Breaking:Citi-Group About To Release Enron Like Problem

FOX,CNBC | 7-22-02 | my favorite headache

[My Favorite Headache]

Radio and I just see FOX reporting this. Big lender to worldcom and other giants...in trouble.Markets now back to falling...here we go.

[Alberta's Child]

Clinton's chief of staff, Erskine Bowles, is worth more than $30 million, second only to Rubin. Indeed, Clinton has appointed more millionaires to top jobs than George Bush or Ronald Reagan did.

It's also worth noting that when Clinton needed someone to co-sign the mortgage on his house in Westchester County, New York, both of these guys told him to take a flying leap. That's why Clinton had to turn to a third-rate bottom-feeder like Terry McAuliffe to co-sign that loan.

Rumor has it that one of the two fellows who turned Clinton down did so because he was concerned that Clinton's ability to pay off the mortgage would be adversely impacted by an extended stay in a Federal prison.

[rwfromkansas]

These corporate bastards are REALLY beginning to piss me off!!!!

Every time another one of these comes out the market tanks BIG......Why can't these people just do the right thing and play by the rules????

Folks on FR keep saying this won't affect us in November, but if the stocks keep dropping 200 points per day, IT WILL!!!!!!!!

[My Favorite Headache]

Nice! Or how about AOL/Time Warner also tanking lately? Do we have today's chart for AOL/Time Warner on their stock?

[kcvl]

Kenneth Brody, head of the Ex-Im Bank, is a close friend of Treasury Secretary Robert Rubin, having worked with Rubin at Goldman, Sachs. Enron is listed on Rubin's 1993 financial disclosure statement as one of the forty-four companies with which Rubin had "significant contact" during his years at the investment firm. (

[Bandolier]

Hold on to the handrails, kids; this is gonna' be wild...

[Linda]

Ok, I have my tinfoil hat strapped on real tight............I have been pondering something for awhile and wasn't sure if it was way off the mark but now I will come clean. clinton ran and stayed in power because of the economy, right? OK, I heard today that Arthur Anderson was the accounting firm for most of these corporations that are now having problems, so did clinton and Anderson conspire to cook the books hence what we are seeing now? I would put nothing past the clinton gang of crooks to do this to keep the economy sky high. Am I way off base here? I'm not too bright when it comes to corporate affairs.

[My Favorite Headache]

[mwl1]

Nothing on CNBC yet about troubles at Citigroup... is this really a breaking story?

[Lower55]

No, I'm pretty sure it's $700,000 per week.

$100,000.00 per day? Hmmmmmm for 8 hrs., that's $12,500.00 per/hr........$208.33 per/minute........$3.47 per/second

You can't count it that fast.

[My Favorite Headache]

Linda send your concept to every single radio host, and show on television.

[My Favorite Headache]

Fox News broke in with it as a breaking story...CNBC said more to follow it happened very fast. It was about Citigroup and it being WorldCom's biggest lender is now about to claim trouble.

[TBall]

Check out the news on HPL Technologies. Symbol HPLA. The co says it has uncovered massive accounting fruad involving "fictitous transactions" and "falsified documents." CEO David Lepejian has gone missing.

[Lower55]

If he works 7 days a week.

[steveegg]

Small item on FoxNews's main business story:

Citigroup (C) lost $2.30 to $33.70 and ranked as the most active on the New York Stock Exchange. The Dow member is one of the biggest lenders to WorldCom. The financial giant was dealt another blow after the Washington Post, citing unnamed sources, said Citigroup and other banks transferred more than $5 billion to Enron using complex transactions that were labeled as energy trades.

[Night Hides Not]

I think it's time to turn the heat up on Sens. Lieberman and Corzine. These are the faces that Dasshole has tried to put up as paragons of virtue. I'm looking forward to seeing how their faces tan (or burn) under the klieg lights of media scrutiny.

If these two guys were Republicans, ethics committees would be going full tilt as we speak.

[aristeides]

Arthur Andersen's UK subsidiary is closely tied to Tony Blair's New Labour. Anybody know whether there were any Clintonistas high up in Arthur Andersen?

