How do we know that too big can fail with no adverse results, well too big often fails with no adverse result.
Enron Chairman Kenneth Lay had been a top contender for Treasury secretary in President George W. Bush’s administration. Then in the blink of an eye, the entire company was revealed to be an accounting fraud from top to bottom, collapsing into a $63 billion bankruptcy, the largest in American history. Other companies of comparable or even greater size such as WorldCom, Tyco, Adelphia, and Global Crossing soon vanished for similar reasons.
We need to think "too big to bail" not too big to fail.
Feel free to forward this by email to three of your friends.
Enron Chairman Kenneth Lay had been a top contender for Treasury secretary in President George W. Bush’s administration. Then in the blink of an eye, the entire company was revealed to be an accounting fraud from top to bottom, collapsing into a $63 billion bankruptcy, the largest in American history. Other companies of comparable or even greater size such as WorldCom, Tyco, Adelphia, and Global Crossing soon vanished for similar reasons.
We need to think "too big to bail" not too big to fail.
Feel free to forward this by email to three of your friends.
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