Citigroup, J.P. Morgan Chase Enron Deals Attract Scrutiny (Citibank, J.P. Morgan Complicit in Enron

Wall Street Journal ^ | Dec. 9, 2002 | Glenn R. Simpson/Jathon Sapsford

[txzman]

WASHINGTON -- Citigroup Inc. and J.P. Morgan Chase & Co. helped Enron Corp. hide debt or avoid taxes in previously undisclosed deals that congressional investigators plan to depict this week as shams that show Wall Street had a bigger role in the energy trader's collapse than realized.

[txzman]

As an American interested in Justice, fair play and ethcial behaviour by our highest paid goverment and business leaders I have only one question.

Why aren't the people responsible for these frauds getting 20 years in a Federal Pen?

I know, I know. This country is so corrupt that everyone at the top is only interested in getting what they can for themselves, including the legal profession, prosecutors and politicos. It is stories like this which truely remind one of the last days of the Roman Empire.

[paul in cape]

Robert Rubin?

[arete]

It is stories like this which truely remind one of the last days of the Roman Empire.

Yes it does.

Richard W.

[ameribbean expat]

who needs Rubin? Bush just hired his Co-Chair at GoldmanSucks, Friedman, to be his new economic adviser(who until his appointment also sat on the boards of derivative time bomb Fannie Mae and ChinaMart).

[steve50]

I remember Cavuto going on and on about what they did might be unethical, but not illegal. I thought this was what the RICO laws were written for, if this wasn't a conspiracy to defraud there never was one.

[headsonpikes]

Sorry to disagree, but I think these stories remind one of the beginning of the Roman Empire.

You know, the end of the Republic and all.

[steve50]

The Republic ended long ago, about the time the Constitution became a living document. We're in final stages of democracy now,imho.

[bvw]

Yeah he did, yet Dubya is sly like a fox.

[headsonpikes]

"We're in final stages of democracy now,imho."

Oh no, plenty of idiocy to come yet!

[razorback-bert]

arguing that banks often help corporations exploit tax loopholes.

Appears to me, to be tax evasion, not avoidance.

priv·i·lege   

1. A special advantage, immunity, permission, right, or benefit granted to or enjoyed by an individual, class, or caste.
2. Such an advantage, immunity, or right held as a prerogative of status or rank, and exercised to the exclusion or detriment of others.

   Privilege, among the Romans, was something conferred upon an individual by a private law; and hence, it denotes some peculiar benefit or advantage, some right or immunity, not enjoyed by the world at large.

   This practice corrupted the Roman Republic and will do the same for us

[arete]

This practice corrupted the Roman Republic and will do the same for us

Again, I can't really disagree with you. There is evidence of privilege everywhere. It is most obvious on Wall Street and Washington. Ken Lay should have been locked up months ago, but I guess it didn't fit into his scheduling. The Torch was selling favors and his punishment was having to drop out of the senate race. Wonder how long they think the sheep will remain asleep while they corrupt the whole system and steal every darn dime we have leaving us with nothing but a mountain of debt?

Richard W.

[jwh_Denver]

Who was it that said that the Constitution (as if we have one in effect) would not work without morality?

[Rodney King]

Is this a fraudulent headline?

[Rodney King]

We have some of the best business brains in the country designing schemes which have no business purpose -- other than moving money from the right pocket into the left pocket" to hide debt or losses or avoid taxes.

This pretty much sums up Wall Street.

[Rodney King]

While we don't think we did anything illegal or unethical, from the standpoint of reputation risk we would not do this transaction today,"

If it's not unethical, why would it put your reputation at risk?

[Gritty]

No mention of the years this took place, not surprisingly.

It must have happened while the Clintons and Jake Reno were watching the store.

[meenie]

To catch crooks, you must use crooks. This has to be the reason that Bush tapped Friedman for his economic adviser. Putting the fox in the henhouse to guard the chickens is an unproven strategy, the principle being that giving the fox power and authority will change the fox.