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Not mentioned in the WSJ or elsewhere is actually when, how and why they lost a lot of money. To be sure, we know they could not service their debt. Until this is answered the whole imboglio is nothing but whistling in the wind.

A big alleged expose is the destruction of records. My guess is they destroyed everything not directly a work product relating to their final audit. This is custumary. Most public corporation audits have the additional onus of always bullet proofing their audit from future, frivolous litigation by money mad trial lawyers. I would hope a public auditor reads this post and addressses this issue.

Finally, as one of the biggest energy players Enron was worthy of notice --even by a "rat" administration. The fact they called the Treasury and others is anticipated in such a dire, financial circumstance.

As an addendum, I tried to make some money off of Calpine (CPN). When it lost 20%, I bailed. The whole issue with the big futures players are derivatives. The real scandal some day is going to be JP Morgan Chase. They have 17 trillion (yes trillion) of financial derivatives supported by 40 billion of unencumbered stockholder equity - over a 700 to one ratio! They are highly profitable, but could be decimated by increasing volatility in interest rate futures. The point is, the people running these highly leveraged financial conglomerates are risk takers and the usual investor is looking at p/e's and pro forma earnings. When the axe falls, everyone is shocked and immediately convinced a bad business decision and model have failed; hence, they look to the congress to criminalize a bad business decision.