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Gold/Mining/Energy : Enron - Natural Gas Industry -- Ignore unavailable to you. Want to Upgrade?

To: James Calladine who wrote (339)	11/1/2001 6:19:10 PM
From: Raymond Duray	Read Replies (1) \| Respond to of 1433

Hi James, Thanks for your views. I'm pretty much in agreement with everything you say. Boring, I know, I know. <g> I'm not quite sure what to compare the unraveling of ENE to, others have mentioned DBL or LTCM. Probably some parallels also with Sam Insull's electrical generation octopus that famously collapsed in the early 30's. Though the derivatives exposure definitely adds zest to life today. <g> I don't know why I can't get over the feeling that Lay was running a shell game, with the sucker's money continuously getting swept toward Cayman accounts controlled by Fastow and, most likely, Lay via hidden agreements, while ENE was in effect embezzled with these related party transactions. That would be the transparent reading of the opaque accounting the company disclosed. And Lay's story might really start to unravel when the IRS begins its investigation of undeclared income.... Like you say, this one is fun to watch. I don't have a dog in this race. I tend to run for the hills when the term "accounting irregularity" pops up in the press. There's another excelllent thread here at SI covering ENE in detail, highly recommended: Message 16574529 BTW, John Pitera's Market Laboratory thread here at SI is also an excellent source of intelligent analysis, IMO. Salaams!