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He said income, assets and equity were all overstated.
Enron's profit margins and its return on equity were plunging, Chanos saw.
His calls for greater equity were too often unheeded, the votes he cast were sometimes lonely.
In these circumstances, issues of intergenerational equity were of serious concern.
Funds raised against rising home equity were not used to pay down other debts.
The holders of the equity were left with cents on the dollar.
But buyers with no equity were the first to abandon their properties as the market turned south.
And homeowners without equity were making what economists call a rational choice; they were abandoning properties rather than make payments on them.
But Civilization quickly closed in 2000, the Web portal never took hold, and both American Benefactor and Equity were short-lived.
Suggestions by trade unionists in Davos that there needed to be re-regulation of the financial sector coupled with greater pay equity were met with horrified disbelief.
The businesses that stormed corporate America in recent years under the banner of private equity were not always called private equity firms.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com