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CITIGROUP BOMBSHELL: HELPED ENRON HIDE FINANCIAL CONDITION
http://www.drudgereport.com ^ | 7/21/02

Posted on 07/22/2002 8:01:03 PM PDT by 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...


TOPICS: Breaking News; Business/Economy; Crime/Corruption
KEYWORDS: citigroup; enron; lieberman; rubin
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It gets more and more interesting...
1 posted on 07/22/2002 8:01:03 PM PDT by The Chief
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To: The Chief
Let's hear it for schadenfreude!!

I will be SO happy if Robert Rubin is shown to be the crook that I think he is!!

2 posted on 07/22/2002 8:02:35 PM PDT by Miss Marple
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To: The Chief
Clinton treasury comes to mind!
3 posted on 07/22/2002 8:03:03 PM PDT by TLBSHOW
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To: The Chief
Hmmm, as a great stock market predictor might say:

"I see the symbol 'C' going up in smoke tommorrow"

What a great short that stock is proving to be.
4 posted on 07/22/2002 8:03:39 PM PDT by Nuke'm Glowing
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To: Miss Marple
1999...

and who was President then???

5 posted on 07/22/2002 8:03:47 PM PDT by rintense
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To: The Chief
So the slime oozes a tad closer to the Clintonites, eh?

Oh, but I forgot (!), it was Bush's "massive" tax cut that caused the market to collapse. How silly of me.

6 posted on 07/22/2002 8:04:49 PM PDT by Scott from the Left Coast
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To: The Chief
Does this mean that the stock market will go down again tomorrow?
7 posted on 07/22/2002 8:05:24 PM PDT by blam
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Check out this thread from earlier...A WHOLE lotta idea's and info on it..
8 posted on 07/22/2002 8:06:11 PM PDT by Michael Barnes
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To: blam
Yes.
9 posted on 07/22/2002 8:07:09 PM PDT by Registered
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To: The Chief
I feel so sorry for Citibank that I think the US ought to pass a bankruptcy reform bill so the big bad consumers can't cheat poor little-bitty Citibank by being dishonest and taking bankruptcy. parsy the soft-hearted.
10 posted on 07/22/2002 8:07:32 PM PDT by parsifal
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To: rintense
Hillary Clinton and Al Gore come to mind and some impeached trash named Bill!
11 posted on 07/22/2002 8:07:50 PM PDT by TLBSHOW
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To: Scott from the Left Coast
Homelessness, AIDS, racism, plagues, world debt, starving children, bad schools, pregnant teens, truancy...you name it; they're all President Bush's fault. :-)
12 posted on 07/22/2002 8:08:39 PM PDT by Wait4Truth
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To: rintense
"...Upon the retirement of his predecessor, Lloyd Bentsen, Mr. Rubin was President Clinton's choice to serve as our nation's 70th Secretary of the Treasury. He was confirmed by the U.S. Senate and sworn into office on January 10, 1995..."

"...He left Treasury on July 2, 1999...."


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

http://www.citigroup.com/citigroup/corporate/businessheads/rubin.htm

I'd love to know the dates on the documents.
13 posted on 07/22/2002 8:09:12 PM PDT by terilyn
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To: TLBSHOW
And guess who the number one contributor to Lieberman and number two to Daschle was???? Uh huh. You guessed it: Citicorp. Let's see them weasle their way out of this one.
14 posted on 07/22/2002 8:09:25 PM PDT by rintense
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To: terilyn
Me too. See post 8 for a link to some very interesting Democratic ties to Citicorp.
15 posted on 07/22/2002 8:10:43 PM PDT by rintense
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To: blam
Good question.
1. Citigroup is a Dow stock.
2. Citigroup is well known for indulging in bad corporate and international high risk debt then sticking it to the consumers to cover their you know whats.
3. I hope it drops to $7 a share.
16 posted on 07/22/2002 8:10:51 PM PDT by Nuke'm Glowing
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To: rintense; Miss Marple; gov_bean_ counter
And WHAT was going on then?

Can you say, impeachment? Somebody is possibly going down for this one. BIG TIME.
17 posted on 07/22/2002 8:11:15 PM PDT by hchutch
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To: Miss Marple
Interesting today on CNBC. Barely a blurb of this, and then back to Worldcom.

All over the news tonight, "blah blah blah, Dow Jones Industrials down on news of Worldcom..blah blah blah".

The markets had recovered, back to even and up slightly when this news was first reported.

Citigroup is one of the 30 stocks that make up the Dow Jones Industrials average.

Still the media keeps talking about Worldcom, which was already trading at 0.9c per share.
18 posted on 07/22/2002 8:12:12 PM PDT by terilyn
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To: kcvl; PhiKapMom; Mo1; Fracas
Lookie here.
19 posted on 07/22/2002 8:12:24 PM PDT by Howlin
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To: rintense
They won't have to weasle their way out of it if the TV media doesn't report it. They certainly don't want to take the attention away from Bush/Cheney "scandals"...what a joke the RAT Party is...they are scum - and the media they rode in on...
20 posted on 07/22/2002 8:12:31 PM PDT by Wait4Truth
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To: rintense
I was lurking at work all day, I saw! LOL
21 posted on 07/22/2002 8:13:40 PM PDT by terilyn
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To: terilyn
"...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.

