Sunday, May 1, 2005
Enron and the Genius of Capitalism
I want to assure you that I have never felt better about the prospects for the company.
― Enron CEO Ken Lay email to Enron employees worldwide, August 14, 2001
Enron used its political clout to create what one of its own executives called a "regulatory black hole" in which it could operate freely.
― Paul Krugman, The New York Times, December 11, 2001
Companies come and go. It's part of the genius of capitalism.
― Paul O'Neill, Treasury secretary, on the collapse of Enron, January 18, 2002
The feeding frenzy is pretty much over.
— Senator Phil Gramm, Republican - Texas, on the defeat of new controls on corporate and accounting conduct, June 10, 2002. Gramm's wife, Wendy, resigned from Enron's board last week.
The Enron corporation used undisclosed reserves to keep as much as $1.5 billion in trading profits off its books during the California energy crisis, according to six former managers and executives.
― David Barboza, The New York Times, June 23, 2002
Enron's made such a killing of this state, they were embarrassed to disclose it to their shareholders. Unfortunately, Enron will live on as a symbol for everything that has gone wrong with electricity deregulation.
― California Governor Gray Davis, June 23, 2002
The story of Enron is not simply a cautionary tale about greed and corruption. Nor is it a story that we are unlikely to witness again, for the rise and fall of Enron is as American as apple pie. . . the seventh-largest corporation in the United States. . . the “new economy” of the 1990s: a climate where companies sold ideas rather than widgets, and a corporate culture where ethics became as old fashioned and out of date as value investing.
― Sundance review of the movie Enron: The Smartest Guys in the Room, April 2005
Labels:
Capitalism,
Corporations,
Enron,
Fraud,
Phil Gramm,
Profit,
Quotes,
Ted Rall,
Wealth
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