philjit
07-23-2002, 10:21 PM
The world's two largest banks have suffered a share price collapse after being implicated in the Enron scandal. Citigroup and JP Morgan Chase are accused of deliberately helping Enron to conceal its massive debts.
Representatives of Citigroup and JP Morgan Chase failed to convince a Senate hearing that they had innocently entered into accounting schemes for the disgraced energy giant.
Investors rushed to ditch their shares in the banks, with Citigroup closing 16% lower and JP Morgan down 18%.
The news follows the collapse of the prestigious accountants Andersen, brought down by the accusation it had knowingly helping Enron to hide behind shady accounting practices.
BBC News (http://news.bbc.co.uk/1/hi/business/2147426.stm)
I am thinking of running a book on who is gonna be next. Anyone intersted in a flutter? ;)
Representatives of Citigroup and JP Morgan Chase failed to convince a Senate hearing that they had innocently entered into accounting schemes for the disgraced energy giant.
Investors rushed to ditch their shares in the banks, with Citigroup closing 16% lower and JP Morgan down 18%.
The news follows the collapse of the prestigious accountants Andersen, brought down by the accusation it had knowingly helping Enron to hide behind shady accounting practices.
BBC News (http://news.bbc.co.uk/1/hi/business/2147426.stm)
I am thinking of running a book on who is gonna be next. Anyone intersted in a flutter? ;)