{"id":31998,"date":"2009-03-20T01:01:01","date_gmt":"2011-05-19T02:35:32","guid":{"rendered":""},"modified":"2011-05-19T02:35:32","modified_gmt":"2011-05-19T02:35:32","slug":"review_enron_and_mark_to_market","status":"publish","type":"post","link":"https:\/\/admin.rushlimbaugh.com\/daily\/2009\/03\/20\/review_enron_and_mark_to_market\/","title":{"rendered":"Review: Enron and Mark-to-Market"},"content":{"rendered":"
\n

RUSH: This is Kara in Houston, Texas. It\u2019s nice to have you on the program. Hello.<\/p>\n

CALLER: Hello, Mr. Limbaugh. It is a pleasure to talk to you.<\/p>\n

RUSH: Thank you very much.<\/p>\n

CALLER: I\u2019m a little nervous, so you\u2019ll have to forgive me.<\/p>\n

RUSH: Well, you don\u2019t sound nervous. You sound like you\u2019re on a teleprompter.<\/p>\n

CALLER: No, no. (giggling)<\/p>\n

RUSH: Just kidding, just kidding.<\/p>\n

CALLER: (giggling) Actually, it\u2019s a sad call because I have to correct you about something.<\/p>\n

RUSH: Oh, no!<\/p>\n

CALLER: Yeah. On Wednesday you had talked about Enron and mark-to-market<\/a> accounting, and you had it all wrong.<\/p>\n

RUSH: No, I did not have it all wrong! I had a guy who\u2019s an expert on it call me and say, ‘You were right, but you didn\u2019t go far enough.\u2019<\/p>\n

CALLER: Nnnnno, no, no, no, no, no. Mark-to-market accounting, Enron did use it, that\u2019s true, but they were never accused of manipulating mark-to-market accounting, at all, by anyone, not even the Justice Department.<\/p>\n

RUSH: No. No. I didn\u2019t. No, no, no. I\u2019m sorry. I didn\u2019t… I don\u2019t think I said that. I think what I said — and I was wrong about this. I said that Sarbanes-Oxley put mark to market in as a reaction to Enron abusing things that were not mark to market, obviously. Somebody sent me a note and said, ‘No, you\u2019re wrong about that. Mark to market has been around long before Enron.\u2019<\/p>\n

CALLER: That\u2019s true.<\/p>\n

RUSH: But that Enron was the catalyst for Sarbanes-Oxley and the strengthening of mark to market and making it the law of the land.<\/p>\n

CALLER: Well, it\u2019s true that Enron was sort of responsible for Sarbanes-Oxley, but the interesting thing is Enron had — completely by itself — begun implementing some of the precautions before Sarbanes-Oxley then convened. In fact, one of the things that is really upsetting me especially now with the IAG (sic) situation, is that you seem to buy into the whole idea that Enron was corrupt, and I just don\u2019t think it was corrupt. <\/p>\n

RUSH: All right.<\/p>\n

CALLER: There was no fraud.<\/p>\n

RUSH: I see where you\u2019re coming from.<\/p>\n

CALLER: Okay.<\/p>\n

RUSH: You think that I took the occasion of those comments to bash Enron.<\/p>\n

CALLER: Yes!<\/p>\n

RUSH: I was bashing Congress!<\/p>\n

CALLER: Who could…? (garbled)<\/p>\n

RUSH: I\u2019m glad you called here. Enron, they\u2019re gone. What\u2019s the…? Congress over… I gave the meter example. So Enron does whatever they do, and the meter goes far left. They go, ‘Oh, we gotta fix this,\u2019 and rather than bring the meter back to the center we go far to the right or just whatever direction, and we overcompensate, we over-legislate, and do everything else. I was blaming Congress for this.<\/p>\n

CALLER: Okay, well, good. I misunderstood then, but I just don\u2019t like Enron being used.<\/p>\n

RUSH: But I\u2019ll tell you what defending Enron today is like… Why don\u2019t you defend AIG next?<\/p>\n

CALLER: I do. I do defend them! I think it\u2019s great that they got those bonuses. I think that —<\/p>\n

RUSH: This is my kinda woman here.<\/p>\n

CALLER: (giggles) I —<\/p>\n

RUSH: You\u2019re fearless! You\u2019ve got courage.<\/p>\n

CALLER: Well, I absolutely believe in the American businessman. I think that they are the engines of our economy, and when we start getting into really petty, stupid, class warfare-type arguments, it lowers us all, and it does nothing for our country or for ourselves and I think that\u2019s silly. And what we\u2019re seeing now… Enron was really, you know, they were a fantastic company. I love them, and I\u2019m so sorry they\u2019re gone.<\/p>\n

RUSH: Did you work there? Dah, dah, dah! Did you work there?<\/p>\n

CALLER: I did work there. I love them, and I love my company, and I love… I just can\u2019t say bad things about it. There was no fraud or conspiracy at Enron. But of course nobody will listen to that now. And what we saw with Enron was a witch hunt. That\u2019s why Jeff Skilling is in prison and why the Broadband Three are about to go back to trial for the second time, and one of them is going to trial for the third time, and this is just ridiculous. This is a witch hunt. They did nothing wrong. They were just practicing business.<\/p>\n

RUSH: Well, you\u2019re going to have a tough sell on that. <\/p>\n

CALLER: Which part?<\/p>\n

RUSH: You\u2019re going to have a tough sell on the fact that Enron did nothing wrong. I think that\u2019s biting off a liiiittle bit more than you might want to chew.<\/p>\n

CALLER: No. No, no. I really don\u2019t think it did. There was one… Andy Fastow did steal from Enron, but he also worked for LJM. Enron was the victim, and people keep saying, ‘Oh, (garbled)…\u2019 Enron was the people that they were stealing from. It wasn\u2019t like Enron was, you know, out there needling people and taking money that wasn\u2019t theirs. I mean Enron was the source of the money that was stolen. It\u2019s like, you know, bringing a rape victim or something.<\/p>\n

RUSH: Well, I\u2019m not sure I agree with you on all that. And what happened to Enron happened, and they end up with nothing and people that worked there end up with nothing and so forth. I understand the philosophical point that you were making, but I was taking the occasion of what you heard on the radio the other day, to be critical of Congress. <\/p>\n","protected":false},"excerpt":{"rendered":"

RUSH: This is Kara in Houston, Texas. It\u2019s nice to have you on the program. Hello. CALLER: Hello, Mr. Limbaugh. It is a pleasure to talk to you. RUSH: Thank you very much. CALLER: I\u2019m a little nervous, so you\u2019ll have to forgive me. RUSH: Well, you don\u2019t sound nervous. 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