Enron was just a kids game
Posted by aogSunday, 17 July 2011 at 15:28 TrackBack Ping URL

Hmmm. The GOP in the House of Representatives is apparently starting to balk about paying off cronies of President Obama in the guise of green energy. It’s only half a billion dollars backed by an agency that won’t provide Congress with required documents so who cares?

Then there’s all the POR-care waivers and the profiteering off the legal mazes it created.

But here’s some real money — the $22 Billion Housing Tax Credit Program utterly \failed as economic policy. What private scandal has ever been that big? Yet this will just disappear in to ether, no one will be held accountable or punished for wasting all that money. It makes Enron seem so small and petty.

But the government doesn’t neglect death and destruction, what with their gun running to Mexican drug cartels and the excellent example of how the tight knit social circles inhibit any strong reporting on the subject.

Comments — Formatting by Textile
Harry Eagar Sunday, 17 July 2011 at 16:57

What private scandal has ever been that big? (Let pass for the moment whether it really is a scandal.)

How about rigging the auction rate securities market? That was about 20 times bigger.

I can list lots more, but that is one I have reported on myself. Many people seem entirely unaware of it, since it is, in the scheme of private scandals, pretty small potatoes.

Annoying Old Guy Sunday, 17 July 2011 at 18:02

If you have to wonder if wasting $22B of taxpayer money is a scandal, I have to wonder about you. I would also wonder if your number for the auction rate rigging is the total amount moved in the market vs. the actual cost of the fraud. Of course, I have to just wonder since you don’t provide a cite.

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