Energy Futures failed not because it was crooked; its bankruptcy was run-of-the-mill, utterly unlike Enron’s. It made a few too many bad business decisions over the years. What is interesting about its collapse, however, is how evident it became as the business was stripped down for public viewing that even things that look like utilities aren’t really utilities anymore. What’s really there after deregulation, restructuring, and the incorporation of the free market is an investment company running a bunch of endeavors that when taken together were, once upon a time, known by the name
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