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Banks enron deals Original Source Link: (May no longer be active)    http://story.news.yahoo.com/news?tmpl=story&u=/dowjones/20021209/bs_dowjones/200212090004000002 http://story.news.yahoo.com/news?tmpl=story&u=/dowjones/20021209/bs_dowjones/200212090004000002 Business - Dow Jones Business News Banks' Enron Deals Draw Scrutiny Mon Dec 9,12:04 AM ET WASHINGTON -- Citigroup Inc. (NYSE:C - News) and J.P. Morgan Chase & Co. helped Enron Corp. hide debt or avoid taxes in previously undisclosed deals that congressional investigators plan to depict this week as shams that show Wall Street had a bigger role in the energy trader's collapse than realized, The Wall Street Journal reported Monday. Both banks have been pummeled all year for allegedly helping Enron deceive investors, but congressional investigators say the new evidence gathered for a hearing Wednesday shows that both actively and aggressively helped conceal the precarious nature of Enron's books before the Houston company collapsed. "Citigroup and J.P. Morgan were clearly facilitators of Enron's deceptions," said Sen. Carl Levin in scheduling the hearing before the Permanent Subcommittee on Investigations, which he heads until Republicans take over the Senate next month. In an interview, the Michigan Democrat added: "We have some of the best business brains in the country designing schemes which have no business purpose -- other than moving money from the right pocket into the left pocket" to hide debt or losses or avoid taxes. The banks concede that aspects of the deals -- two by Citigroup and one by J.P. Morgan -- are questionable on tax and accounting grounds, and that neither would pass muster under internal bank policies adopted after a grilling they endured during another Senate Enron hearing in July. Privately, both complained that the Senate panel is exposing them to a second round of bad publicity for failings they admitted to during the summer hearing and addressed with the new policies. Citigroup has been especially aggressive in its reform efforts, with one executive saying it has turned down a number of deals as a result of those changes. "While we don't think we did anything illegal or unethical, from the standpoint of reputation risk we would not do this transaction today," a spokeswoman for J.P. Morgan said. A Citigroup statement said it now "would not approve the transactions. ... Under a new policy Citigroup initiated in August, no such financing will be approved without meaningful disclosure of its impact on a company's financial condition." -- Glenn R. Simpson and Jathon Sapsford, staff reporters of The Wall Street Journal, contributed to this article.

Anderson convicted { June 15 2002 } Bankers charged in enrol scandal { September 18 2003 } Banks enron deals Banks hide loans { July 24 2002 } Bush signs bill to keep california power flowing Chase financied enron borrowed gold Cheney energy { January 27 2002 } Citigroup enron Citigroup skirt rules { July 23 2002 } Clinton ties Enron accounting chief pleads not guilty { January 22 2004 } Enron auditor crime { May 14 2002 } Enron baxter dead { January 26 2002 } Enron california prices { May 7 2002 } Enron california wp { May 7 2002 } Enron ceo ken lay to face criminal charges { July 7 2004 } Enron citi Enron employees discussing state of economy { June 8 2004 } Enron employees joke about stealing from grandma { June 2 2004 } Enron employees praise bush and ken lay { June 1 2004 } Enron fake floor { February 22 2002 } Enron frank wisner cia { October 28 1997 } Enron funds restitution impossible after lays death { October 18 2006 } Enron gouged customers over billion dollars Enron lies Enron linked securities sparked citibank lawsuit Enron must pat california one and half billion { July 16 2005 } Enron policy Enron southamerc { May 6 2002 } Enron taxes Enron timeline { July 8 2004 } Enron traders gloated over rigging market Enron traders joked about theft Enron witness says he plundered reserves Enrons skilling ex ceo surrenders to fbi Ex enron execs arrested { May 2 2003 } Execs arrested { August 1 2002 } Fastow 78 counts Fastow and wife plea bargain Fastow charged { October 3 2002 } First criminal trial involving enron executives Former enron official changes plea to guilty Goa whitehouse Investigate bankers { June 26 2002 } Judge approves lea fastow enron plea deal { January 8 2004 } Ken lay hooks bush with uzbekistan [jpg] Ken lay likely to walk { July 9 2004 } Ken lay major 2000 bush fundraiser { June 26 2004 } Ken lay suddenly dies of heart attack { July 5 2006 } Ken lay victim of wave of terror by prosecutors Kennedy lay and skilling going to trial Kennedy lay surrenders to FBI Lawsuit cheney Lay and skilling convicted securities fraud Lay gone Lay no direct wrongdoings { November 25 2003 } Lieberman enron Merrill reaches deal with enron affair { September 18 2003 } No indication that ken lay suffered bad health { July 5 2006 } Plead guilty { August 21 2002 } Prosecutors seek ken lay indictment { June 20 2004 } Sec wants documents from ken lay { September 29 2003 } Senate deadlline enron Senator tax report disturbing { February 12 2003 } Skilling accusing people being fbi agents Whitehouse enron { May 23 2002 } Whitehouse papers enron Whitehouse subpoenaed { May 22 2002 } Witness says execs heavily involved in enron Files Listed: 69

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