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Enron Collapses!

Thu Nov 29, 2001 5:13 pm

US financial markets are preparing for the country's largest bankruptcy ever when it is expected Houston, Texas based Enron will declare Chapter 11 protection in the coming days following the calling off of a merger with Dynergy.

Enron has been one of the country's fastest growing company's in the dynamic business of internet based energy trading. Apparently much of the company's success was built on a house of cards based on aggresive accounting and large hidden debts. Over 120,000 people stand to lose their jobs, if the company liquidates.
 
L-188
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RE: Enron Collapses!

Thu Nov 29, 2001 5:57 pm

Another part of the phony economy that Billy Clinton depended on as part of the "economic expansion" he is credited for falls.
OBAMA-WORST PRESIDENT EVER....Even SKOORB would be better.
 
mls515
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RE: Enron Collapses!

Thu Nov 29, 2001 6:01 pm

I'm pretty sure there's going to be plenty more tech companies that have never made a profit going bust soon as well.
 
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B737-112
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RE: Enron Collapses!

Thu Nov 29, 2001 6:15 pm

L-188, it's too bad you couldn't appreciate having the best president ever in office when you were around to see it. Clinton rules.
 
L-188
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RE: Enron Collapses!

Thu Nov 29, 2001 6:28 pm

The only thing Clinton did for me was put the college tax credits up. I will give him that much credit but he did veto it once. Otherwise he did nothing for me.....

The economy he ruled under was based on the internet and dot-com boom. That fizzeled the year before he left office. We shouldn't base our economy on the economics of speculation.

Anybody else here that Amazon.com will ever get back to $115 dollars a share like it was back in Decemeber of 1999?

I doubt it.

The prices of the dot.coms in this time artifically increased the value of the stock market and the feeling that everything was going up.

OBAMA-WORST PRESIDENT EVER....Even SKOORB would be better.
 
trickijedi
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RE: Enron Collapses!

Fri Nov 30, 2001 12:43 am

Yeah that's too bad that Dynergy called off that deal with Enron. That is the only thing that would have saved them from trouble. But it looks like they are going to go to Chapter 11 or possibly even Chapter 7 soon.

Any guesses as to what name Enron Field will change to?
Its better to be on the ground wishing you were in the air than be in the air wishing you were on the ground. Fly safe!
 
sccutler
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RE: Enron Collapses!

Fri Nov 30, 2001 12:49 am

"Your Name Here In Bright Lights Field- Home of the Astros"

-or-

"This Space For Lease Field"
...three miles from BRONS, clear for the ILS one five approach...
 
heavymetal
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RE: Enron Collapses!

Fri Nov 30, 2001 1:26 am

Another part of the phony economy that Billy Clinton depended on as part of the "economic expansion" he is credited for falls.

Ohhhhman! There are some classic "blame Clinton" bombs out there, but this one's the best.

FYI dude, Enron was to the Bush campaign what Tyson chicken was to Clinton.....the primary corporate sponsor. Kenneth Lay, the Enron boss who oversaw some of the most criminal fudging of corporate numbers, profits and bookkeeping in business history, is an old friend of Dubyas. Enron's glass tower(fitting!) in Houston was peopled with some of the staunchest Repubs in America. The company was seen as the first bastion of reliable Republican business acumen in the tech world.

Well now they're getting their phones shut off, the stock whick was 90 bucks last year closed at 61 cents yesterday, and the White House is quietly pretending they never heard of the guys.

Clinton's fault! Sham economy! Yikes, that's a good one.
 
JetService
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RE: Enron Collapses!

Fri Nov 30, 2001 1:50 am

Heavy, I didn't take the Clinton comment as blaming him for the collapse of Enron, but more of an off-topic statement stating the economic boom of the 90s in general was largely based on the business model that took Enron down. In other words, Clinton was not the economic magician that Democrats like to pretend he is. Some people did make a lot of money and the economy WAS strong in the 90s. But the rub was that the 'house of cards' the strength was built on would eventually collapse, and it began shortly before Clinton's watch ended. It seemed somewhat of an instant gratification scenerio. But Clinton didn't invent the dot.coms, they just happened through advancing technology, so I would be hard-pressed to blame him for its rise or fall. Personally, I think too many people give the office of the president waaay too much credit (or blame) as far as making the economy. They have a lot less hand in it than people think and to me their real test is how they react to it.
"Shaddap you!"
 
heavymetal
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RE: Enron Collapses!

