các unconsolidated Enron Hy Vọng cho một $ 7,6 tỷ trong chính trị gia và các phương tiện truyền thông nhà bình luận đã được nhanh chóng cho rằng Enron đại diện cho một sự cố quan trọng trong quá trình mà theo đó các công ty tự cảnh sát và theo dõi một trong những khác. Như là một kết quả này "thất bại thị trường" cảm nhận | 244 CREDIT RISK MITIGATION AFTER ENRON Enron lenders were to deliver to the SPE senior obligations of Enron that rank ed at least equal to claims against Enron for senior unsecured indebtedness for borrowed money having a principal balance equal to the notional amount of the CDS. The SPE was to deliver to the Enron lenders the SPE s investments with a principal amount equal to the amount of Enron debt delivered to the SPE plus the base amount of the subordinated When Enron failed the Enron CLNs performed precisely as they were intended relieving the Enron lenders of all loss with respect to the reference Enron obligations up to the notional amount of the CDS. But because of the generally unanticipated and highly suspicious nature of Enron s bankruptcy considerable criticism has been leveled at the Enron lenders for shifting their credit exposure to the capital markets. Citigroup has responded that c redit-linked notes are well-recognized financial instruments widely issued and traded each year. . . . The instruments were sold to the largest and most sophisticated institutional investors in several Rule 144A offerings. Citi promised investors that the CLNs would perform similarly to straight Enron bonds and they have. 26 But the issues in the litigation over the Enron CLNs do not concern the legitimacy of the Enron CLN structure or the sophistication of the purchasers. Rather the thrust of the litigation is that the Enron lenders were willing to lend great sums of money to Enron either without conducting appropriate due diligence or with knowledge that Enron s creditworthiness was not being accurately reported because they had no intention of ever being exposed to Enron s credit risk. In other words the key allegations in the litigation involve an assertion that the Enron lenders lent Enron more the billion and invested at least 25 million in Enron s fraudulent partnerships in order to secure future investment banking busi-ness 27 and that they were .
