Monday, August 16, 2010
Enron Movie Worth Seeing Again in Light of Latest Meltdown
If you haven't seen the documentary "Enron: The Smartest Guys in the Room", you're missing out on a great piece of journalism and an enlightened treatise on what is being called the largest business scandal in US history. Not only is this movie about how Enron schemed and defrauded investors and employees alike, but it shows how other Wall Street and banking institutions ride the gravy train.
Helping Enron commit the fraud were all of the following: Merril Lynch (three traders convicted of fraud), Chase and JP Morgan. Also, the accounting firm Arthur Andersen -- convicted of obstruction of justice in 2001 but whose conviction was overturned by the Supreme Court in 2005. Still, the once proud firm went from 28,000 employees to a mere handful, lost it's entire client base and never recovered from its involvement with Enron as the chief auditing firm.
If the friends of George W. Bush (such as Ken Lay, who was convicted, but who died a few months before going to prison) didn't have so much political and economic pull, could this debacle have been stopped?
The same question is still being asked with regard to the mortgage firms that allowed bad home loans to go through without checking on borrowers income or (in some cases), going as far as to lie on applications. The motivation of course, (then and now) was the enormous sums of money that these companies made from the transactions.
When will we ever learn in this country?
BTW: As far as Pink0™ is concerned, these fucks (Cheney, et al.) set up Enron for the sole purpose of defrauding people. Didn't the insipid logo and it's obvious psychoanalytic origin give it away for anyone?