The big US banks were deeply involved in Enron but survived despite Enron generating over $300 million in underwriting fees for them over 5 years.

They were behind the creation and distribution of the complex derivatives which enabled banks to move assets off balance sheet and circumvent the rules and who is advising the Government on sorting out the mess at NRK - the same Goldmans who were raking in fees from Enron and creating complex derivatives.

As you say Richard if their bond scheme with insurance added to sweeten the sale goes ahead everything just gets wrapped up given a bit of plastic surgery so it’s not instantly recognised and pushed back into the same market for someone else to sort out sort out years down the line after the fees have been paid out in 7 figure bonuses.

As Philip Augar, ex investment banker ,wrote in the preface of his excellent look at the world of investment banking ie ” The Greed Merchants”….

“If you look hard enough the games that are played in American capital markets can be found wherever you live. And if you look hard enough you will find that you are paying the price.”