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Enron explained



John Heelan of the UK says of Enron boss Kenneth Lay (spelling corrected): "T seems that Lay smiled when compared with a carnival barker, possibly because he has substantially more millions of dollars salted away than the composite wealth of all the politicos denigrating him? He can afford to smile- unlike his employees. Just another example of corporate corruption and fat-cat greed that is prevalent around the world-- including the UK whose local Enron directors apparently received a 6 million ($9M) bonus for rapidly disposing of the business while the creditors expect to lose between 25%-43% of the debts owed them by Enron".

Clearly then the Enron scandal is catching the world's attention. The one hope now is that the US Bankruptcy Court will force the directors to disgorge their money and that it will be distributed among the losers. In every country the local law will prevail. In any case, it is foolish to maintain that the world image of the capitalist system has not suffered.

Ronald Hilton - 2/13/02


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