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.
Wednesday, June 26, 2002

 
--- Round and Round and Round She Goes, Where She Stops ... ---

... Nobody Knows.

Adding sharp emphasis to our recent "less than half full" analysis, markets are uneasy this morning. WorldCom troubles are compounded by discovery of nearly $4B in accounting fraud (expenses booked to capital accounts over the past five quarters), as first reported by CNBC's David Faber. "Because of its vast overstatement, WorldCom’s 43 percent profit margins were also allegedly a fiction, CNBC’s Faber reported."

Did I say "uneasy"? World financial markets are on the floor this morning, quivering and frothing at the gills.

Yes, it was a flagship enterprise of a flagship sector in the new world economy. Yes, "Our senior management is shocked by these discoveries". Yes, it was an Andersen account. Yes, more stringent audits ahead. Yes, resignations. Yes, restatements. Yes, 17,000 layoffs. Yes, criminal investigations. Yes, WCOM had been under the gun for months already ... and now this? No, no whistleblowers.

On CNBC, Maria "Use the News: How to Separate the Noise from the Investment Nuggets and Make Money in Any Economy" Bartiromo is telling me CSFB revises coverage of WCOM, with a price target of zero.

Across the pond, FT reports an international banking consortium is demanding formal investigation of KPNQwest ... finding large discrepancies, suggesting "The fact that there was so much less cash in this business in late April ...suggests an enormous black hole in the accounts".

The Martha Stewart probe is turning up dustbunnies under the duvets, including suspicions of obstruction of justice

Dynegy downgraded to junk.

Global Crossing now said to have engaged in global shredding.

Please remain in your seats with your seat belts buckled ... we may experience some turbulence as your captain and crew beat cleats to the exits.