"Well, Enron went bust," Mr. Bush said. "Shortly after the report was put out, Enron went broke, and it went broke because, it seems like to me — and we'll wait for the facts to come out — it went broke because there was not full disclosure of finances." Oh? Is that what it is?

A company does not go broke because it's books are not fully disclosed. A company can go broke for many reasons, but I think it's abundantly clear that a great deal of money went through Enron and into the pockets of all the higher ups. Even the labors of the peons were extorted via the ESOP and further fed the hungry pockets of the executives. The whole purpose of hiding one's books is to cover up theft.

Bush quote from the NYT. Link requires free registration.