I don't see disclosures that Citigroup was trying to reduce its exposure to Enron -- trying to reduce its exposure at the same time it was trying to increase that exposure to outside investors by issuing notes,
More Quotes from Lynn Turner:
The good news is, as a result of that process, investors should have greater confidence overall in the numbers going forward.Lynn Turner
When people get successful, when people find that they are making a lot of money, it tends to bring with it certain things like arrogance and greed, ... There was a suspension of disbelief in the 1990s. No one wanted to roil the waters.
Lynn Turner
One can only wonder what message the U. S. attorney was thinking of sending to other executives who engage in such behavior. It is indeed rare that a federal prosecutor would stand shoulder to shoulder with the defense counsel of an admitted felon who bilked investors of over 3 billion, and against the advocate for investors, the SEC.
Lynn Turner
These guys had repeated instances of errors in their financials, delayed filings and people who could not get their job done, who had to be reassigned. It is surprising given all the shareholder money that was spent by the company and taxpayer money spent by the SEC on this investigation, nothing has resulted from it.
Lynn Turner
That's indicative of a company with an imperial CEO and very poor controls.
Lynn Turner
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