Robert Rubin Asked Treasury About Aid to Enron
"Lay called Federal Reserve Chairman Alan Greenspan on Oct. 26. "We will not characterize the conversation," a Fed spokeswoman said. "The chairman did nothing in response to the call because it would have been inappropriate."
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Japan's MMFs Lose Y3 Tln On Month On Enron Bonds - Nikkei
Yahoo Finance
Saturday, December 1, 2001 1:57AM
TOKYO (Nikkei)--Outstanding assets of Japan's domestic money management funds as of Friday declined by more than Y3 trillion from a month earlier as a result of four MMFs that included bonds issued by Enron Corp. (ENE) in their portfolios falling below par. The asset total was Y18 trillion as of the end of October, The Nihon Keizai Shimbun reported in Saturday morning edition.
MMF holders, mainly companies, apparently canceled contracts even for those not falling below par, as they began doubting the safety of the financial products widely seen as relatively low-risk investments.
The president of UFJ Partners Asset Management Co., which included Enron bonds in its portfolio, will resign before his term expires next June. To prepare for massive cancellations, UFJ Partners has sold off all Enron bonds included in the MMF and switched over to assets with little price movement, such as cash and certificates of deposit. The company says there will be almost no additional losses.
Nikko Asset Management Co., Japan Investment Trust Management Co. and Sumisei Global Investment Trust Management Co. also said they increased the percentage of cash in their portfolios.
Several medium-term government bond funds also fell below par since September, undermining their image as a safe investment vehicle.
Asset management companies and others handling bond investment trusts are trying to reassure customers by disclosing the contents of their portfolios.
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Former Enron Chief Financial Officer Andrew S. Fastow (R) appears with his lawyer David Boise at a news conference in New York December 12, 2001. The Securities and Exchange Commission said on Wednesday it brought a subpoena enforcement action against Fastow, charging that Fastow failed to comply with an October subpoena to appear before the regulatory agency. REUTERS/Mike Segar (Reuters)
