Man Without Qualities

Thursday, March 06, 2003

Such An Odd Argument

JP Morgan and Citigroup have pointed out they were not responsible for the way Enron accounted for the many deals which those banks created for Enron. On Thursday Citigroup said the latest report from a court-appointed investigator into the bankrupt company's off-balance-sheet transactions "shows the scope and size of the fraud perpetrated by Enron and condemns the techniques repeatedly approved by Arthur Andersen [then Enron's auditor] and Enron's other advisers."

But JP Morgan and Citigroup both knew exactly how Enron was accounting for those deals in exquisite detail and long before the general public knew those details.

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