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

Submit Feedback To:
RonKsFeedbag at aol

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.
Friday, March 22, 2002

--- Rats Leave Sinking Ship, Take Payload to Adjoining Vessel ---

Houston Chronicle's Tom Fowler reports Andersen's efforts to reorganize ... may include plans for No. 2 accounting firm KPMG to acquire much of the Houston-based energy audit practice. ... key managers and staff members could transfer to KPMG along with their clients.

This would appear to transfer the primary economic assets (human capital, organization, client relationships, future earnings streams ... excluding only partnership capital) without taking on the corresponding liabilities.

We presume Andersen's rotting creditor-ravaged corpse gets something out of the deal ... but at distress-sale prices.

Looks like an especially egregious version of the scenario framed by's Will Saletan in "The Suspect Protection Program".

One wonders what a bundled virtual asset like this would be worth if securitized in a Special Purpose Entity, under "Braveheart" accounting principles.

On the other hand, it's hard to imagine how any of this group's true economic value would ever be realized -- to anybody's benefit -- in situ.

As on-book tangibles become less important in valuation of the "New Economy" enterprises, existing tort and bankruptcy law may fail to do justice for yesteryear's consequential stakeholders and/or bag-holders.