Watched The Smartest Guy’s in the Room on CNBC this morning. I kept meaning to rent this documentary, and hadn’t done it. What a brilliant piece of reporting. And I’m so glad Skilling is still in jail. I also wish more of the traders were also in the slammer for what they did to California, and most of all to the employees who trusted the executives, poured their life savings into this company, and got screwed.
Yes, I know people should have a diverse portfolio, but it’s an American tradition for workers to show support to their company. A hold over from the days of 30 years of service and a gold watch. Since that world is long gone people must now be a good deal more cynical, but it’s heartbreaking.
It also is instructive into this culture of greed and risk that nearly collapsed the economy. The investment firms, and big banks, law firms and accounting firms bear a great deal of blame too. Nobody wanted to actually look at the balance sheet. They bought the sizzle and not the steak.
This is a great film. I highly recommend it.
