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May 27, 2006
Two Good Pieces On Enron
The best blog post I've seen on the aftermath of Enron's Lay and Skilling convictions was written by Mike the Mad Biologist. Here is a sample of Mad's post.
The real story of the Enron convictions is not that there are criminal Republicans who are friends and allies of Bush–that's par for the course. The real story is the successful reregulation–not deregulation–by Enron of California's energy distribution system. Everything the Republicans ever wanted in terms of policy, they got.
Please take a look at all of it. It's short and very much to the point.
And the best newsprint account I have so far read is by Los Angeles Times columnist, Tim Rutten. While his point is quite different than Mad's it is equally insightful. Here's a sample;
. . . Enron's scam, in particular, depended on having self-interested Wall Street analysts and lazy, distracted financial journalists happily buy into the con that the boys from Houston really were "the smartest guys in the room." If you didn't understand how they were making their money that was your problem, because only they were smart enough to know.
Both Mike and Rittin deserve your attention. Taken together they remind us that the Enron debacle, like much of the other evil currently evident, is in large part the result of the failure of the two institutions that we should be able to depend on to protect us from such evil: the government and the press.
Posted by DuaneSmith at May 27, 2006 08:55 AM | Read more on Current Events |
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