the CAMP ENRON Report

... gateway to the next Progressive Era?

Some say it's nothing but a train wreck ... roll in the big cranes, clear the track, see what the crew's been smoking. If I thought so, I'd not be writing this ... and if they thought so, they'd not be drumming so hard.

For a brief orientation, see this
Welcome to Camp Enron

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Camp Enron Archives
01/01/2002 - 02/01/2002 02/01/2002 - 03/01/2002 03/01/2002 - 04/01/2002 04/01/2002 - 05/01/2002 05/01/2002 - 06/01/2002 06/01/2002 - 07/01/2002 07/01/2002 - 08/01/2002 08/01/2002 - 09/01/2002 06/01/2003 - 07/01/2003

(2) All "major" articles of older material have now been imported, some with updates worth perusing. We'll keep it all on the main page for a while, will add a few loose pieces of history, will trim the main page and index the archives for convenience later.


free agent, loose cannon, pointy stick ... taking an imposing analytic toolkit out of the box, over the wall and into the street ... with callous disregard for accepted wisdom and standard English

reading the tea leaves from original angles, we've led with uncannily prescient takes on the federal surplus, the dotcom crash, the "Energy Crisis", the Afghan campaign, the federal deficit.

More where those came from ... stay tuned.

For brief orientation, see this
Welcome to CP

... gateway to the next Progressive Era?

For a brief orientation, see this
Welcome to Camp Enron

Many thanks to Tony Adragna and Will Vehrs, still shouting 'cross the Potomac at QuasiPundit. Early Camp Enron material can be found in QP's Dispatches department.
Monday, March 11, 2002

--- Andersen: Organ Donor to the World of Auditing? ---

With major client defections, imminent criminal indictments, and multiple nine-figure non-Enron exposures, it doesn't look like they can stop the bleeding at Andersen. Forward prospects hinge on separating the assets, leaving the liabilities behind, and maybe separating the septic lines of business (audit, maybe tax) from consulting lines that might be easier to salvage.

Latest buzz involves a business combination with Deloitte Touche Tohmatsu. A tricky save ... who wants to inherit Andersen's reutational baggage? How much of the client base can Andersen bring with them? How do you make sure the liability bloodhounds won't find a way track Andersen's scent to your door? And assuming the separation is achievable, how do you value the assets, considering the traditional audit/consulting synergy is broken, and the future regulatory and liability regime is full of unknown unknowns

If anyone can structure the deal, these folks have the know-how. But a direct combination -- if it works at all -- leaves the industry more consolidated and less balanced. is it more feasible to carve the body into smaller pieces ... maybe down to individual client level ... and dispose of them in an open auction and swap-meet with the surviving Big Four plus major regionals?