Well, if they're OJ caliber jurors.
Full disclosure: I have, in the past, profited from JP Morgan Chase (formerly Chase Manhattan) stock options. But I was never stupid enough to trust them.
The Institute of International Finance, Inc. (IIF), is the world’s only global association of financial institutions. Created in 1983 in response to the international debt crisis, the IIF has evolved to meet the changing needs of the financial community. Members include most of the world’s largest commercial banks and investment banks, as well as a growing number of insurance companies and investment management firms. Among the Institute’s Associate members are multinational corporations, trading companies, export credit agencies, and multilateral agencies. Approximately half of the Institute’s members are European-based financial institutions, and representation from the leading financial institutions in emerging market countries is also increasing steadily. Today the Institute has more than 320 members headquartered in more than 60 countries.
And what the hell is a ".quagga" file type, anyway?
Morgan should not only not collect from the insurance companies, but some investment bankers belong in jail.
On the face of it, that's a loan. It has a barter component to it, but it's still a bank putting up cash now and agreeing to be paid back later.
If that a "disguised" loan, I wouldn't call it much of a disguise. It looks like they insured against Enron defaulting; I wonder if they hedged the price of oil as well. If they did, it sounds like prudent bankers with too many lawyers helping them.
I guess the accounting gotcha is on Enron's side: instead of reporting this as debt, they called it a sale and booked the money as revenue. That was not cool.