Enron's profit center was its energy products trading division.
In 2001, carbon credits were a minor blip on the trading floor at Enron and at every other energy trading firm in the world.
The destruction of Enron (and their accounting firm - Arthur Anderson) was a premeditated act of political violence by the Department of Justice against the Conservative Texas Republicans who managed and audited Enron.
When news that Enron's accounting was under investigation was deliberately leaked by the DOJ, Enron's highly profitable trading division essentially collapsed in 24 hours.
Why - because in the world of trading if there is even a whisper that you cannot settle your trades, the entire trading world walks away from you INSTANTLY.
If DOJ and the SEC had handled the accounting issues at Enron in a confidential and professional manner, at least 50% of Enron and 100% of Arthur Anderson would have survived.
Instead, the DOJ consciously and deliberately destroyed billions of dollars of corporate value and tens of thousands of high paying jobs.
The politically motivated Deep State pandemic that we have lived through since 2016 was already alive and deadly in 2001.
Nice job.
***”This article is very misleading.”***
Agreed, yours is a good summary. The article was simplistic and dated. The hated Andrew Weissmann was also a villain in the Enron case: https://thefederalist.com/2019/03/05/explosive-new-documents-reveal-andrew-weissmanns-misconduct-enron-case/