It was couple of days back…I read the news.
Actually, I still spend sometime to check the current status of Enron. Seems it is still running, but surely, it has been removed from the spot. Compare to when Enron was in full wings, now Enron is just nothing.
Enron has been remembered as the century scandal of the corporate world. It is a legend both at the beginning and the end. I love history where I see great events are like stage. People are like actors on the stage. They seem controlling the scene through their hand and determination. But seems there is an invisible hand. It is like the script from director: things have been written down how it will move…
History is made of brilliant people. History has recorded Enron, but also those human figures. Enron does not have a meaning but Ken Lay, Skilling Jerf, Fastow and many other has created the meaning behind it. When we are going to recall this event, people will not only remember Enron, but also with all those names.
It was of greivous news to learn that the founder of Enron has passed away. However, new conspiracy theorist has claimed that Lay has just played a drama but actually he had escaped from the country…The interesting part is that some people can place influence even after their life. It has been commented as figure beyond life. I do respect him. I respect him because he starts from nowhere but reached on one of the summit. He was such a brilliant figure of his time. From a farm boy to Enron’s name over the sky of all Houston, it must be a very excited journey.
I admire him.
What a pity of destiny, people remember him for both his success and failure. It was great joy to move from bottom to the top; nevertheless, it must be grievous disgraceful to fall from top to the bottom…Seems no one has control of it…we are just actors of our life. But the script has already been written.
Aye… looking outside the window, staring at the lonely night of the noisy city, the immense sky and the flash of neon light…I feel something is missing…Seems one star has fallen…
After review the whole incident, I have one doubt, at the end of the day, people from Enron who allegedly gained money have to pay huge amount of legal fees; millions of shareholder still can not get all their money back, then where did those money gone? Who has taken all the money? Not Lay, not Skilling, not Fastow, the amount is too big for them to spend…
What about all those banks who did transaction with Enron but earned instant service fee for their structured finance transaction? It is those transactions which enable Enron avoid reporting its true financial status. It is those structured finance report which deceived trillions of dollars from shareholders…Should they also bear some responsibility? After the scandal of Enron, most of people only realize the importance of faithful accounting, but seems ignored the vital role of those financial players. Should there be more restriction on how banks conduct their business? Banks are rich and influential, but it does not mean that they do not bear the responsibility.
We seem placed too much confidence in our banking and financial system, should we?