FBI's e-mail evidence: 'We're going to get rich' (NatWest Three)

[sabra]

http://www.timesonline.co.uk/article/0,,3-2270975,00.html

FBI's e-mail evidence: 'We're going to get rich'

THE NatWest Three’s allegedly fraudulent scheme to make themselves rich at their bank’s expense is outlined in e-mails allegedly discovered by the FBI. This is an edited version of an affidavit from an FBI agent.

Gary Mulgrew and Giles Darby were managing directors and David Bermingham was head of structuring at GNW, a division of the bank with offices in Greenwich, Connecticut, and London. While negotiating on behalf of NatWest, the three are said to have executed a scheme to get the bank to sell its interest in a company, Campsie, for $1 million knowing it was worth far more. They were allegedly helped by Enron associates. Campsie and a company called ERNB were limited partners in the newly formed LJM Cayman, which hedged risk for Enron.

At the same time, the three allegedly obtained a portion of NatWest’s interest for $250,000. They liquidated it weeks later for $7.3 million in personal profit, the FBI claims.

Meanwhile, NatWest had an interest in a company, Swap Sub, whose main assets were Enron shares. In early 2000, as the Royal Bank of Scotland was making a takeover of NatWest, these Enron shares were increasing in value. The three are said to have pursued and discussed efforts to enrich themselves from the liquidation of NatWest’s interest in Swap Sub.

[Nay]

1. It's amazing to me that people act like their emails are private and

somehow unrecoverable, even tho everyone knows your phone can be tapped, etc. Don't say shit like this over the phone or on email, fer Christ's sake, you morons!

[WhiteTara]

2. they are morans!

arrogant ones, but morans non the less.

[annabanana]

3. They actually named the firm

LJM Cayman?
lol...
No, that doesn't sound the least bit shady....

[nealmhughes]

4. Capitalists and Republicans never cease to amaze me with their love

of memos and emails that only indict themselves! Why can't graft be done the old fashioned way in a backroom with whiskey, hookers and large envelopes of cash? No messy paper trail or even an electronic one!