Enron Corp. - University of California | Office of The President

Fastow, on an almost a daily basis throughout the Class Period, discussing Enron's business,
financial condition, financial plans, financing needs, its partnerships and SPEs and Enron's future
prospects. Bank America actively engaged and participated in the fraudulent scheme and furthered
Enron's fraudulent course of conduct and business in several ways. It participated in loans of over
$4 billion to Enron during the Class Period, helped it raise over $2 billion from the investing public
via the sale of securities during the Class Period and helped it structure and finance certain of the
illicit SPEs and partnerships Enron controlled, which were primary vehicles utilized by Enron to
falsify its reported financial results, and engaged in transactions with Enron to disguise loans to
Enron and help Enron falsify its true financial condition, liquidity and creditworthiness.
775. In interacting with Enron, Bank America functioned as a consolidated and unified
entity. There was no so-called "Chinese Wall" to seal off the Bank America securities analysts from
the information which Bank America obtained rendering commercial and investment banking
services to Enron. Alternatively, even if some restrictions on the information made available to
Bank America's securities analysts existed, that was insufficient to prevent the imputation of all
knowledge possessed by the Bank America legal entity, as its knowledge and liability in this case
is determined by looking at that as an overall legal entity.
776. Bank America acted as an underwriter for Enron securities. For instance:
DATE SECURITY
11/97 $250 million 6.675% Enron notes
5/98 35 million shares Enron common stock at $25 per share
2/99 27.6 million shares Enron common stock at $31.34 per share
5/99 $500 million 7.375% Enron notes
8/99 $222 million 7% Enron exchangeable notes
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