The Legion of Enron Experts

Saturday, May 27, 2006
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Lots of talk on the blog about Enron. Indeed, these are all civil charges that particular Enron managers should face, especially concerning the fiduciary duties owed to others.

But what really bites my buns is the everyday talk I hear on this matter from the know-nothings that listen to the idiot talking heads for their daily dose of “intellectual education.” And then, of course, they repeat this idiocy ad nauseam, as if they understand what they are saying in the first place, because they heard someone else say it. You don’t know how many people – both on tv and elsewhere – I hear say this about Enron: “they cooked the books and ran a company out of business.” As if they know jack jingle about accounting, or what constitutes fraud therein. These people all look awfully stupid when they cannot even spell out what it is that is problematic about the Enron debacle, because all they know is some comment that some FOX News or drive time radio dupe said. Worse yet is the fact that every accounting restatement or “fraud” case that makes the news post-Enron is now said by the masses to be a “mini Enron,” as if all accounting issues were born with the same haircut and clothes. Oh brother.

In the same vein, I worry about misguided libertarians supporting “poor, persecuted, big business” at every turn and thus justifying – through no knowledge of the facts whatsoever – the acts of Enron’s management, which, by the way, are not justifiable. A civil court should have been turned over to the shareholders in which the management scums who ran a giant hedge fund – disguised as a capital-intensive, energy company – should have been roasted to their cores.

That’s all on that for now.

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