Larry Kudlow looks at the behavior of Ken Lay and Jeffrey Skilling and asks, “Would Adam Smith approve?”
Indeed, ownership is a self-help virtue, and it is held in much higher cultural esteem than the vice of government-dependant welfarism. This investor culture has at its core the very same ethical foundation that Adam Smith wrote about in 1759. This includes the rule of law that was so badly violated by Lay and Skilling, along with some other rotten apples like Tyco’s Dennis Koszlowski, Worldcom’s Bernard Ebbers, and Adelphia’s John Rigas.
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