the CAMP ENRON Report


CAMP ENRON:
... 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

NOTE to READERS:
(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.


OUR DEPARTMENTS:

the COGENT PROVOCATEUR:
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


CAMP ENRON:
... gateway to the next Progressive Era?

For a brief orientation, see this
Welcome to Camp Enron

OTHER GOOD STUFF:
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.
Tuesday, March 12, 2002

 
--- Darkness Falls at Enron Broadband ---

Annual operating cost, $30M ... annual revenues, $10M. Enron Broadband Services receives bankruptcy court approval to unplug what was once a cornerstone of the ENE pyramid. The few existing contracts are sold to third parties competitors (Dynergy) for "more than $491K".

[Around the circuit today, multiple fiber broadband purveyors are reporting sucky financials and/or SEC inquiries into their accounting practices.]

ENE Broadband was the intended platform for the ENE/Blockbuster "Project Braveheart" video-on-demand venture, in which CIBC invested $115M (US) on the promise of almost all the profits and none of the losses (ENE would "guarantee" the original investment).

Enron used structured shell-game shenanigans to morph CIBC's "no risk" loans into current period reported revenue (it's money in the bank, isn't it?), and used those skyrocketing revenues to chum the investors ... including CIBC.

CIBC should have known better. You know better. Your mom knows better. "If it sounds too good to be true, it probably is." If anybody -- the most admired CEO in America, or some guy in a bar after the Dare to be Great seminar -- offers to cut you in on a can't-miss, can't-lose proposition, close out your tab and walk out the door (unless you're a bigger con man than he is).