Posted in H.L. News, Main Blog (All Posts) on August 2nd, 2006 9:45 am by HL
Enron in the news again (barely)
NEW YORK, Aug 1 (Reuters) - A federal appeals court has overturned most of the convictions against four former Merrill Lynch bankers concerning a bogus deal with Enron Corp.
The four men and one former Enron executive were convicted in November 2004 of conspiracy and fraud charges connected to the sham sale in 1999 of three electricity producing barges in Nigeria by Enron to Merrill.
A jury in the case had agreed with prosecutors that Enron had illegally used the deal to inflate its profits by promising to buy back the barges in six months.
It was all Kenny Lay’s Fault. We can blame it all on him now. Just hope no one spots him down in Barbados.