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To: vmatt
Sorry, I believe this is SOP, especially for a large public company in the condition Enron appeared to be in back last May.

Citigroup, supposedly one of the most sophisticated financial institutions in the world, now has $3B at risk in unsecured loans to Enron. Unfortunately we are witnessing corporate financial fraud on a grand scale. My (somewhat educated) guess is that some Enron officers, especially the CFO, and accountants at Arthur Andersen are guilty as hell and will be going away for longer than Milken did.

A more interesting note, IMO: Citigroup is Enron's largest unsecured creditor and joe loserman's largest contributor. There is a serious ethical conflict here. Loserman can have significant influence on casting blame and determining just how much of its $3B investment Citigroup ultimately loses. Any bets on whether he recuses himself? I didn't think so.

27 posted on 01/12/2002 10:54:16 AM PST by rmgatto
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To: rmgatto
I agree with your "SOP" conclusion. Without the waiver, Enron could not buy or sell stock or incur any new debts. Not a reasonable position for an energy trader.
195 posted on 01/14/2002 6:39:17 PM PST by JonH
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