Footnote 8

period, Citigroup completed over 60 lending and finance transactions with Enron, an average ofmore than one per month. An Enron Relationship Review described Citigroup as the “[p]rimarybanking relationship for Enron in 1999. They line up perfectly with us – we should reward thisstructure.” EC 000252172.270. Likewise, Citigroup considered Enron one of its most valuable and financiallyrewarding clients. A September 2001 Revenue Memo at Citigroup acknowledged that “[o]ver thelast three years, Enron has grown to be one of the highest revenue clients within Citigroup.” (quotedin Exam. III, App. D at 20). During the period 1997 through 2001, Citigroup receivedapproximately $188 million in revenues from its financial transactions with Enron. Enron was soimportant to Citigroup that at various times Citigroup somewhat reluctantly proceeded withtransactions it found distasteful simply to maintain its relationship with Enron and be rewarded withfuture business.271. For example, the Citigroup Global Loans Approval Memorandum for ProjectBacchus stated: “As a part of Citi’s broader relationship with Enron, we have been asked to supportthis transaction. Given the importance of this relationship to [the Global Energy and Mining group],it is difficult if not impossible to deny this request.” CITI-B 0290018. In addition to receivingenormous revenue directly from Enron, and hoping to receive more in future transactions, Citigrouphad another reason to value and maintain its relationship with Enron: Citigroup developed productsin the course of the relationship that it marketed to other corporations. For example, Citigroupshopped its prepay product to fourteen companies apart from Enron. Citigroup thus had enormous3(...continued)viii.Exam. III at 46 n.120.Limited execution risk604041v1/007457-81-