Wednesday, January 30, 2002

CHANNELING SAMUEL INSULL Insull created Commonwealth Edison (now Unicom), the electric utility which serves Chicago and Northern Illinois. Unfortunately the financial underpinnings collapsed and he became a pariah. The underlying business was sound, however.

We may see the same with Kenneth Lay and Enron. There's nothing wrong with the business model itself, despite Krugman's rantings.

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