What was the Nigerian Barge Deal?
The Nigerian Barge deal was a transaction in December 1999 in which Merrill Lynch purchased Enron’s interest in three Nigerian electricity barges for a total of $12 million. It was a simple transaction. There were no hedges, no subs of subs, nothing that would complicate the financing or the integrity of the deal. Controversy The controversy arose from the claim that the Nigerian Barge purchase was a done with a “secret side deal” between Enron CFO Andy Fastow and Merrill Lynch that Merrill Lynch would get its money back within six months. If this was true, it was not a true sale, and the entire transaction would be fraudulent. The Merrill Lynch Bankers Daniel Bayly. A thirty year veteran at Merrill Lynch, he had risen through the ranks to become the chairman of investment banking. Robert S. Furst A former managing director at Merrill Lynch. William Fuhs. A former Merrill Lynch Vice President. James A. Brown. Former head of Merrill Lynch’s strategic leasing and finance group. The Trial
