Fool me once shame on me. Fool me twice & and you must be a former-Enron exec starting a hedge fund

Quoth Bloombeg: Jeff Shankman, the former chief operating officer of global markets at Enron Corp., plans to raise as much as $250 million in the next six months for an energy hedge fund, according to two investors who received marketing documents on the proposal.

So for all those of you who thought hedge funds were the modern version of three-card monte … I’LL PICK THE ONE IN THE MIDDLE.

Technorati Tags: Jeff, Shankman, Three-Card-Monte, Hedge, Fund, Enron, PR, Disaster

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“The past isn’t dead; it isn’t even past.”

• “Attorneys for Enron’s deceased former chairman, Kenneth L. Lay, have taken their first step in an effort to wipe out his criminal record, The Houston Chronicle reported Thursday. … Though Mr. Lay was found guilty on May 25 of all 10 charges, he died of heart disease on July 5, months before his October sentencing hearing. Because he had not exhausted his appeals, Mr. Lay’s record is expected to be expunged. Mr. Lay’s $5 million bond — backed by his children’s homes — also would be canceled at that time. With his conviction vacated, the government also will not be able to seize Mr. Lay’s property through the criminal proceedings.”
• “The Bush administration drafted amendments to the War Crimes Act that would retroactively protect policy makers from possible criminal charges for authorizing any humiliating and degrading treatment of detainees, according to lawyers who have seen the proposal.“

So much for personal responsibility.

Who you gonna believe, me or your lying eyes?

"We thought in fact the Wall Street Journal was on a witch hunt. We didn't have any information that Andy Fastow had done anything inappropriate." — Ken Lay, former Enron chairman turned case study in why you should read the WSJ.

Next best Ken Lay quote from yesterday's testimony: "I believed fundamentally that the balance sheet was strong. I believed that then and I believe that now." Further proof that Mr. Lay is incapable of learning from experience.

Headline of the Day: Bausch & Lomb Stock Hit by Fungus Outbreak

Don't they wash their hands down their at the NYSE? Isn't this the advantage of on-line trading?

And speaking of headlines … this was the AP's headline on the Enron trial from yesterday Skilling Tells Enron Jury He's 'Innocent' Why the quotes around innocent? Are they implying that he was being ironic? In which case italics and a big wink are the way to go.