Market's No Cure for Enron Disease
To the Editor:
Re "Greenspan Says Enron Cure Is in Market, Not Regulation" (Business Day, March 27):
Alan Greenspan is again roaming well beyond his portfolio as chairman of the Federal Reserve. His speech at New York University was a mischievous attack on efforts to enact strong statutory reforms that would prevent another Enron disaster.
He warned that the government should be careful "not to look to a significant expansion of regulation as the solution to current problems." This comment must have been like a bucket of ice water on the heads of investors and employees who lost everything in the Enron debacle.
Mr. Greenspan's solution: free market forces, which he believes will cure everything from the common cold to corporate crime. What does he think Enron was operating in if it wasn't the unregulated free market?
Clearly, Congress needs to adopt new legislation to toughen corporate oversight and provide protections for investors and employees. It should disregard Mr. Greenspan's lobbying against badly needed reforms and adequate enforcement budgets for many overdue investigations in the wake of the Enron supermarket of fraud and abuse.
RALPH NADER Washington, March 27, 2002
Carl
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