AUSTIN -- Hail and farewell, o Enron! What a flameout. The
Establishment media, sucking its collective thumb with unwonted solemnity,
is treating us to meditations on two themes: "How the mighty have fallen,"
and, "Who would have thunk it?" Pardon me while I snort, in lieu of ruder
noises, and offer two themes of my own: "What took so long?" and, "Anyone
with an ounce of common sense."
If you want to know what this story is about, pretend Bill
Clinton is still president. Pretend Clinton's long-time, all-time biggest
campaign contributor, a guy for whom Clinton has carried water for over the
years, a guy with unparalleled "access," a shaper of policy, a man with a
veto on regulatory appointments affecting his business, with connections at
every level of the administration, a political fixer beyond the wildest
dreams of James Riady -- imagine that this guy's worldwide empire has
tumbled into bankruptcy in just three months amid cascading reports of lies,
monumental accounting errors, evasions, iffy financial statements, insider
deals, a board of directors rife with conflicts of interest, top executives