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"There were debt ratings on top deliberately so it would not be caught up in any overall market downfall," Mr. Barone said, adding that the quality of Enron's credit was the "ultimate trigger".
One similarity of the current market downfall to other crises in the past is that global markets tend to fall in tandem and become more correlated in periods of market decline.
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That view contrasts with those who used to run the bank, who blamed the seizure in the financial markets for its downfall.
That culture encouraged creativity and rewarded new ideas that worked, they say, even though its dark side, an almost manic drive to experiment with new methods and conquer new markets, resulted in its downfall.
Snowboarders account for 30% of all lift ticket sales, and the New York Times recently reported that ski areas are "showing vitality despite long-held fears that [skiing's] aging core market would eventually be its downfall".
Clever statistical sleuthing by an anonymous fraud hunter in the United States appears to have led to the downfall of a marketing researcher at Erasmus University Rotterdam in the Netherlands.
The e-mail was one of many Mr. Tourre wrote to his girlfriend, in which he joked about the downfall of the mortgage market.
TV-advertising revenues have suffered a double-digit drop in practically every European market – with some countries facing a downfall of up to 30percentt.
But like a many-headed hydra, its downfall spawned dozens of markets.
In addition, Stewart and Hertzberg shared a 1988 Pulitzer Prize for explanatory journalism and a 1987 George Polk Award for financial reporting for their coverage of the 1987 stock-market crash and their profile chronicling the downfall of the investment banker Martin Siegel.
Yesterday, the White House press secretary, Ari Fleischer, said the Treasury Department was monitoring Enron's downfall for its effect on the market.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com