CITIGROUP BOMBSHELL: HELPED ENRON HIDE FINANCIAL CONDITION

http://www.drudgereport.com ^ | 7/21/02

[The Chief]

Intentionally manipulated written record of dealings with Enron: Senior Citigroup credit officers misrepresented '99 transaction in records of deal; Enron could ignore accounting requirements and hide true financial condition, the NY TIMES is planning to report on Tuesday, say sources... MORE... 'The paperwork cannot reflect their agreement,' according to one e-mail message written by James F. Reilly, a senior Citigroup loan executive in Houston, 'as it would unfavorably alter the accounting'... MORE...

[terilyn]

I was lurking at work all day, I saw! LOL

[SBeck]

"...Mr. Rubin joined Citigroup on October 26, 1999..."

So according to this he had a grand total of 2 months and 5 days to do all the financial shenanigans and sleight-of-hands.

Methinks a few people should get a grip.

[Nuke'm Glowing]

Don't worry, CNN will report it. They need to distract everyone from the problems AOL is about to report.

[rintense]

Have you noticed the trend here???

The Dems----> pin Enron on Bush
The Pubbies----> won't stick, but how about Global Crossing
The result----> Enron who?

The Dems----> Harkin and Bush- a winner for sure
The Pubbies----> Full disclosure, nothing illegal, actually lost money. But hey, what about Citicorp?
The result----> More smear paint on the faces of the Dems.

I'm getting the feeling that for every scandal that is trying to be pinned on Bush and crew, another one is being 'revealed' to involve leading Democrats. Could it be possible that the RNC is fighting back surreptitiously?

[piasa]

Wow...

But I have faith in the DNC. They can pull an egg-sucking dog out of a chicken's arse.

[Vidalia]

Alleged Factoid: CitiBanc's national and international crap will make Worldcom look like a picnic, for they have abused, misused, and hidden nearly a $TRILLION U.S. intertwined with dirty Corp. execs. and laundering drug monies, just to "puff" stocks on the Street, and we ain't talking 34th and Vine...

Screw Drudge, he hasn't a clue on this one...

Laff-Source: ...what the Art Bell types call a hybrid of the "light greys and humans".

But they inform using Earth-based phones...

Go figure!

[ctonious]

1999... and who was President then???

..and that Machiavellian Prince was partying until way past 1999...

[Mo1]

The NYT is reporting this??

I don't know .. something isn't smelling right

For some odd reason I get the feeling something big is up and this is cover smoke of sorts to hide the real dirt

[TLBSHOW]

You do remember the phone call don't you?


Robert E. Rubin is a Director, a Member of the Office of the Chairman of Citigroup Inc., and a member of the Citigroup Management Committee. He has been involved with financial markets and our nation's public policy debate all his professional life.

[Ciexyz]

Let it all come out. And I'm confident that Bush and the Pubbies will stick the blame on where it belongs, instead of letting the Rats hang this on Bush. We want to see Republicans elected this fall. Get to it, gang.

[Wait4Truth]

LOL! You made me laugh; thanks! It will be interesting to see how the media plays this. Terilyn said CNBC only mentioned it and then went back to WorldCom. Nobody will want to talk about it because this draws in Rubin, Lieberman, Daschle, etc...they would have to be FAIR in order to cover this as they have Harken and Halliburton...the media doesn't even know the meaning of the word. So, call me a cynic...

[RoseofTexas]

I can just hear the media WHORES blame Bush for this too!

[Wait4Truth]

Remember? The RATS play checkers...the President plays poker...did Miss Marple say that?

[umgud]

So now it is a little more clear why Rubin was calling the Bush admin on behalf of Enron during their collapse. Good thing the Bush admin blew him off.He must have really been squirming. This is very good entertainment at the least.

[hchutch]

gov_bean_ counter had a VERY interesting tidbit on another thread. If this tidbit bears fruit, then I think that it will be something the media cannot ignore.

http://www.freerepublic.com/focus/news/720623/posts?page=16#16

[My Favorite Headache]

Nice that there is a 10th source on this. This story has been on breaking news all day long with almost 300 posts...Drudge is doing his homework by cheating off of the FR Sidebar.

[rwfromkansas]

Both the editor of the NY Times and Matt Drudge should be immediately arrested for reporting this. They are acting to further destablize our economy by dealing another blow and thus, are acting in concert with the terorristic enemies. It is time we show some freaking balls and take down those that would try to destroy the stock market.

[rintense]

I loved it when someone specifically asked Bush if he blammed Clinton for the accounting mess. He said quickly, 'No.' But later, he mentioned the lack of ethics and morality in the 90s as a source as to why all this was happening now. He couldn't have been more clear to me.

[hole_n_one]

From this 4/02 Washington Times Article......

Enron Lawsuit Portrays Rubin Pushing Bailout

The lawsuit reveals some previously undisclosed facts about Enron's secret dealings with the investment banks, including the banks' extensive involvement in setting up and funding the off-book partnerships that are at the center of a federal investigation.
     The complaint says, for example, that Citigroup or some of its executives were allowed to invest $15 million in "the very lucrative" LJM2 partnership "as a reward for Citigroup's participation in the scheme" to use the partnership to conceal debt and inflate profits.
     In addition to providing Enron with $4 billion in loans in the months before its bankruptcy filing, Citigroup lent Enron $2.4 billion disguised as pre-paid swaps that were channeled through a Citigroup subsidiary in the Cayman Islands, the complaint says.
     "Keeping Enron's stock price inflated was important to Citigroup," the lawsuit said, "as it knew that if the stock price fell below certain trigger prices," Enron would have to issue millions of additional shares to the partnerships, jeopardizing its credit rating and precipitating bankruptcy.

[TLBSHOW]

Tou do mean the DNC, who is trying to destroy America!