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To: limtex who wrote (111560)	1/25/2002 9:00:28 AM
From: T L Comiskey	Respond to of 152472

OT....... Trading in Enron's secrets Editorial The Seattle Times Thursday, January 24, 2002 - 12:00 a.m. Pacific Even before House and Senate committees launch investigations of Enron this morning, one conclusion is already clear: Little that happened was accidental, felicitous or due to market forces. The collapse of Enron is about mugging the U.S. economic system and the failure of checks and balances to protect a fragile, precious commodity: public confidence. Rank criminal behavior on the part of Enron officials will be ferreted out and dealt with. What is more deeply alarming is the reluctance, refusal or venal compromise of regulators and business institutions to do their jobs. Three federal agencies and nine congressional committees will expose the sordid details. Nothing will be gained, however, if those insights and revelations do not lead to reforms and changes. Our economic system thrives on reliable information and open dealing subject to public scrutiny. We were the envy of the world. In truth, Enron's rise and fall was rooted in false appearances, secrecy and regulatory distance and indifference. The shameful list of co-conspirators includes the company auditor, Arthur Anderson, the Enron board of directors, credit-rating agencies and investment analysts. The Securities and Exchange Commission was oblivious. Congress helped to hide the workings of Enron from the public with The Commodity Futures Modernization Act of 2000, which codified secrecy. A piece of Enron is a political story that may help pass long-stalled campaign-finance reforms. But the scandal will have legs because of harm inflicted on Enron's workers and innocent investors, and a new understanding of hazards faced by others. These hearings and what follows are about restoring fundamental confidence. The stakes are enormous. Copyright © 2002 The Seattle Times Company