Privatizing risk. The CEOs keep all the money — the employees keep all the risk (Mary Flood, Houston Chronicle):

...the jury heard from a former Enron employee who lost his retirement savings when the company collapsed.

John Sides, 52, a 22-year veteran of Enron, said he trusted Lay's promises enough to make investments based on them. On questioning from prosecutor Robb Adkins, Sides told the jury "I relied on Ken Lay."

Sides said he has since thrown out all his retirement documents "because they were too depressing."

The jury never heard how much Sides lost because Lay's lawyers requested that details about employees' losses be banned from the trial because they are too prejudicial. Lake ruled these details could not be presented in evidence.

But it has been reported that Sides, of Houston, saw his 401(k) worth about $500,000 dwindle to $4,000 when the company collapsed.

John Sides relied on Ken Lay enough to see a 99% loss on his savings. And yet we're supposed to feel sorry for Ken Lay, who has an alleged net worth of $650,000?

That, of course, doesn't factor in the value of his variable annuities which are protected from bankruptcy proceedings. Ken and Linda Lay will be expected to scrape by on the income from those investments, which will be a meager $912,000 per year for life, starting in 2007.

Awwwww....

{ 9:19 AM }

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"A school's success is based not on its teachers, the way it is run, or what type of school it is, but, overwhelmingly, on the class background of its pupils."

{ 11:20 AM }

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Young Bush in New Delhi. It appears that a young George W Bush may have spent two months in India, back in the days when he was still a sinner (Indian Express):

The chefs at New Delhi’s ITC Maurya Sheraton are busy planning a menu just right for President George Bush. And it features a lavish Indian spread—from Lagan Ki Boti to Anjeer Dahi ki Lauj.

The hotel has just received a brief from the White House on what President Bush likes on his dining table. ‘‘President Bush loves Indian food and what’s more he knows it very well. He likes flavoured Indian food but does not like it too spicy, greasy or oily. Chicken and lamb are his favourites and he loves kebabs,’’ says says Executive Chef Amit Chaudhary. [...]

‘‘We have also planned an elaborate breakfast for the President with several kinds of paranthas, puri, aloo bhaji with yoghurt and also a South Indian spread with dosas and idlis to choose from. The entire menu created for the President’s visit is something very different from what we usually do mainly because the brief he has sent us is very clear about his love for Indian food. We are told he spent some two months in the Capital in his younger days and he still recalls the food he had here with great relish. Our attempt will be to make the food here a good memory for him for years to come,’’ says Executive Chef Chaudhary.

So that explains his absence from the Texas Air National Guard!

His menu will include:
• Lagan Ki Boti (kebab made from tender lamb cooked with spices and brown onions)
• Murgh Seekh Pa (chicken mince kebab stuffed with mint chutney and cheddar cheese)
• Khatte Baingan (baby brinjals with mustard seeds and coconut)
• Anjeer Dahi ki Lauj (yoghurt with figs)
• Zauk-i-Shah (gulab jamuns coated with poppy seeds)
• Paranthas, poori-aloo with pickle and yoghurt, dosas and idlis for breakfast

Via WaPo's Dan Froomkin.

{ 4:47 PM }

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The anti-Republican wealth effect. In recent weeks, the stock market has been strengthening to Clintonian levels. Is it any coincidence that the market for Bush policies is weakening?

{ 11:48 AM }

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