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To: Rte66
Rte66, Andrew Fastow worked for the 'after-bank', after Continental-Illinois had been bailed out in 1984. C-I failed from large energy sector and LDC loan losses the same year that Andrew Fastow began working for them.

Ground Zero of the banking scandal that brought down so many in our area, as well as other parts of the US, was Continental-Illinois. Guess where both Lea and Andy worked at the time.

64 posted on 10/24/2006 9:17:15 PM PDT by Ready4Freddy ("Everyone knows there's a difference between Muslims and terrorists. No one knows what it is, tho...)
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To: Ready4Freddy

It wasn't a different bank. Everything went ahead just as it had - that's what made so many people mad.

Only two of their loan guys got axed. Most everything was covered over - Andy and Lea came in right when they were doing those things. In fact, they were hired specifically to set up the very vehicles they later used at Enron.

The shareholder suits hadn't even started yet at that point. The bank was in major CYA posture for another 4-5 years beyond that, as the others in the ring began to fail. I know this, I was in the middle of it, starting with Penn Square Bank in 1982 and on down the line.


65 posted on 10/24/2006 10:04:55 PM PDT by Rte66
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