Banks fall as Congress probes Enron ties

Financial Times ^ | July 23 2002 19:26 | By Gary Silverman in New York and Lydia Adetunji and Peter Spiegel in Washington

[DB]

Where'd that "i" come from... Make that Clinton...

[spectre]

Yes, and the biggest scam the Executives at Enron pulled, was to cash out on their Stock Options, knowing full well that the money was a LOAN and could not be repaid.

They are Thieves and should be put in jail. We need to put politics aside and go after the ones who looted their company.

Now, we have Citigroup. Who loaned the money to Enron. And if my family wasn't heavily invested in Citigroup, I probably wouldn't be so passionate about it...but it hurts when it's this close to home.

Trading on C. should be suspended untill this is worked out. For everyone's sake.

[azhenfud]

"Since we have gone out of our way to bless Israel,.."

Part of the error of your logic appears to be your perception of who Israel is. It seems scripture indicates all those whom God has given to become sons of the Living God is God's Israel. All those who seek His guidance and righteousness are His.

It doesn't take much looking around to find cases where those who seek a righteous existence are ridiculed, mocked, and even cursed. So, the flip side of "I will bless them that bless thee" is "and curse him that curseth thee"....

Regards,
Az

[evad]

Imagine if you were a carpenter, and I gave you $10,000 for work you were going to do on my house in the future. But, both you and I know that you're not going to do any work, but instead pay it back. On your balance sheet it is shown as revenue and not an expense.

Excellent analogy but imagine this...a three headed snake who's intent is to accomplish some ill gotten gain.

First you need a corporation with top level executives that are basically corruptable, i.e. Enron. Second you need an overseer that will turn it's head and actually be an accomplice in the enterprise, i.e. A A. And last but not least, you need a financial institution that also is willing and capable of "inventing" shady ways to pull off the scam.

I'll let you guess who is the third head of the snake.

This third head of the snake is HUUUUUUGE...this could bring the whole house of cards down.

[Don Myers]

"Since we have gone out of our way to bless Israel, I don't think we have a very big a$$-kicking coming. Also ... what about: "But God, who is rich in mercy ...""

At the moment, we are doing what we can to hamstring Israel's efforts to defend itself. And, we are working toward a Pali state in Israel. As for the mercy thing, perhaps, you should direct that question to the ex-inhabitants of Sodom and Gommorah.

[azhenfud]

Financial institutions were the architects and pioneers of these shady accounting practices.

I worked for ten years in the real estate development division of a bankcorp.

What they would do is locate a piece of real estate on which the bank wished to locate a branch. Then they would locate a "promenient" citizen or other corporation to "sell" the developed property to after the building and land development was completed, with a lease-back agreement.

They could "write-off" lease payments, which were only payments from/to themselves to cover the building expenses and a moderate "user fee". The stockholders would never realize any long-term capital liability increase being reported because the payment expenses were claimed under renewable short-term leasehold agreement expenses.

I admit I don't understand the entire workings of the "system", but it became a common term to use "sell-lease back" to describe these transactions. So, no one should be surprised to find a LOT of involvement by the financial institutions...

[historian1944]

Weren't those two banks also implicated in the laundering of billions from the aid to Russia during the '90s? I remember Bank of NY, and I think JP Morgan implicated.

[Vets_Husband_and_Wife]

I know, but with all the Foreign money being pulled out of our markets,.. who do you think will eventually benefit from it? Our dollar is getting closer and closer to the value of the Euro. It ain't pretty!

[evad]

I admit I don't understand the entire workings of the "system", ...

Nor do I but it sure sounds like Whitewater.

[mssnoop]

where have the the federal reserve and fdic been while these games were being played? why hasn't a cease & desist order been issued? were these loans listed as high risk on reports filed with the fdic?

[bribriagain]

How come you're not wearing a red dress in your bio pic?

[Ann Archy]

You said...................Nothing makes a mess quite like a gravy train, brought to a sudden stop..

I LOVE that phrase!!!! Thanks for the visual.

[Don Myers]

I imagine that a lot of money was made by many people. The whole house of American economics is filled with corruption at all levels. And why not when we have come to believe in no set standards of morality and the only thing of value is what you can see or hold in your hands?

[CyberAnt]

Sorry, but Israel is just that - Israel. There are no conditions on whether or not God is for them. The Bible is clear that THEY are his chosen people. You may not believe that - but that's your problem.

And ... if you're going to quote scripture, please be sure you read the whole chapter where the scripture is - and you should know who is speaking and who they are speaking to. Otherwise, you will get your endtime doctrine out of whack.

[ladyinred]

How come you're not wearing a red dress in your bio pic?

LOL, I am often asked that! I am trying to be incognito you see!

[DB]

Don't panic, there's good news in this meltdown

A strong Euro is going to hurt them more than us.

[azhenfud]

"Sorry, but Israel is just that - Israel."

Are you really that shallow? Read ALL of Paul's letter to the Galatians Ch 3, and esp. focus on v 7 and Vv 26-29.

"There are no conditions on whether or not God is for them. The Bible is clear that THEY are his chosen people. You may not believe that - but that's your problem."

I have no contention with whether Israel (Abraham's seed) are God's and that He is "for" them. You, my friend, have a problem in comprehending that, on God's turf, all who are sanctified by Christ ARE God's Israel. (Vv 28 & 29) That makes Him a "My God", and not merely a "Their God". Don't make the mistake of under-estimating that fact.

"And ... if you're going to quote scripture, please be sure you read the whole chapter where the scripture is - and you should know who is speaking and who they are speaking to. Otherwise, you will get your endtime doctrine out of whack."

Okay, so present scripture supporting your position. Let's see if you can determine "who is speaking and who they are speaking to" based on the short piece of scripture with which you've been presented. Until then, it's easily discernable by your interpretation as to who has their "endtime doctrine out of whack".