[My Favorite Headache]

Post#4 only begins to tell probably what is going on and its effects on the market right now.

[My Favorite Headache]

I was just about to put that up...thanks.

[kcvl]

Wednesday, Feb. 20, 2002


Former Enron chairman and Clinton golf buddy Kenneth Lay offered a seat on the company's board in 1999 to Clinton Treasury Secretary Robert Rubin and lobbied Rubin and his successor on issues affecting Enron, documents obtained today by the Associated Press show.

This is the same Robert Rubin being paid a whopping $40 million a year by Enron creditor Citigroup.

"The notes and letters," obtained under the Freedom of Information Act, "show that Lay pressed Enron's interests to Clinton administration officials," AP reported.

Lay wrote to Rubin on May 14, 1999, after Rubin announced he was leaving his post, "Given the way Enron has evolved, not only do we badly need a person with your experience and insights ... but also I think you would find serving on our board intellectually and otherwise interesting."

Though Rubin did not join the board, he joined Citigroup Inc., which lent hundreds of millions of dollars to Enron. He "called Treasury's undersecretary for domestic finance, Peter Fisher, last Nov. 8 to seek his intervention on Enron's behalf."

Lay also wrote a note that May 14 to Rubin's successor in the Clinton administration, Lawrence Summers, promising to be available "if there is anything at all I or Enron could do for you or the department."

Dropping Rubin's name in an Oct. 8, 1999 letter to Summers, Lay mentioned that he had spent time with him in China - that best friend of the Clinton administration - the previous week and that "he looked more relaxed than I have seen him in years." He also "indicated he was prompted to write by a speech by a treasury assistant general counsel, that federal regulators might be considering regulation of the huge global derivatives market that exists outside of commodities exchanges," AP said.

"Larry, hopefully the comments made by John Yetter were just a misunderstanding," Lay wrote. "I would very much appreciate receiving a call or note from you if in fact there is any reason that we should be concerned about this occurring."

AP reported: "Summers responded on Nov. 22, noting that Yetter and another treasury official, Assistant Secretary Lee Sachs, had met with several Enron executives to discuss the company's concerns and that Sachs spoke on the phone with Lay about the issue."




Monday, Feb. 11, 2002

Robert Rubin, the Dems' $40 Million Friend of Enron

Citigroup is paying Enron pal and former Clinton Treasury Secretary Robert Rubin a whopping $40 million a year to "advise on strategy" - while he continues to help Democrats undermine President Bush, the New York Times reported today.


The Enron stink won't go away soon. Even a Rubin friend, financier Felix G. Rohatyn, admits "the impression is not great when it [Rubin's intervention] is on behalf of a company that has created the worst profile in the history of capitalism."

Rubin "was a sounding board for Gov. Gray Davis of California during last summer's electricity crisis even as Citigroup worked for energy companies that were selling power to the state." The "conflicts were obvious," the Times confesses.

Typical of the Clinton administration, Rubin had, and continues, close ties with the communist Chinese dictatorship. "As hosts of last fall's Asia Pacific Economic Cooperation forum, the Chinese pointedly invited Mr. Rubin to introduce President Bush — an 'old friend' presenting a president still untested in Chinese eyes."

The justification for Rubin's mind-boggling pay is murky. "He is involved in everything and nothing," the Times reports. Chuck Prince, Citigroup's chief operating officer, actually says, "He decides what he's interested in and has a way of drawing the company toward that."

Rubin "runs a nonstop tutorial on economic policy" for Democrats, coaching obstructionist Senate plurality leader and Citigroup beneficiary Tom Daschle "and other leaders on ways to debunk Bush military spending and tax cuts."

The Times notes with amusement that "affronted" Citigroup clients have flooded brokers with "irate e-mails" about Rubin's campaign against President Bush's tax cuts and other policies.
Which brings up a good point - why should anyone who supports the president and tax cuts do business with Citigroup?

[Fracas]

Hey, thanks for the ping. Have you noticed that the one person missing from the talk shows is Rubin????