Parenthetically, Daniel Gross asks,

"What if the Federal Emergency Management Agency were managed like Enron?"

I think it already is--along with the entire current Federal government. And we've seen the results.

Not only that, but it seems Citigroup is too. Their off-the-books SIV's are dubious assets, that will cause Citi a lot of pain when they have to bring them back on the books, add to their reserves to cover them and then pony up for the losses as well.