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Quote of the Moment:
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To be thrown upon one's own resources, is to be cast into the very lap of fortune; for our faculties then undergo a development and display an energy of which they were previously unsusceptible.
— Benjamin Franklin |
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The Unlearned Lesson of Ken Lay and Enron
Posted on Saturday 08 July @ 17:02:02
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In a recent Op-Ed piece, Ayn Rand Institute fellow Alex Epstein provides a brilliant summary of the true cause of Eron's failures—a causal chain that will challenge the way you look at the nature of those failures. In this brief piece, you'll find more clarification than virtually anywhere behind the false premise that all would have worked out for the best, were the "selfish, profit-seeking" executives merely able to curb their "impulses." Epstein puts the lie to this tale of conventional thinking by laying bare the true nature of the Enron failure.
"Former Enron chairman Kenneth Lay has just died, just over a month after being convicted of fraud, and almost five years after his company's cataclysmic collapse. The common perception of Lay is that he and other Enron leaders brought about the company's fall because, eager to make money, they schemed to bilk investors. The ethical lesson, it is said, is that we must teach (or force) businessmen to curb their selfish, profit-seeking "impulses" before they turn criminal.
But all this is wrong..."
Read the full Op-Ed piece here.
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