So Enron created Chewco to bid on the CalPERS position. Chewco was nominally independent, but was in fact funded, owned and run by Enron and its executives, and ultimately backed by the value of Enron’s own stock through a secretly guaranteed bank loan. Chewco bought out CalPERS at an inflated, and fundamentally fraudulent, price.
Related posts
-
Crypto Exchange FTX Victims View Bankruptcy Process as ‘Second Act of Theft,’ File to Recover $8B
FTX collapsed in November 2022. The lawyers said that the jury found SBF stole no less... -
FTX Loaned Millions to Australian Influencer to Ward Off Potential Litigation, Bankruptcy Report Reveals
According to a bankruptcy report from FTX, the defunct... -
Only 8 Altcoins Have Broken ATH Vs Bitcoin Since FTX’s Collapse
During this bull cycle, the crypto market has been surfing off Bitcoin’s crest and enjoying the...