Enron sues investment banks

[UpInArms]

http://www.kansascity.com/mld/kansascity/business/6852729.htm

HOUSTON - Enron Corp. is suing a string of banks, brokerage firms and their subsidiaries that financed its deals and partnerships, accusing them of participating in deliberately murky transactions for millions of dollars in fees that helped create the failed energy company's facade of success.

Defendants in the lawsuit filed late Wednesday in U.S. Bankruptcy Court in New York include banking titans J.P. Morgan Chase & Co. and Citigroup Inc. - two of the country's largest banks and Enron's largest creditors.

<snip>

Various regulatory and criminal investigations have unearthed repeated allegations of how some Enron executives led the charge to cook Enron's books.

Enron's lawsuit alleges those insiders conspired with the banks to inflate profits and hide debt so the insiders could get rich by self- dealing while the banks pocketed millions of dollars in fees.

...more...

[bpilgrim]

1. maybe they could share a cell?

http://new.globalfreepress.com/enronomics.shtml :evilgrin:

peace

[UpInArms]

3. here's my

2 cents worth (way back when)

http://www.americaheldhostile.com/ed121701.shtml

and

http://www.americaheldhostile.com/ed121101.shtml

[fabius]

2. That takes brass...

...sort of like suing your pusher for selling you that hit of heroin.

Of course this is the era of personal responsibility and the Enron folks really believe in personal responsibility. Sorta like their friend aWol.

[SoCalDem]

4. They are suing the bank for allowing them to steal all that $$??

The banks are "enablers"????

Too funny...

[Ignis]

5. Next up in Bizarro World:

Enron sues stockholders for providing the capital used to defraud customers.

[7th_Sephiroth]

6. So basically

Enron is suing is suin the banks for being decieved and being unknowingly used in a crime

[UpInArms]

7. don't you just appreciate that

republican "honor and integrity" thing?

[Bandit]

8. Would GOP Tort Reform effect this law suit?

They love to talk tort reform but always seem the first to sue.

[salin]

9. Ah yes.... bush speaking infront of the backdrop "Corporate Responsibility

Wish I had a pic of that little empty speech of his.

[NewYorkerfromMass]

10. I have a good friend (who is high up) at JP Morgan

she is exceedingly evasive when I try and get info from her on what the hell is going on behind the scenes....

Here is just one of the many things happening the past 2 years

[NewYorkerfromMass]

11. More JP Morgan woes: "ING Sues Deloitte and J.P. Morgan"

September 23, 2003, NEW YORK -- ING Bank contends it lost hundreds of millions of dollars as a result of a "massive Ponzi scheme" at now-defunct National Century Financial Enterprises Inc., and filed a lawsuit accusing the company's former banker, auditor and officers of fraud.

ING contends J.P. Morgan Chase & Co. (JPM) and Deloitte & Touche LLP assisted National Century, once one of the nation's largest health-service financing providers, with running a financial shell game

Ponzi scheme...OUCH!

[Jack The Tab]

12. YES - please keep your slime-covered name in the news...

The population needs constant reminders of your crimes and mentions of your large financial contributions to George W. Bush.

[Jackpine Radical]

13. Ken Lay murders parents with chainsaw,

throws self on mercy of court as orphan.