The Corner

Fannie Mae v. Enron Cont’d

I was away from the computer all day yesterday (and will be for most of the day today). But a pile of email came in in response to this post and the subsequent chatter here in the Corner.

First there’s this blog post defending Enron.

But I also liked this email:

Jonah,   Please remember that Enron was all the rage UNTIL investigations found that the only current or former government official that went “to bat” for Enron was Robert Rubin, Vice Chairman of Citigroup and Clinton’s Secretary of Treasury.  Rubin contacted Standard and Poor’s and Fitch to see they would delay or stop their downgrade of Enron’s stocks and bonds.  It was this downgrade that set into motion the cash crunch that ultimately caused Enron to seek bankruptcy protection.  The media does not ignore Fannie and Freddie because a lack of sensation, but rather than a lack of prominent Republicans to pin the blame on. 

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