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.
Thursday, April 04, 2002

--- Andersen, DOJ Explore Alternatives to Brinksmanship ---

WSJ on MSNBC (and others) report explorations of a less explosion conclusion to DOJ's criminal indictment of Andersen as a firm for obstruction of justice.

Speculation centers on a "Clinton Plea", where Andersen would akcnowledge the essential elements of wrongdoing without crossing the line into a technical confession of criminality, accepting the public disgrace and taking its punishment in the court of public opinion.

Camp Enron has noted the apparent rashness of Chertoff's indictment (unless he's holding cards we don't know about), and questioned the consequential value of even a successful prosecution. At the same time, we've been harshly critical of Andersen's specious defenses and untouchable attitude. [here, in part here, and especially here] And we've blistered one talking head whose one-sided on-air advocacy actively muddied the waters. [here, here and here]

What's on the table seems to be this: Andersen gets a second chance to pass the "attitude test". This may or may not work out, for a number of reasons, but Chertoff can afford to back off, and Andersen has nothing to lose by crying "Uncle".

Incidentally, this looks like a win for Volcker's damage control ("get the bad news out early") over the legal department ("anything you say can be used against you").

In any case, look for the following sequels:
  1. Andersen will die anyway, and

  2. Andersen -- as a firm -- will eventually face a devastating series of sweeping foundational criminal charges.
Our friend Mr. Dobbs, BTW, was raked over lukewarm coals yesterday in both the NYT and WSJ, but both pulled their punches. Articles focused on evident bias and possible conflicts of interest (speaking fees, Andersen's exclusive sponsorship of his defunct "Business Unusual" series), but ignored his repeated categorical falsehoods.

Dobbs, for his part, interviewed a pro-Andersen stooge again on yesterday's show ... an Andersen client who chose to retain them as auditors. Like the saying goes, "Man bites dog, that IS news".