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Banks to Pay Fines for Enron Loan Deals

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Banks to Pay Fines for Enron Loan Deals

Business

Banks to Pay Fines for Enron Loan Deals

Banks to Pay Fines for Enron Loan Deals

  • Download
  • <iframe src="https://www.npr.org/player/embed/1383485/1383486" width="100%" height="290" frameborder="0" scrolling="no" title="NPR embedded audio player">

JP Morgan Chase and Citigroup will pay nearly $300 million in fines for breaking "the spirit" of banking laws in making loans to Enron. The money was misrepresented as earnings, aiding fraudulent bookkeeping practices at the failed energy company. NPR's Linda Wertheimer talks with Joe Nocera of Fortune magazine.