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J. P. Morgan Chase
While not nearly as embroiled in the Enron scandal as Merrill Lynch, J.P. Morgan Chase has been feeling the wrath of betrayed investors and an angry public. The company recently paid out $135 million in fines to the SEC, though no guilt was conceded, in relation to the agency's allegation that J.P. Morgan aided Enron executives in perpetrating massive fraud.
Enron Scandal: J.P. Morgan Chase, one of the largest banks in the world, loaned money to Enron and helped disguise the money as profits from operating activities. Additionally, it recommended to banks to loan money to Enron, which resulted in a repayment of outstanding loans by J.P. Morgan Chase.
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University of California includes J.P. Morgan Chase in Enron suit |
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