Word: enronizing
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...become "horrified and embarrassed" by the mud-spattered image of Citi, which stands accused of unethical and illegal behavior on multiple fronts. Among the alleged transgressions: doling out shares of hot IPO shares to WorldCom executives in a bribelike manner to win banking business, devising complex financing to help Enron conceal debt and having stock analysts hype the shares of companies that were investment-banking clients. While Salomon Smith Barney was making the VIPs rich, another Citi subsidiary was charging consumers high fees and above-market interest rates on loans, according to charges Citi just settled with the Federal Trade...
...with the unraveling of Enron and WorldCom and recent allegations of legal and ethical lapses at Citigroup, Seereeram's cries are finally being heard. As a result of his investigations, Trinidad's tiny island neighbor Dominica has filed suit against the Citibank unit, alleging that it secretly and aggressively overcharged the government of Dominica on a bond issue to finance the island's first international airport. "We believe the allegations are without merit," says Lula Rodriguez, a Citibank spokeswoman. Seereeram hopes Dominica's lawsuit will bring renewed scrutiny to a case closer to home: a 1993 deal to refinance...
...signed their respective commitment letters." Now facing default, Trintomar accepted the extra $96.5 million it didn't need. With the refinancing in place but the gas exploration project then failing, Trintomar found a firm to sublease its production facility in late 1992--an up-and-coming Houston outfit called Enron...
...loans were paid, and Enron (now EOG Resources in Trinidad) started pumping millions of cubic feet of gas through the platform every day. The deal eventually faded from view, until a new chairman arrived at Trinidad's state-owned oil company. Donald Baldeosingh was only 34 when he took the post and was determined to make Petrotrin efficient and profitable. He wondered how the Trintomar venture could have got into such a poor lending deal and asked a London law firm to look into it. The firm retained David Hudson, a retired British merchant banker, who responded with a scathing...
...CHARGED. ANDREW FASTOW, 40, former Enron chief financial officer, with conspiring to inflate profits and enrich himself at the company's expense; after surrendering to police in Houston. Fastow, considered the mastermind behind the financial schemes that brought about Enron's collapse, was released after his family posted bail of $5 million...