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Enron
Acquired
Enron, Can We Get New Debt Lines With You?
Enron drew down the credit lines. They actually went and asked the banks, hey, can we get new debt lines with you? And every single one said no. So after they do that, the credit agencies immediately downgrade Enron's credit rating finally. No one has been underwriting this company to decide if they're credit worthy or not. But it's obvious and runs in a death spiral. Ken Lay starts calling around to all of his political connections in the Bush administration,. basically with his handout looking for a bailout.
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