Understanding Enron: It\u27s about Gatekeepers, Stupid

What do we know after Enron\u27s implosion that we did not know before it? The conventional wisdom is that the Enron debacle reveals basic weaknesses in our contemporary system of corporate governance. Perhaps, this is so, but where is the weakness located? Under what circumstances will critical systems fail? Major debacles of historical dimensions – and Enron is surely that – tend to produce an excess of explanations. In Enron\u27s case, the firm\u27s strange failure is becoming a virtual Rorschach test in which each commentator can see evidence confirming what he or she already believed