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Politics : Politics for Pros- moderated
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To: DMaA who wrote (109963)4/18/2005 12:31:31 PM
From: JohnM  Read Replies (1) of 793731
 
You assume it's possible to keep if from happening again. You also assume EVERYTHING they were trying to do was illegitimate. Both are false assumptions.

Oh, it certainly is possible to keep this particular thing from happening again if the consulting and auditing functions of the large accounting firms are separated. Not hard to think about; just too much political clout in the wrong places to keep it from happening. Read the book.

As for my believing that everything they did was illegitimate, good heavens, I have no idea what "everything" was or is or could be. What I know I know from the three good books on Enron, most particularly the most recent one. It's clear from that book that the creation of offshore entities to smooth profit reporting without letting share holders know about it, was, at best, immoral. Some of the particulars were illegal. It's also clear that all was known to the accounting firm but it was far too buried in the good money to make an issue of it. At least, that's the way it netted out. There were several folk who spotted it, protested about it; but to no avail.

Finally, it's quite clear that Fastow set up a sweet deal for himself and his buddies to make some rather large amounts of change at the expense of Enron and its shareholders. That was clearly criminal. And the reason he is looking at time. Best I can tell the issue will now become how much Skilling and Lay kenw about it and, if so, when.
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