Thursday, June 02, 2005
Enron : The Smartest Guys in the Room
Saw the enron movie yesterday. It wasn't bad. Told the story pretty well. Seemed a bit biased, but no documentary is objective anymore is it? I am in agreement that the 3 guys at the top should be jailed, but I took offence to them villifying the energy traders for the things they did in the Califonia energy market. I guess it's my Wharton upbringing but traders are supposed to find arbitrage opportunites and milk them until they run dry. If the California government deregulated with a law that was full of loopholes, it was the markets job to teach them where they went wrong.. Free markets build better envoirnments in the long run if governement stops calling mommy for help all the time and admits mistakes and fixes them.