Table: Out of Sight

Many companies keep debts and other obligations out of investors' view in partnerships and other entities. Often, financial liabilities are secured by physical assets such as planes or computers. A sample:

ESTIMATED EXPOSURE COMPANY ITEM NOT ON BALANCE SHEET (BILLIONS)

UAL Plane leases $12.7

AMR Plane leases 7.9

J.P. MORGAN CHASE Liability for trading units 1.0*

DELL COMPUTER Debt of consumer financing venture N/A**

ELECTRONIC DATA Payments for SYSTEMS customers' computers 0.5

* Exposure to Enron through Mahonia ** Joint venture partner Tyco Intl. is responsible for losses

Data: Standard & Poor's, company reports

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