22 posted on 07/22/2002 8:14:34 PM PDT by SBeck
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To: Wait4Truth
Don't worry, CNN will report it. They need to distract everyone from the problems AOL is about to report.
23 posted on 07/22/2002 8:15:24 PM PDT by Nuke'm Glowing
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To: hchutch
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?

24 posted on 07/22/2002 8:15:56 PM PDT by rintense
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To: Howlin
Wow...

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

25 posted on 07/22/2002 8:16:32 PM PDT by piasa
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To: TLBSHOW
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!
26 posted on 07/22/2002 8:16:44 PM PDT by Vidalia
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To: rintense
1999... and who was President then???

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

27 posted on 07/22/2002 8:17:11 PM PDT by ctonious
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To: Howlin
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
28 posted on 07/22/2002 8:17:15 PM PDT by Mo1
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To: SBeck
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.

29 posted on 07/22/2002 8:17:51 PM PDT by TLBSHOW
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To: Nuke'm Glowing
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.
30 posted on 07/22/2002 8:18:31 PM PDT by Ciexyz
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To: Nuke'm Glowing
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...
31 posted on 07/22/2002 8:18:47 PM PDT by Wait4Truth
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To: The Chief
I can just hear the media WHORES blame Bush for this too!
32 posted on 07/22/2002 8:18:54 PM PDT by RoseofTexas
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To: rintense
Remember? The RATS play checkers...the President plays poker...did Miss Marple say that?
33 posted on 07/22/2002 8:21:07 PM PDT by Wait4Truth
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To: Mo1
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.
34 posted on 07/22/2002 8:21:49 PM PDT by umgud
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To: rintense; gov_bean_ counter
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
35 posted on 07/22/2002 8:24:14 PM PDT by hchutch
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To: The Chief; All
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.
36 posted on 07/22/2002 8:24:40 PM PDT by My Favorite Headache
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To: The Chief
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.
37 posted on 07/22/2002 8:25:39 PM PDT by rwfromkansas
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To: Ciexyz
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.
38 posted on 07/22/2002 8:25:54 PM PDT by rintense
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To: The Chief
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.

39 posted on 07/22/2002 8:26:15 PM PDT by hole_n_one
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To: rwfromkansas
Tou do mean the DNC, who is trying to destroy America!
40 posted on 07/22/2002 8:27:09 PM PDT by TLBSHOW
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To: hchutch
Ooooh! Excellent theory! I like it. I said something very similar late last week- that Clinton knew what was going on and figured Gore would win and cover it all up. Today, I said that it is entirely possible that the books were cooked for the sole reason to falsely mislead the American public into, one, thinking the economy was actually better than it was, and two, to make Clinton look like the savior- all the while allowing corporations to reap the benefits.
41 posted on 07/22/2002 8:28:51 PM PDT by rintense
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To: Ciexyz
Amen brother! Time to see if they have brass or glass cahonies. I'm sick of them saying so little about the "previous administration".
42 posted on 07/22/2002 8:28:56 PM PDT by Nuke'm Glowing
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To: Miss Marple
Let's hear it for schadenfreude!!

Yep. Gotta love those Germans. They have a 15-letter word for everything.

43 posted on 07/22/2002 8:29:18 PM PDT by Thane_Banquo
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To: blam
Does this mean that the stock market will go down again tomorrow?

Like a poleaxed bull.

44 posted on 07/22/2002 8:29:20 PM PDT by Semi Civil Servant
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To: Miss Marple
We KNOW he is a CROOK if he got anywhere close to a CLINTON!!! As a matter of fact, anyone who worked with, for or near one of the Clintons, IMO, is a CRIMINAL. You can't get that close to someone without KNOWING what is going on. Unless, of course, they're ALL THAT STUPID! HA!
45 posted on 07/22/2002 8:30:43 PM PDT by kcvl
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To: rintense
The President wasn't about to say, "yeah, clinton is dirty - it's all his fault." This President uses different ways than most of us do. He gets his point across in a subtle manner. I knew exactly what he meant, too. He's basically saying that while the commander-in-chief was busy jerking off in the Oval Office sink, the world was going to hell in a handbasket. Subtle...I love him.
46 posted on 07/22/2002 8:30:50 PM PDT by Wait4Truth
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To: hchutch
Interesting ONLY if the Republicrats have the hutspa to actually follow through with real action instead of chatter.
47 posted on 07/22/2002 8:31:15 PM PDT by Nuke'm Glowing
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To: Wait4Truth
For a straight talker, he sure can speak around corners, can't he? Hehehehe. But I forgot. He's an idiot.
48 posted on 07/22/2002 8:31:44 PM PDT by rintense
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To: Miss Marple
I will be SO happy if Robert Rubin is shown to be the crook that I think he is!!

I think we all now know why Rubin was calling the Treasury looking for Enron help from O'Neil, Rubin was trying to do a major job of CYA.

49 posted on 07/22/2002 8:31:51 PM PDT by NeoCaveman
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To: hole_n_one
Good find, and it just came in handy too!

50 posted on 07/22/2002 8:32:52 PM PDT by TLBSHOW
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