More thoughts on Kenny Boy

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Bill, I certainly did not mean to suggest that the prosecution of Ken Lay was in any way justified by Kenny Boy’s status as a corporate welfare queen. I was merely pointing out that Enron was hardly a market phenomenon.

I believe the prosecution of the Enron executives was rooted in the government’s desire to find a scapegoat for the recession of 2001. How many times did we hear Bush blame “corporate crooks” and September 11 for the 2001 recession?

The worse part of the Enron case was that the desire to “do something about corporate crime and thus restore public confidence in the markets” led to the passage of Sarbanes-Oxley, the 21st century’s version of the Smoot-Hawley Act.

8:56 pm on June 19, 2006
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