Enron: The Smartest Guys in the Room(Economics)

"The insiders had sold off a billion dollars of their stock by then. Compare that to the line men, who had worked for a state-owned utility company for most of their lives, put away money each month, and what do they have to show at the end of the day for their years of hard and decent labour? A big goose egg.

Here's a documentary which presents us with a stunning example of what happens when governments, the banking establishment, and private enterprise collude to let the free markets dictate the price of stocks. It is a frightening reminder of why the public good will never be served as long as individuals are allowed to put themselves--or should I say, their bank accounts--before the welfare of the communities they live in. One hopes that the film's title is bubbling over with irony, yet how unfortunate that men like Ken Lay, Andy Fastow, Jeff Skilling and the managers of the accounting firm once known as Arthur Anderson don't think it is whatsoever. Even sadder still is that these people have yet to be held responsible for their actions, while thousands of the people they defrauded lost their life savings.

What? How could this happen? You will invariably find yourself asking these questions. Better yet, perhaps, ask yourself why it happened again in 2008 when Lehman Brothers fell; and even more concerning, when (not if) will it happen again... ?

added by: bill