Enron 101.

• Author: Ulrich, Roy
• Position: Letters - Letter to the Editor

Charles Peters claims that Fortune Bethany McLean "was the first journalist to blow the whistle on Enron" ("Tilting at Windmills," March 2002). Actually, the problem is that no journalist blew the whistle on Enron. The collapse was fait accompli by the time the media--and that includes Ms. McLean--got around to reporting it. This follows an established and disturbing pattern: During the 1980s, the press was likewise unable to uncover the massive S&L collapse until after several lending institutions had already collapsed.

By way of comparison, scandals inside government are "easy pickings" for reporters. There are too many inside sources in that venue more than willing to...