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Chase and Citibank caught again


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Posted by David (216.76.232.224) on July 28, 2003 at 16:27:41:

Goes to show you consumers aren't the only ones who file or are involved in bankruptcy. 2 of the biggest issuers of credit cards were right in the middle of the enron scandal.


Morgan, Citigroup Fined for Enron Role
1 hour, 30 minutes ago

By ERIN McCLAM, Associated Press Writer

NEW YORK - JP Morgan Chase and Citigroup agreed Monday to pay a total of about $286 million for their roles in energy trader Enron's manipulation of its financial statements.


JP Morgan will pay $135 million and Citigroup will pay $101 million as part of the settlement, the Securities and Exchange Commission (news - web sites) said. The banks also agreed to pay $50 million total to the state and the city to settle a similar charges.


Citigroup will also pay $19 million to settle SEC charges that it helped energy company Dynegy Inc. manipulate its financial statements.


JP Morgan and Citigroup did not immediately respond to calls seeking comment.


The SEC said most of the money would go to victims of Enron's collapse amid allegations of massive accounting irregularities — the first in a string of scandals that have tainted corporate America since 2001.



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