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

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

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.
Monday, April 22, 2002

 
--- McCullough: "the Titanic has hit a second iceberg" ---

The Chron reports
Enron may have overstated the value of its assets and financial contracts last year by as much as $24 billion, the company told federal regulators Monday. ...

"... this appears to show it was a lot worse than we expected," said Robert McCullough a Portland, Ore.-based consultant who has studied Enron. "From here, it looks like the Titanic has hit a second iceberg."
The distress-sale context of Enron's real business unit divestitures would explain part of the discrepancy. Also, some derivative complexes were terribly illiquid, or were carried on the books at highly subjective valuations ... "mark to market" where no market ever existed. Additional losses may be tip-off's to as yet undisclosed "accounting irregularities".

I was toying with an explanation of FERC, Enron, Andersen, AICPA, SEC, JPM, etc., as the "seven-layer salad of scandals" (more on that later) ... but now Enron alone looks like an all-you-can-eat buffet.

Again, my surmise is there's no Enron worth salvaging, and no going business asset that wouldn't be worth more under a different nameplate. Don't reorganize. Get busy and liquidate.