The Daily Doodle:
E-Ink, Bob Baker on the
subtle art of line editing,
Reagan's obituary,
fascism and global capitalism, Arabic books, this endless fucking stream of smooth R&B whining and ululating on the box in this
airless back-corridor hellhole I'm stuck in until midnight, the political aftermath of Enron from the
National Review's Ramesh Ponnuru:
As a political scandal, Enron has fizzled out. Democrats know that the story is not going to dominate the midterm elections and are searching for other clubs with which to hit the Bush administration. So the scandal won't hurt Republicans. It could still, however, damage the economy and Americans' liberties.
That's because Enron has inspired, or is being used to justify, quite a few bills in Congress. The near-universal assumption in Washington has been that the Enron debacle proves that policy changes are necessary.
While some changes might indeed be worthwhile, let's not forget that the system has actually worked pretty well. The market detected that the company was cooking the books and drove it to bankruptcy, and then the media and government came in to administer the requisite public censure and prosecution. Some employees and investors lost their shirts, which is sad, but such things happen all the time.
Could a system be designed that would prevent any company from ever cooking its books for any length of time? It's hard to see how, at least at a reasonable cost. Even under the wisest policies, we are occasionally going to have some Enronsespecially in the late stages of booms, when lenders and investors have grown careless. Getting burned by Enrons will then make everyone more cautious.
Few in Congress think this way, of course. And there has been no interest in policies that might actually improve corporate governance, like ending the tax code's bias against dividends, which has weakened their ability to serve as a signal that a company's earnings are real.
The bills that are being considered have three things in common. First, they are presented as "reforms" that would "prevent future Enrons." Second, they are in fact only tangentially related to Enron's actual abuses. Third, they are, on the merits, bad ideas.
Already, Enron hysteria has led to the passage of one regulatory bill: the McCain-Feingold campaign-finance "reform." Although legislators constantly invoked the alleged "lessons of Enron" during the debate over the bill, it would have done nothing to prevent Enron. It wasn't political favors that made Enron a success. (Anyway, McCain-Feingold would have allowed Enron executives to donate more money to politicians' campaigns, since the law raises the limits on individual contributions.)
Political outrage over Enron has thus inspired a law that, among other things, makes it much harder for angry citizens to run campaign ads complaining about a politician's ties to the company. If that makes sense to you, you will be pleased to learn that Congress is now turning its attention to three other areas that it deems in need of reform: employee pensions, stock options, and the accounting industry.
"It would be a shame if posturing about Enron were to erode our distinctive strengths," the man concludes. He'll have his wish, and he's probably at least partially right about political favoritism, although it does seem that a big part of the gamble there was that the march of deregulation, which it and a lot of industry heavy hitters certainly threw and continue to throw their weight behind, would proceed apace. But what does that have to do with the price of cat food, you ask? Damn little, at the moment. Somebody Groove me or AIM me or ICQ me. Speaking of which:
SAN DIEGO, Apr 25, 2002 (BUSINESS WIRE)In addition to audio and video files, peer-to-peer Web sites may be sharing the problems of increased legal liabilities and bandwidth drains for businesses allowing employee access to these types of sites from corporate networks.
Websense Inc. (Nasdaq:WBSN), the worldwide leader of employee Internet management (EIM) solutions, reports that the number of peer-to-peer file sharing and file transfer Web sites has spiked more than 535 percent in the last 12 months, now totaling nearly 38,000 Web pages. In fact, 30 percent of products listed on CNET's "Most Popular" software download list are P2P applications.
"Companies are no longer in the position to turn a blind eye toward employees illegally swapping songs using company resources," said Jennifer Kearns, a labor and employment partner at Brobeck, Phleger & Harrison LLP, a global law firm with offices in the United States, London, Oxford and Munich. "Companies that look the other way may have copyright violations occurring in the workplace and lawsuits are a potential outcome of such activity. Managing employee access to controversial technology and content -- such as file-sharing applications -- is one way to control legal risk."
According to Nielsen//NetRatings, workplace Web users take advantage of high-speed office connections to access MP3s more frequently than at home. And, at the height of the Napster craze, Napster music swapping software was found on 20 percent of more than 15,000 work PCs examined, according to eMarketer.com. Today, the problem has extended beyond Napster. In fact, the number of users of file sharing applications other than Napster grew 492 percent last October alone, according to Jupiter Media Metrix.
Websense Enterprise EIM enables companies to adaptively manage how employees use the Internet at work. To solve the growing problem of controversial peer-to-peer file sharing on corporate networks, Websense created Premium Group II (PGII). PGII consists of additional database categoriesincluding Internet radio and TV, streaming media, peer-to-peer file sharing, personal network storage/backup and Internet telephonyand can be installed into Websense Enterprise software to conserve more network bandwidth.
According to Websense, it is during the nine-to-five workday that 70% of all Internet porn traffic occurs [SexTracker], 30 to 40% of Internet surfing is not business-related [IDC], and more than 60% of online purchases are made [Nielsen//NetRatings]. (Seems to me I worked with someone last year who was constantly to be found forlornly cruising the J. Crew Web site). The Net is constantly shoring up its superego, but the id, of course, is infernally devious and can infect any network ID.
Jangan Harap: And now I gots to go, but not before acknowledging our person of the day, a paleface in the Antipodes learning the native palaver for love, and not money, as reported by the Jakarta Post: "Harry Aveling put both his legs on the table and, in the style of an intense poet, read a passage from Dewi Lestari's Supernova. Then the 60-year-old Australian put his legs down again and chuckled."
"That's how Sutardji (Calzoum Bachri) would read it," he said in fluent Bahasa Indonesia.
Aveling possesses a deep knowledge of Indonesian literature, and it is not only because he is the director of Asian Studies at La Trobe University in Melbourne.
He has translated over 50 volumes of Indonesian and Malay literature into English. The Malaysian government awarded him the Anugerah Pengembangan Sastra (Literature Development Award) in 1991 for his contributions to the international recognition of the literature of the two countries.
Among his Indonesian translations are Kill The Radio by Dorothea Rosa Herliany, and the anthology of great Indonesian poems, Secret Needs Worlds: Indonesian Poetry 1965-1998.
"I wanted to bring knowledge from Indonesia to Australia, because Indonesian literature in Australia could hardly be found," he said at a press conference.
"We're neighbors. We're supposed to understand each other. I thought literature could bring us closer in heart, soul and emotion. As for money, jangan harap (don't count on it)," Aveling laughed.