Posted by A.W. on Sunday, April 5, 2009 at 2:58pm.
One could probably say "everything" Enron did contributed to the debacle. First of all, they gave a great many political contributions. Also, the deregulation held California ratepayers hostage, undermining banks and pension funds. Unethical and dishonest practices victimized workers, consumers, taxpayers and stockholders. Enron and other corporations created new financial instruments, called derivatives, which falsifies the accounting, making the company look good, instead of assuring that the figures are accurate and reliable. Enron's legal department wrote up contracts that were irrgular. The ruthless pursuit of profits, regardless of economic fundamentals. Actually there are so many lessons to be learned from Enron's excesses, that it is difficult to pin it down to one thing.
Sra
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