WSJ (FT Abstract): Enron is history
Business World: Enron is history, says history
The Wall Street Journal - US Abstracts; Nov 28, 2001
Columnist Holman W. Jenkins writes that Enron is very unlikely to recover from its recent stock collapse if history is anything to go by. Enron's decline, fuelled by poor accounting and details of dealings between the company and its senior officers, is reminiscent of another commodity business in the 1970s, Philipp Brothers. Philbro, boosted by trading profits from the commodity inflation of the 1970s, had the power to buy Salomon Brothers and investors were convinced that the company had unlimited potential before it collapsed in the 1980s. Similarly, Enron was in a seemingly unassailable position earlier this year, but has made the same mistakes that Phibro made all those years ago and has lost investor confidence.
Abstracted from: The Wall St Journal
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Marty's Note: Philbro rescued Salomon Brothers at the time it was flush with cash. By the time P* collapsed, Salomon (name shorted) was able to sustain the impact.
Source: Henry Kaufman On Money and Markets
I personally don't plan to play it anymore, after losing ("saving"?) a good deal on ENE up to this morning. And I thought it was bad luck....
To all who have lost their shirt, may the force be with you. I feel for you, and hope you recover from year losses. For what it did to California, E* can lick my a**. Management should be toasted --not emplyee's 401(k). What I understand is that management (with their big ego) wanted to stay at the helm, which was against Dynegy's wish.
DYN: 36.81; ENE 1.19 (halted again 2 minutes ago? --no trades for both companies since 12:34:38 ET) |
