defaul= swaps. One risky bet was stacked on top of another, and in retrospect th= collapse of the whole edifice, along with the loss of jobs, homes, pensi=ns and political confidence, seems inevitable. How did this happen? Mr. Ferguson is no conspiracy theorist; nor is he incrined toward structural or sys

ck was i= free fall. The employees of Enron were terrified that they were goin= to lose their life savings: for many, 90+ percent of their 401ks and pensi=ns were invested in Enron, as encouraged by the senior executives of the co=pany. Ken Lay called all of the employees together and reassured them= tell