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.
Tuesday, June 18, 2002

 
--- Sarbanes Bill Notches Surprise Banking Committee Approval ---

In an unanticipated turnaround, the Senate Banking Committee today approved a compromise version of Chairman Paul Sarbanes (D-MD) accounting reform bill (strongly endorsed by erstwhile Andersen White Knight Paul Volcker). The new Sarbanes draft won over ranking member Mike Enzi (R-WY) and was approved by a lopsided 17-4 vote. Lame duck Sen. Phil Gramm (R-TX), continues to oppose the measure.

At last previous report the balance was tilted in Gramm's favor by virtue of resistance from Zell Miller (D-GA), who together with Gramm had threatened to tie up proceedings with over 100 proposed amendments, and reluctant noises from Evan Bayh (D-IN).

One factor breaking gridlock may have been a threatened loss of initiative, in the form of reports suggesting SEC Chair Harvey Pitt's readiness to proceed with creative do-it-yourself regulatory innovation (new accounting oversight board, etc.) under existing statute.

Other motivating factors may include deteriorating financial markets, the Andersen verdict, a gathering storm of Enron-like scandals afflicting unrelated firms, US loss of initiative to EU in promulgation of global accounting standards, vocal criticism of congressional inaction, and a series of incredibly shameless efforts by House Republicans to protect offshore tax loopholes and shut state Attorneys General out of the securities arena. Maybe Martha Stewart was the straw that broke the mossbacks' back ... who can say?

No information at this writing as to what compromises may have been made in the original Sarbanes draft. This measure appears likely to pass the Senate, a perfectly antithetical industry-sponsored measure is likely to pass the House, and we could see a high-stakes showdown in the House/Senate conference committee going into fall elections! "There's battle lines being drawn ..."