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Fishtail, Bacchus, Sundance, and Slapshot: Four Enron Transactions Funded and Facilitated by U.S. Financial Institutions
Senate Committee on Governmental Affairs Permanent Subcommittee on Investigations
Senate Committee on Governmental Affairs
Permanent Subcommittee on Investigations
Abstract
At the request of Chairman Carl Levin and Ranking Member Susan M. Collins, the Permanent Subcommittee on Investigations of the Senate Committee of Homeland Security and Governmental Affairs investigated the collapse of the Enron Corporation. This report focuses on four multi-million dollar finance transactions known as Fishtail, Bacchus, Sundance, and Slapshot, which occurred between Enron, Citigroup, and Chase. The report finds that Citigroup and Chase actively assisted Enron in completing these transactions while knowing that they utilized deceptive accounting and tax strategies, sham assets, and sham loans. The report further demonstrates that these are not isolated events, and provides recommendations for actions that can be taken to stop U.S. financial institutions from continuing to design or participate in illegitimate structured financial transactions that help U.S. companies engage in misleading accounting.
Date
2003-01-02
Document Type
Senate Bipartisan Staff Report
Serial Number
107-82.Sprt
Document Length
41 pages
Congress
107
Relation
DOI
Keywords
Staff Reports, Bipartisan
PAP Major Code
12: Law, Crime, and Family Issues
PAP Minor Code
1202: White Collar Crime and Organized Crime