Monday musings..................

Public "market" orders were once again handled properly at the market open. To the specialists and market-makers go the spoils. Exxon is making some serious coin; a billion a day in revenues is big even by today's standards. In todays Wall Street Journal the nugget of wisdom by Carl Icahn in the Letters to the Editor seems so honest from a gunslinger who puts his own capital at risk every day in the market. He brings to light what is wrong with corporate America. His claim is that there are no consequences for poor performance. I say the stock option grants, the warrants, the lack of putting personal money at risk is keeping the insiders from worrying about shareholder value and creation. They are all so worried about stock prices going up so they can sell into a rising stock price, not hold shares for the long term and build shareholder "value". I call it not having any "skin" in the game. I have said it before and it needs retelling. This Enron trial will bring up some days-gone-by tales of injustice. That whole Enron bunch should be locked up for a decade or two, even Mr. and Mrs. Fastow.