Senate Panel Plans Hearing on Enron's Banks

Not so fast, Wall Street. It seems Capitol Hill hasn't totally forgotten about the Enron scandal.

In a surprise move, the Permanent Subcommittee on Investigations has scheduled a Dec. 11 hearing to consider the response of the investment banks to the Enron corporate scandal.

Earlier this summer, the Senate committee held several high-profile hearings that explored the role Citigroup ( C), J.P. Morgan Chase ( JPM) and Merrill Lynch ( MER) had in helping to finance some of Enron's more bizarre off-balance-sheet accounting deals.

At those hearings, Sen. Carl Levin (D-Mich.), the subcommittee chairman, called many of those financing deals "sham transactions." Levin will be stepping down as chairman with the Republicans taking control of the Senate next year.

The committee has not yet announced a witness list for the hearing. But a notice on the committee's Web site said it plans to seek testimony from officials with Wall Street firms and securities regulators.

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