Re: <nettime> WSJ: Washington Created WorldCom

[dirving {AT} box.net.au]

This Wall Street Journal article is, of course, self-serving bullshit.
The reason that Enron, WorldCom, etc collapsed is because their senior
executives were greedy thieves. They got away with it for a while _only_
because there was insufficient regulatory oversight of their activities.
These scandals demonstrate that free-market economic theory is the sick
fantasy of a bunch of psychotics. The author is correct, however, about
the fake competition in markets which are actually natural monopolies
(even though that's not exactly what he wrote).

nettime's_roving_reporter wrote:
> 
>      [via tb]
> 
> <http://online.wsj.com/article_print/0,,SB1025471740276914640,00.html>
> 
> The Wall Street Journal
> July 1, 2002
> COMMENTARY
> Washington Created WorldCom
> By PETER HUBER
> 
> With WorldCom facing criminal fraud charges for a $3.9 billion bit of
> accounting trickery it confessed to last week, the knives are out for its
> corporate executives. But before the story runs away with us, let's
> remember where fictitious accounting got its start: in Washington.
...

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