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.
Thursday, April 18, 2002

 
--- Andersen/DOJ Settlement Talks Break Down ---

Camp regulars will not be surprised, though many other sources have reported the plea bargain as a done deal at various times through the past ten days.

Andersen pulled out ... "See you in court" ... they could be bluffing, but more likely they are paralyzed, with no good options. Bunny in the headlights, may as well roll the dice

The proposed settlement could have unraveled on any of several sticking points. WSJ on MSNBC offers this conundrum, which will be familiar to "feeding frenzy" followers:
proportionate liability could cost the plaintiffs — and save the banks — a bundle. If a jury, for example, found that the plaintiffs in the case suffered $10 billion in damages, and that Andersen was 20% at fault, the other defendants in that case could reduce the judgment to $8 billion.

If the banks agreed to give up that right, then the amount of the reduction would equal only the amount that Andersen actually paid — $300 million under the tentative agreement.
This is part of the broader food chain and conflict of interest problem: major Enron creditors are also suspect as major Enron enablers and/or co-conspirators.

From here, it's unclear how any course of remedial action will achieve either justice or business as usual. It's like we were having a good old '90s house party, and then somebody went and upchucked on the pool table, and then a fight broke out, then somebody fell and cracked his head, and somebody drove their SUV into the pool, and then things got nastier, and then somebody piped up "My house? I thought this was your house?". Things will just never be the same.