February 27, 2002
From the desk of Jane Galt:The Professor posts a piece
The Professor posts a piece on Enron that includes this passage from Paul Krugman on the faked-up trading floor:
the company's pride and joy is a room filled with hundreds of casually dressed men and women staring at computer screens and barking into telephones, where cubic feet and megawatts are traded and packaged as if they were financial derivatives. (Instead of CNBC, though, the television screens on the floor show the Weather Channel.)
which he contrasts with the truth:
. . . the phony trading room was staffed with. . . employees to resemble a real trading operation. . . "They would build out a set with a big, 36-inch flat panel screens and the teleconference conference rooms." Elkin said that it was all an act, and that no trades were actually made there. The people on the phones were talking to each other.
Okay, let's think about this. Hundreds of employees. None of whom told the other employees in time to prevent them from sinking their 401(k)s into the company? Or considered telling the clueless analysts about the fraud they were helping the to perpetuate?
And Krugman wants to go after Bush.
Posted by Jane Galt at February 27, 2002 7:11 PM | TrackBack | Technorati inbound links