Today in 1999, Enron completed the final process of setting up LJM1. Fastow gave a presentation at a board meeting attended by Skilling, Dr. Lay, Rick Buy and David Duncan at Arthur Andersen. Fastow explained how he could hedge its Rhythms Net stock with a put option offered by LJM. It was, of course, later approved.
Also today, in 2002, three lovely men referred to here as the Natwest Three, were charged with one count of wire fraud.
Gary Mulgrew, Gilles Darby, and David John Birmingham were all employees of NatWest. They were accused of being involved in a series of financial transactions involving an investment in Enron. The pay off, the Task Force alleged, should have gone to NatWest and not to the men personally.
These three, like the Broadband Three, are great men who did nothing wrong. The legal case of the Natwest Three is fascinating to me because they were pursued under certain of the new terrorism laws that had been put into place after 9/11. They are three British subjects who worked for a British bank – IN BRITAIN – and ended up in a Texas courtroom.
Just another crazy incident in the Enron prosecutions, I guess.