bit on 
the deal.
 
 Combined with them also being the bankers for Worldcon, this mess is a long 
way from being over.
 
 ----- Original Message ----- 
 From: Donald Wallker 
 To: canslim@lists.xmission.com 
 Sent: Wednesday, July 24, 2002 7:54 AM
 Subject: [CANSLIM] Banks helped WCOM cover-up
 
 
 In case you missed it, today the Washington Post  noted that several big 
banks were in  bed with and helping WCOM in its debt cover-up.  Imagine - JP 
Morgan  and others  
  >>

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