Enron--the future of capitalism
An article in the Sunday New York Times pointed out that the convictions of Kenneth Lay and Jeffrey Skilling did not signal an end to the kind of unbridled free market capitalism that led to their downfall. On the contrary:
For better or worse, the trend toward deregulation and freer markets is not likely to reverse anytime soon in the United States.Enron's accounting methods may have been fraudulent, but otherwise there is little to distinguish its corporate culture of unbridled greed from much of contemporary capitalism.
"Enron did pioneer a lot of concepts that will be here with us for a long time to come--the trading of commodities that had never been traded before," said James Chanos, a hedge-fund manager. Mr. Chanos was among the first investors to say publicly that Enron was a house of cards propped up by fraudulent accounting. "There won't be any going back to saying we won't trade electricity."
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