What was ljm

LJM2 became "the plug" for Enron North America when the unit couldn't find buyers for all of the financial notes it needed to sell before the end of , Fastow said, through a "convoluted sharing ratio" which enabled Enron North America to avoid booking a loss.

In most cases LJM served as a "warehouse" for assets so that Enron could record sales when it wanted to and avoid reporting losses, such as those encountered with the Cuiaba power plant in South America, which had no gas supply among other problems.

None of the LJM partnerships' deals were publicly disclosed, Fastow testified. Nor was due diligence performed because "we were using LJM to prop up Enron's numbers. I knew Enron wouldn't leave LJM out in the cold. You may cancel your subscription at anytime by calling Customer Service. Skip to Main Content Skip to Search. News Corp is a global, diversified media and information services company focused on creating and distributing authoritative and engaging content and other products and services.

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