The Enron story has more twists and turns that a spy thriller. The company’s rise and fall was the corporate novel that Ayn Rand did not write–or need to write in retrospect.

Let history know that just-convicted Elizabeth Holmes, founder and CEO of defunct Theranos, is the daughter of a former Enron vice president, Christian Holmes, who peddled an environmental services product that never got off the ground.

Father and daughter … Enron and Theranos … imaging over reality. Whatever the level of connection, of causality, it happened. It is a footnote to history.

Elizabeth Holmes’s fraud was exposed by John Carreyrou reporter for the Wall Street Journal, who went on to author Bad Blood: Secrets and Lies in a Silicon Valley Startup. Regarding father Chris’s venture at Enron, I reprint my description from Enron Ascending: The Forgotten Years (2018).…

Ed. note: MasterResource is closely associated with the worldview and example of Julian Simon (1932–1998). But a second influence would certainly be that of economist Ludwig von Mises (1881–1973), born on this day 140 years ago.

Below, Robert Bidinotto’s “Von Mises: A Final Salute.” Unbound! Boston: Individuals for a Rational Society 2, no. 1 (September-October 1973): 1–2 is reprinted with permission of the author.

A surprisingly fair obituary in the New York Times (October 11, 1973) follows that of Bidinotto below. I then conclude with a final observation.

“The scope and content of von Mises’ work boggle the imagination. He was easily the greatest economist of this century, and the list of his original achievements in that science rivals that of anyone since Adam Smith.”

Our age may well be labeled by future historians as “the Age of Mediocrity.”…

“The truly and deliberately evil men are a very small minority; it is the appeaser who unleashes them on mankind; it is the appeaser’s intellectual abdication that invites them to take over. When a culture’s dominant trend is geared to irrationality, the thugs win over the appeasers.”

“Moral cowardice is fear of upholding the good because it is good, and fear of opposing the evil because it is evil. The next step leads to opposing the good in order to appease evil, and rushing out to seek the evil’s favor.”

– Ayn Rand

ExxonMobil switched strategies from principle to appeasement early in the first term of President Obama. I have watched, step-by-step, a great corporation become mediocre for the first time in its storied history.

I long for Lee Raymond, who was honest and demanding–with impressive results for the shareholder, employees, consumers, and the national/international economy.…

“In the past, economic justification could be attained by simply providing, on average, cumulative energy savings that barely exceeded the additional costs of energy improvements over the life of the appliance. The “career professionals” within EERE–its National Labs and subcontractors–have become very adept at gaming (skewing) the determinations in favor of more regulations. Unfortunately for consumers, this trend continues virtually unabated.”

In 1996, EERE published a Process Rule for developing and issuing new or revised appliance efficiency standards and test procedures. The generally useful initiative is embodied in the Code of Federal Regulations (CFR) under 10 CFR Appendix A to Subpart C of Part 430.

The Process Rule has been treated by EERE as a guide (think Barbossa and the Pirate code). Among its original and retained objectives was (ostensible) regulatory transparency.…