JP Morgan Chase admits $500 million exposure to Enron

JP Morgan Chase said today that it has $500 million of unsecured exposure to Enron.

The figure includes loans, letters of credit and derivatives. JP Morgan Chase officials declined to give details on the breakdown of the exposure and would not comment on the nature of the derivative products involved. However, the firm said it also has $400 million of exposures that are collateralised by Enron's pipeline assets.

Problems began at Enron in October when shareholders discovered the firm would have to reduce shareholders’ funds by $1.2 billion to pay for debt that had been issued

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