Word: capitalisme
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It's the sense that Enron represents the failure of a system, not just of a Texas oil-and-gas-and-cybertrading company, that gives the case its weight. In capitalism's 700-year history, financial scandals are two a penny. As detailed in Charles Mackay's Extraordinary Popular Delusions...
Enron stands out from this sorry list not by virtue of the company's size but because the scandal is of such a fundamental nature. At the heart of capitalism is the act of investment, which is nothing more than a decision by one party to lend money to another...
In this world, investors know which companies are shooting them straight at earnings time and which ones aren't; which ones have dangerous levels of debt and which ones don't; which ones are making money and which ones aren't. Which is critical. The rise and fall of Enron...
"I fear that the financial catastrophes of recent years will continue to haunt our financial markets and questions will continue to be raised about our system of investor-based capitalism on which our economy depends," Fisher said. And closing that "disclosure gap" - not preventing the next corporate implosion, but making...
It's hard to persuade workers to buy your burgers or your shoes when they can get all they want for free. No one who works at ground zero--from cops to construction foremen making $90 an hour overtime--has to pay for anything there. Nonprofits never had much of...