Citigroup Said to Mold Deal to Help Enron Skirt Rules

New York Times ^ | 7/22/02 | RICHARD A. OPPEL Jr. and KURT EICHENWALD

[hobbes1]

Wait, I watch the News EVERYDAY, and I am telling you

THERE WAS NO CORPORATE MALFEASENCE BEFORE 1/20/2001!!!!!!

/Sarcasm.

[hobbes1]

With troops in Iraq?

[Dog Gone]

The market doesn't like this news.

[aristeides]

Citigroup is one of the 30 stocks in the DJIA, isn't it?

[MJY1288]

I doubt they will do anything until the winter season is in full swing in Iraq, Dec-Jan

[finnman69]

NY TImes is definitely covering Rubin. And Citibank is down another 12%

[Puddleglum]

This news doesn't suprise me one bit, and I predict that many more banks are to follow. Banks by nature are always looking for some new, high-return investment to improve their own bottom line. It's their business to take money and grow it, and I suspect that this may have gotten some of them to get their hands dirty in order to maximize their own profits. I think it will only be the magnitude and pervasiveness of the unethical behavior that might be a shock.

Remember speculative oil market, bust, and bank failures of the 1980's? Well, this may be the start of "Funny Money," round two. It all depends on where the buck stops, how many people were willing to put on blinders to get their share, and who, in the end, has to pay for the risk of the "risk-reward" equation in what was a pretty speculative high-tech market. Will it be the FDIC and our tax dollars? Time will tell.

Sorry to be so pessimistic, but I chose my username for a reason (C.S. Lewis fans will understand). -- 'Glum

[mwl1]

No, unearth the corruption now to neutralize the issue. Other issues will predominate by October, including, hopefully, an attack on Iraq.

BTW, Citigroup down sharply this morning, $3.89 per share, or a drop of about 12%.

Lots of dirty linen here, and the media are protecting Rubin and the RATS. Our side better start screaming.

[PJ-Comix]

Citicorp --- Big DemocRAT donors, I home the DNC and other Dems give ALL their CITIGROUP donations back.

Isn't there someplace online where we can view Citicorp's political contributions? If so, please post the results here. Thanx in advance.

[MJY1288]

Your probably right, get while the get'ns is good :-)

[Travis McGee]

Don't forget the 'Rats passing the law which tossed out long standing accounting company requirements, and in effect permitted the same accounting firms to both do the books and "consult" on corporate business practices. In effect, this permitted Anderson and others to (wink) "advise" their companies how to best cook their books.

Clinton was well paid for that law, and we see the results today.

[spectre]

So what about Enron? The executives that bailed out before the crash, are left with tens of Millions of cashed out stock options. Most still own their big homes, fancy cars and jets. None of them has paid any price. What makes us think that any of the other executives will? Nothing. The little people get hurt, Republicans and Democrats...to them, it isn't a political issue, its all about their investments...shrinking or gone.

sw

[Fracas]

LOL. A financial 'October Surprise'?

[habs4ever]

Rubin is considered the point man in the Democratic Party on all things economic.The NYT think he is an economic genius, with a teflon reputation.It's all BS, but if a Dem does well on Wall St and makes a huge pile, that is good enough for the liberals to confer "guru' status upon him.Hence, the NYT will never go after him.they have invested far too much in safeguarding his rep.

[TLBSHOW]

That is why the President himselve must do it. Nail Rubin and the gang to the wall.

[aristeides]

Will the Republicans' financial backers let him nail them?

[Moby Grape]

Typical NYT....there is NO mention of RUBIN being at Citicorp...if Cheney had been there, Cheney's NAME would be in the headline, and many times in the body of the article.

[Fracas]

"Ultimately, Enron paid $375 million in May, leaving $125 million of the oil transaction still outstanding. The loan approval documents for the revisions, submitted to senior banking officials, disclosed that Enron had "verbally agreed to repay the remaining $125 million by Sept. 30, 1999." However, according to people who have reviewed the paperwork for the transaction itself, there is no mention of that oral commitment."

Where are the buzzwords? - cover-up, fraud, shredding, missing....

[aristeides]

What liability would Citigroup have for this deal?

[gaspar]

If Congress gets tired of Citibank-Enron they could begin an investigation of Citi's involvement with the 8,000 Saudi princes and their huge investments in Citibank stock. From there it could look at the Saudi-American Bank, which is 1/4 controlled by Citi. In reality, Citi is the quintessential multinational, and to call it or treat it as an American corporation is a foolish mistake.