some said this would not happen



Hypnospin said:
if i do recall;
www.sfgate.com/cgi-bin/article.cgi?f=/n/a/2006/05/25/financial/f113752D79.DTL
some even stated there would be no indictments...

now, how about some accountability from the top down, as in the bush family and friends criminal syndicate?

Yeah, the Enron chickens have come home to roost.
Lay and Skilling have been found guilty and well done the jury.

The fact of the matter is that only a complex fraud such as this could have been perpetrated in co=operation with the people in charge ar Enron - namely Lay and Skilling (and Fastow).

Essentially they created "off-balance" sheet statutory entities in which to hide losses incurred in the main ENRON company.
Very complicated stuff and very devious too because one cannot carry out such a fraud with the active participation of the senior people.
Good old US GAAP was found wanting.

Of course, Lay and co were based in Houston and they also contributed to Bush's election campaign.