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Buying only what you know can end in disaster. Just think about Enron's employees and business partners, the 'locals' who bought lots of its stock because they thought they were in the know.

I take full responsibility for what happened at Enron. But saying that, I know in my mind that I did nothing criminal.

I happen to represent Enron here in Houston. We have many good corporate citizens here in Houston. Enron happened to have been one.

When Enron collapsed, through court processes, thousands and thousands of emails came out that were internal, and it provided a window into how the whole company was managed. It was all the little decisions that supported the flagrant violations.

In the case of Enron, we balance our positions all the time.

I've never commented much about my experience at Enron except to say, when I was there, it was a much more pipeline and asset-oriented company.

Before Enron, I think people were a bit more naive about the way things worked, and I think Enron pulled the curtain back on unsavoury practices that turned out to be a lot more widespread.

You cannot have companies where many of the largest ones lose money indefinitely without someone finally waving the white flag, and IBM is the most recent example of that.

Laws were changed and regulations repealed until an Enron can set sail without responsibility, supervision, or accountability.

Companies shouldn't use the law to prevent consumers from doing something legal.