Loren Steffy Cites Unindicted Co-Conspirator In Latest Column

Writing in the Herald Tribune, a Sarasota paper, Loren Steffy said something odd. Granted, most of his stuff is just corporate conspiracy junk, but this was about Enron and thus, it is my business.

Not long ago, an unindicted co-conspirator in the Enron case asked me why the cleanup of the financial crisis lacked the zeal for justice that drove the Enron prosecutions.

It’s a fair point. Enron and the other corporate scandals shook our faith in big companies, but they didn’t undermine the entire financial system.

I wonder if Steffy understood what the UCC was trying to say. I don’t think I am misunderstanding the UCC because every person I’ve spoken to who has anything at all to do with Enron agrees on one central point: the government was overzealous in its prosecution of Enron. The executive here, in Steffy’s column, seems to be making that point – but it reads as if Steffy is saying that since it was justified at Enron, a dramatic over-prosecution of the financial crisis is also in order.

I think the reason we don’t have people testifying before congress about their role in the crisis is because it was caused by the government! Chris Dodd, Barney Frank, and their cocksucking toadies at Fannie and Freddie are responsible. Since the government is at fault, they aren’t going to prosecute themselves. They won’t accept any responsibility for their actions. Enron executives readily admit to mistakes. Every single one of them have admitted in court to making mistakes. But those mistakes did not equate to criminal liability.

On this point Steffy and I agree: Enron didn’t undermine the entire financial system. I am relieved and happy that he has finally changed his mind on that score.

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