Wednesday, August 03, 2005

We did nothing wrong, mind you, but here's $Xbillion

"NEW YORK (Reuters) - Canadian Imperial Bank of Commerce said on Tuesday it had agreed to pay $2.4 billion to investors of Enron Corp., the largest payment so far from a group of banks accused of helping the energy firm hide its debts before it collapsed in 2001..... CIBC ... did not admit wrongdoing.... Citigroup and JPMorgan Chase both settled in the class-action suit in June, agreeing to pay $2 billion and $2.2 billion respectively to the plaintiffs. They also did not admit any wrongdoing in agreeing to settle,
Lehman Brothers and Bank of America agreed to smaller settlements, totaling nearly $300 million. Those yet to settle in the University of California class action suit include: Barclays , Credit Suisse's Credit Suisse First Boston, Deutsche Bank , Merrill Lynch & Co. , Toronto-Dominion Bank , Royal Bank of Canada and Royal Bank of Scotland . http://today.reuters.com/News/newsArticle.aspx?type=topNews&storyID=2005-08-02T225216Z_01_N02398888_RTRIDST_0_NEWS-FINANCIAL-ENRON-SETTLEMENT-DC.XML

Seems as though nobody did nobody any wrong, but heaps of people lost heaps of money. And since the whole thing is a zero sum game, the winners are .....?

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