Wall Street

Online Stock Market Trading JP Morgan Chase and Citigroup agreed Monday to pay a total of nearly $300 million for their roles in Enron's manipulation of its financial statements.

A precise survey of the Western stock market . a place where the whole of 18th century trade and commerce took place, Wall Street is a recognized place across the globe. The street was termed as Wall Street since it ran alongside a wall that was taken as the northern boundary of New Amsterdam in 17th century. The Wall Street is known for the J.P. Morgan's million dollar merger that created US Steel Corporation, the ruinous crisis that resulted in Great Depression and the "Black Monday" of 1987.

Stock Investing Course JP Morgan will pay $135 million and Citigroup will pay $101 million as part of the settlement, the Securities and Exchange Commission said. The banks also agreed to pay $50 million total to the state and the city to settle a similar charges.

expected 3.6 percent, led by record revenue from its securities unit and banking outside the US. Citigroup's investment bank earned $1.93 billion, more than any Wall Street firm except Goldman Sachs Group Inc. ( GS). Chief Executive Charles Prince expressed approval of Citigroup's securities and international banking sector but was disappointed in Citigroup's consumer business saying, "The one we're not firing on is our consumer business, which we saw good customer interaction and lower credit costs, but we also saw revenue growth was not where we hoped it would be."

Stock Market Game Citigroup will also pay $19 million to settle SEC charges that it helped Dynegy Inc. manipulate its financial statements. In addition to the federal payments, the two banks agreed to pay $50 million total to the state and the city to settle a similar investigation, the Manhattan district attorney's office announced shortly after.

"We believe there is no basis for this claim and we intend to vigorously defend against it, " a Merrill spokesman said. A Barclays Capital spokesman in London also said the firm thought the claim baseless. Citigroup, J.P. Morgan, CSFB and Deutsche Bank declined to comment, while CIBC, Lehman and Bank of America were not immediately available to comment.

Stock Investing Game The SEC said most of the money would go to victims of Enron's massive corporate fraud -- the first in a string of scandals that have tainted corporate America since 2001. JP Morgan and Citigroup did not immediately respond to calls seeking comment. The two banks were accused of helping the former energy giant design complex transactions that allowed it to underreport its debt.

The offering of these securities is being made only by means of a written prospectus, copies of which may be obtained by contacting the prospectus department at J.P. Morgan Securities Inc., 4 Chase Metrotech Center, Brooklyn, NY 11245, (718) 8002.

Journal Prime Rate Street Wall "If you know or have reason to know that you are helping a company mislead its investors, you are in violation of federal securities laws," SEC enforcement chief Stephen Cutler said in a statement. In January, a bipartisan investigative panel of the Senate Governmental Affairs Committee concluded the following month that the banks helped Enron deceive the investing public in a series of transactions involving Enron's pulp and paper business that disguised loans as revenue-producing sales of assets.

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Stock Market News JP Morgan and Citigroup officials told the committee that they believed they were engaging in lawful deals with Enron. The SEC said the settlement brings to $324 million the amount of money it has won from companies for Enron victims. Thousands of Enron employees lost their jobs, and stock that once traded as high as $90 per share shrank to pennies in one of the most expensive bankruptcies in history.

Stock Investing Basics Manhattan District Attorney Robert Morgenthau said his office would not bring charges against the two banks, noting that they were committed to reforms that would "ensure transparency." He advised other financial institutions to follow suit.

Stock Investing Software "There is no place in free and fair markets for players who think they can continue to conduct risky business under a cloud of deception and secrecy," Morgenthau said.

Stock Market Trading JP Morgan and Citigroup are among 11 banks and brokerages negotiating a possible settlement with Enron shareholders seeking at least $25 billion in a consolidation of lawsuits in Houston.

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