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Posted: 7/22/2002 7:08:38 PM EDT
drudge is reporting:
CITIGROUP BOMBSHELL: HELPED ENRON HIDE FINANCIAL CONDITION Intentionally manipulated written record of dealings with Enron: Senior Citigroup credit officers misrepresented '99 transaction in records of deal; Enron could ignore accounting requirements and hide true financial condition, the NY TIMES is planning to report on Tuesday, say sources... MORE... 'The paperwork cannot reflect their agreement,' according to one e-mail message written by James F. Reilly, a senior Citigroup loan executive in Houston, 'as it would unfavorably
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btw, this damn thing [img]http://www.drudgereport.com/siren.gif[/img] is annoying
Link Posted: 7/22/2002 7:23:32 PM EDT
The unspoken horror on Wall Street is that one of the big banks will fail. Citicorp is certainly hung out there right now. If that were to happen more than one would go under. That impact would be felt on a national level.
Link Posted: 7/22/2002 7:31:41 PM EDT
The system is designed by and for thieves...
Link Posted: 7/22/2002 7:35:51 PM EDT
Would that mean I wouldn't have to pay my credit card bill anymore ?
Link Posted: 7/22/2002 7:36:29 PM EDT
This is all simply BULLSHIT! I trust big business to run things a whole lot more properly than the GOVERNMENT fer crying out loud! Did you know the General Accounting Office says that last year, $17 Billion Dollars in taxpayers' money is unaccounted for? [b]Is that front page news?[/b] Nope, and just think, unlike Enron's money, unlike World.com's money, unlike any other big businesses' money ~ that money is YOUR money! Eric The(HonestToGod)Hun[>]:)]
Link Posted: 7/22/2002 7:36:35 PM EDT
Wall Street and the big banks are a confidence game. Get caught screwing the pooch too often and the suckers go somewhere else. That pooch is having trouble walking right now..... All kinds of dishonesty is coming to light. Wanna bet NOT ONE of the crooks does a day in Club Fed or has to disgorge any of what he stole?
Link Posted: 7/22/2002 7:58:44 PM EDT
Originally Posted By EricTheHun: ...Did you know the General Accounting Office says that last year, $17 Billion Dollars in taxpayers' money is unaccounted for? Eric The(HonestToGod)Hun[>]:)]
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Yeah, like YOU didn't lose a toilet seat and a hammer last year [:D]
Link Posted: 7/22/2002 8:00:35 PM EDT
Originally Posted By MickeyMouse:Wanna bet NOT ONE of the crooks does a day in Club Fed or has to disgorge any of what he stole?
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I refer you to the prison rape thread.
Link Posted: 7/22/2002 8:07:54 PM EDT
The thing that's fueling the downward progress of the market are all the f_ucking F-ucking F_UCKING hedge funds. They make alot of their money on short selling. The borrow and sell MILLIONS of shares of stocks and sell them immediately. Flooding the market with these (albiet borrowed) shares of stock makes their prices and therefore the market fall. Short selling is an extremely dangerous business for the investor but moreso for the market as a whole. If they gave a goddamn about fixing the marget the SEC would do away with it. \
Link Posted: 7/22/2002 8:08:28 PM EDT
Eric, I agree that big business certainly CAN get things done more efficiently than big government. The problem with both is that there is no accountability for these types of shenanigans. The senior execs perpetrating and profiting from these massive frauds should have to forfeit their earnings and do hard time in a real prison. And whatever amount of our money the government is unable to account for (certainly a miniscule drop in the bucket of the government's total budget), it defintely has not had the same impact on the stock market, millions of people's retirement savings/investments, and our overall economy as the recent corporate scandals. Hopefully none of this will plunge us into the next great depression. It certainly doesn't lend us, our financial system, and our way of governance much credibility on the world stage.
Link Posted: 7/22/2002 8:14:13 PM EDT
Originally Posted By blackmanta: Short selling is an extremely dangerous business for the investor but moreso for the market as a whole. If they gave a goddamn about fixing the marget the SEC would do away with it.
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[b]CLUMP CLUMP CLUMP[/b] Do I hear the sound of hielo crashing into this thread, about to regale us with stories about what a hard working short trader he is? [;)]
Link Posted: 7/22/2002 8:17:03 PM EDT
I love this market. Not only does the steady stream of bad news break unabated, but it gets worse and worse. ETH, you trust these guys? These bastards are bringing down the whole system. Their actions are going to bring in the regulators and their infinite wisdom. Anyway, the government operates on behalf of elite capitalists like Citigroup and JP Morgan. You can be sure if they get into trouble, the Treasury and the Fed will tell us that it's in the interest of the financial system that the taxpayer bail them out.
Link Posted: 7/22/2002 8:20:37 PM EDT
Here's what I think will happen: The 'bad' corps will get weeded out, and go bankrupt. Then people will look around and say 'X corp is incredibly undervalued, let's buy', and things will come back...
Link Posted: 7/22/2002 8:20:44 PM EDT
Originally Posted By blackmanta: The thing that's fueling the downward progress of the market are all the f_ucking F-ucking F_UCKING hedge funds.
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They were just selling when no one else wanted to sell. They sized up an overvalued market, full of bogus companies whose management had bamboozled the public, and sold them off, revealing the real value of the company. I suppose you'd prefer buying overvalued shares from company insiders, who know the company's real value and growth outlook is much bleaker than you think it is.
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