When Enron collapsed, we heard the trouble was with off-balance-sheet liabilities that had been hidden. Today, Fannie Mae and Freddie Mac are revealed as the same thing: off-balance-sheet liabilities. Only this time, it’s government doing it.
When Enron collapsed, a few Enron executive faced criminal charges, but the main casualty was their auditors, Arthur Anderson. So who is going to face charges this time?
/me declines to mention Northern Rock or Bradford&Bingley.