Accountancy Forum

Recently, Citigroup has agreed to pay $2 billion to settle the Enron lawsuit.

"NEW YORK – Citigroup Inc., the nation's biggest financial institution, on Friday said it will pay $2 billion to settle a class-action lawsuit over its role in the sale of Enron Corp. stock and bonds before the energy company's collapse that cost investors billions of dollars. "

"Enron went bankrupt in December 2001 when revelations of hidden debt, inflated profits and accounting trickery shattered its facade of success. Thousands of workers lost their jobs. "

http//www.signonsandiego.com/news/business/20050610-0656-citigroup-enron.html



<b>Now the interesting part for those who don't realise the difference between MILLION and BILLION.

Suppose you have a million dollars and you spend a dollar per second. It will take you approx. 11-12 days to run out of money.
Now here's the important part. If you have a Billion dollars and you spend a dollar per second, it will take you approx. 32 YEARS to run out of money!!</b>

Its run-of-the-mill thing for citibank.... imagine if it were BCCI... they would have been wound up ... and ppl sent to jail for life [D][D][D]
.... so anyone care sharing wat happened when we decided to go nuclear on 28 may of 98... citi and all foreign banks immediately started transferred FCA balances abroad... which was the main reason the govt. had to freeze doposits...
.... and if we could stretch our imagination a little... ppl say these guys (foreign banks) knew well in advance that we were going to do that... imean going nuclear.
....
... [D][D][D]