----- Original Message ----- From: "Peter K." <peterk at enteract.com> To: <lbo-talk at lists.panix.com> Sent: Thursday, February 21, 2002 7:26 PM Subject: Re: Al Qaeda, Inc: The Enron Business Model (belated response)
> Brad M:
> "...based on theft or swindles. Enron is the inevitable
> outgrowth of the
> 'normal' working of the capitalist business cycle at a certain
> point in its
> "life-cycle". No reform can prevent this from occurring; the
> "Ponzi/swindle" analogy, however, tends to promote this illusion.
> Even at
> the quasi-Keynsian heights of the late 60's - early 70's, the
> boom-bust
> cycle of grossly overvalued enterprises crashing to earth could
> not be
> avoided - merely attenuated."
>
> Former Fed Chairman and recently-hired Andersen flack Paul Volker
> testified
> to Congress that ethics in the business community have declined
> in
> the past decade. It's an interesting point, if true. Either the
> institutions "dragged"
> ethics down somehow or from a conservative, individualistic
> viewpoint, there
> was a failure of will or nerve (maybe b/c of Clinton?!) so folks
> just need to
> behave better. I blame Britney Spears.
>
> Peter
================
Blame Henry Manne...............
"The argument developed in the following three chapters is that a rule allowing insiders to trade freely may be fundamental to the survival of our corporate system. People pressing the rule barring insider trading may inadvertently be tampering with one of the wellsprings of American prosperity."
Ian