Fishtail, Bacchus, Sundance, and Slapshot: Four Enron Transactions Funded and Facilitated by U.S. Financial Institutions
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Serial Number
107-82.Sprt
Levin Center Identifier
Document Date
2003-01-02
Report Length
41 pages
Policy Agendas Project Major Code
Policy Agendas Project Minor Code
Additional, Minority, Dissenting Views
Report Type
Found Using Methodology
Yes
Committee(s)
Subcommittee(s)
Commission(s)
Idependent Author(s)
Brief Executive Summary
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.