3 ms·
I agree with your point but the Enron example contradicts it. One of the biggest lessons of Enron was that nearly every part of our financial system was complic
by awakeasleep 8y ago
I agree with your point but the Enron example contradicts it. One of the biggest lessons of Enron was that nearly every part of our financial system was complicit in the corruption.
There were all those things like Glisan's scheme to sell Enron assets to Osprey- all the credit rating agencies rated Osprey, and all the major institutional banks invested. I don't remember the names of the other shell company refinance schemes, but there were multiple.
Then there was the bragging in financial press how Enron could raise money using innovative financial vehicles that didn't issue stock or take debt in a way that had to be reported to the street.
Thats bad enough but the leasing shell game that was a part of that couldn't have worked without leasing the tankers to the banks.
Anyway, I think the majority of people are honest and hard working, but whole industries can definitely be corrupt and depraved.