Fri Nov 30, 2001 2:14 am

I agree with your comment that the prez gets too much of the credit/blame...

Having said that, find me the Clinton-hater who bothered to read about Slick Willie's first meeting with Alan Greenspan.The Fed chairman layed out the simple notion that he could never quite get across to Bush Senior...it's the deficit, stupid. Spending had to be cut or it was all over. Greenspan, a Republican, felt Clinton grasped what he was saying within the first few minutes. And Clinton was the one who went back to his party that had just captrured the White House & was ready to start charging up a storm and said "Sorry. The buck has stopped." Clinton-haters don't pay attention to the fact that some of the first 'Clinton-haters' were liberal Democrats who had been told not to expect the tab to be picked up for all their projects.

L-188 called it a 'phony economy', when in fact the economy was set up to fall simply when deep pocketed investors started forking over tens of millions of dollars to hip 22 year old technonerds who knew everything about building really awesome websites....and nothing about business. That's not Clinton's fault.
 
Philly Phlyer
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RE: Enron Collapses!

Fri Nov 30, 2001 2:42 am

Heavymetal:

I could not have said it any better. Thanks for pointing out what many refuse to understand. Of course, the facts never stopped anyone!

 
travelin man
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RE: Enron Collapses!

Fri Nov 30, 2001 2:50 am

Dear Enron,

Boo Hoo.

Sincerely,
California
 
Guest

RE: Enron Collapses!

Fri Nov 30, 2001 6:17 am

great post Travelin man!

And HeavyMetal is absolutely right that Enron and its chairman Kenneth Lay were tremendous supporters of the dubya and his campaign, and anyone who says differently is well, just plain wrong.
 
JetService
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RE: Enron Collapses!

Fri Nov 30, 2001 11:07 am

"And HeavyMetal is absolutely right that Enron and its chairman Kenneth Lay were tremendous supporters of the dubya and his campaign, and anyone who says differently is well, just plain wrong."

I don't know if that true or not, but how does that even matter  Confused
"Shaddap you!"
 
heavymetal
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RE: Enron Collapses!

Fri Nov 30, 2001 11:29 am

It is true...and it matters to my original post, Jet. My commentary wasn't an indictment of the Bush Administration at all. So Dub got cash from some big shot who wasn't half the business genius he thought he was. Sheeeet happens.(Having lived in Texas, I can tell you they love to do things in big style there, including going bankrupt.)

I just pointed out that the 'blame Clinton' game from the legions of talk radio numbed zombies is getting tired. Those guys need to find new meat. Jump on Leahy for trying to tie the hands of justice...jump on the Dems for marketing a new phrase "the Bush recession"at a time we need to stand together...jump on idiocy. Just realize that frequently idiots are Republicans, too.
 
Guest

RE: Enron Collapses!

Fri Nov 30, 2001 11:48 am

bingo
 
IndianGuy
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RE: Enron Collapses!

Fri Nov 30, 2001 12:43 pm

Enron was a company whose business model was centered around exploitative tactics.

Their deal to build the power plant in one of the states here and then their arm twisting tactics to force higher payment rates from the state govt. and then shipping old and outdated power plants banned in their own country! nowonder they were virtually thrown out of India.

Didnt Enron practice similar tactics in California, and precipitate a power crisis there? So people shoudl be celebrating Enron's exit!

 
L-188
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RE: Enron Collapses!

Fri Nov 30, 2001 5:39 pm

when in fact the economy was set up to fall simply when deep pocketed investors started forking over tens of millions of dollars to hip 22 year old technonerds who knew everything about building really awesome websites....and nothing about business

And that was exactly the point I was trying to make in the first place. Glad somebody got it  Big thumbs up

But I don't think it was set-up, just a lot of people went on a rush to buy stocks of companies that wouldn't be able to survive thinking they where going to be making a buck on the internet.

OBAMA-WORST PRESIDENT EVER....Even SKOORB would be better.

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