Thursday, July 19, 2007

clearstream dwarfs enron


How does the European Clearstream affair compare with the much better known Enron collapse in America?

Like peanuts and elephants. A French justice is pursuing allegations against Clearstream including doubts that us$6.5 trillion in assets is being overstated by $1.5 trillion.

By comparison, Enron involved just $16 billion in undeclared debts. Global trade is roughly $50 trillion annually.

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