Enron declared bankruptcy on December 2, 2001. Two days later, Andersen CEO Joe Berardino wrote an […]
Former Andersen CEO Joe Berardino Admits That We’re All Just As Stupid Now As We Were When Enron Went Bankrupt
Of course CNBC would put this guy on TV today.
Asked whether lessons had been learned since Enron filed for bankruptcy, Berardino said, “we’re still learning” and pointed to the sovereign debt crisis currently engulfing the euro zone. “(Enron) ran out of time in terms of its liquidity and a lot of the same elements — leverage, the need for liquidity, crisis when you lose confidence — are repeated in all those examples. And I would argue we’re now living through it with the sovereign crisis in Europe,” he said. “There are a lot of the same elements.”