perhaps not surprisingly
the economist
has one of the most cogent analysis of the
enron fiasco
:
“That points to the most ironic twist of all in this morality tale. Mr Lay had always described himself as “passionate about markets”. That fervent belief in the invisible hand led him to spot one of the most powerful trends of the past decade: the deregulation of commodity markets. He would often forge ahead fearlessly into newly deregulating markets, bully recalcitrant regulators into speeding reforms and develop clever financial vehicles that pressed to the very edge of the law. In the end, though, Enron appears to have overstepped the mark. The resultant backlash comes as a bitter reminder that the market forces that Mr Lay once worshipped can prove a double-edged sword.”
plus – they get bonus points for using the word ‘obfuscation’ in a real world sentence.