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.
Saturday, April 06, 2002

 
--- Qwest for Lifelines ---

When you start testing for Enronitis, you discover Enronitis. Expect a few false positives, but some real serious cases will turn up.

Qwest is an emerging biggie. Dirty dark fiber swaps with both ENE and GX, astronomic goodwill writedowns, SEC inquiry, a neoteric business model that didn't pan out, a fast-money management that treated the legacy landline business with utter contempt, and a community of dependent widow-and-orphan shareholders left in the lurch while the dividend falls from $2.14 to $0.05, employee base hates 'em, customer base hates 'em, regulators hate 'em. Speaking of landlines ... Qwest has been operating under consent agreements in multiple states for years now, as a result of forgetting to provide basic services ... while a philosophically libertarian FCC aids and abets their stranglehold on local markets. [My main alternative is AT&T Broadband, with which I prefer to do as little business as possible for so long as we both shall live.]

Enron's would-be merger partner Dynergy is getting a hard look ... headlines to follow. Ditto Williams Communications and its energy-patch parent Williams. Adelphia. WorldCom. Ooops, almost forgot Global Crossing. A slew of firms outside the energy and telecom arenas are being scanned for toxic concentration of option exposure, growth-by-acquistion goodwill and earnings without visible means of support. No top-echelon takedowns yet, but 49 new SEC inquiries in progress and a long list of big names that do not check out as per-share value-accretive if you hold them up to the light, even assuming their financial statements are squeaky-clean on the technical level.