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Article: Investment banks fingered with Enron. (news front).
- Article from:
- The Practical Accountant
- Article date:
- June 1, 2003
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Investment banks facilitated and participated in "complex financial transactions" with Enron, despite allegedly knowing that the transactions were meant to manipulate and obscure the collapsing energy giant's true financial condition, according to findings in the U.S. General Accounting Office study, "The Role of Firms and Their Analysts With Enron and Global Crossing."
The Sarbanes-Oxley Act mandated that the GAO study the involvement of investment banks with Enron and in another company, Global Crossing.
The investment banks involved in the transactions, including Merrill Lynch, Citigroup, FleetBoston, and Chase, contended that their actions were ...