-Caveat Lector-
------- Forwarded message follows -------
Date sent: Wed, 06 Mar 2002 06:51:58 -0500
From: mark urban <[EMAIL PROTECTED]>
Subject: [CIA-DRUGS] JP Morgan loses in court case regarding insured
Enron
bonds.
Insurers accuse Morgan Chase of fraud
David Teather in New York
Wednesday March 6, 2002
The Guardian
JP Morgan Chase, the battered Wall Street investment bank, was delivered
another blow last night when it lost an attempt to force 11 insurance
companies to honour $965m (�678m) in bonds related to failed firm Enron.
US district judge Jed Rakoff sided with the insurance firms, some of which
have launched a countersuit against JP Morgan alleging fraud.
The insurers claim the oil and gas contracts against which they issued the
surety bonds masked straightforward loans. The contracts were between
Enron and Mahonia, a JP Morgan affiliate.
Judge Rakoff said the insurers had provided enough evidence that the bonds
"were the product" of fraud by the second-largest bank in the US, to deny JP
Morgan immediate payment. "These arrangements now appear to be
nothing but a disguised loan - or at least have sufficient [indications] thereof
that the court could not possibly grant summary judgment to the plaintiff."
A JP Morgan spokesman said: "This is a case about a commitment made by
the insurance companies and a commitment not kept. We expect to prevail
on the merits of our arguments." A trial has been set for December 2.
JP Morgan fell $325m into the red during the most recent quarter as a result
of bad debts. The bank wrote off $456m of trading losses and loans to Enron
and still has exposure to potential losses of $2.1bn.
It emerged yesterday that a second analyst claims he was fired for issuing a
sell recommendation on Enron. Chung Wu, former financial adviser at the
Houston office of UBS PaineWebber, said he was fired after emailing the
advice to more than 10 clients in August.
In a filing to the National Association of Securities Dealers, Mr Wu wrote:
"Enron management was not pleased and due to the employee stock option
relationship UBS PaineWebber has with them, the pressure came from my
corporate office _ to dismiss me." UBS said Mr Wu was fired for failing to
obtain approval before sending firm correspondence to clients.
------- End of forwarded message -------
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