“Using ethanol for vehicle fuel is hardly a new practice. In fact, ethanol has been used for fuel for more than 100 years. A USDA report noted, ‘The use of alcohol as an automobile fuel dates back to the first modern internal combustion engine, the Otto Cycle (1876), which used alcohol as well as gasoline. Henry Ford designed the Model T (1908) to use alcohol, gasoline, or any mixture of them.'”

In September 1995, the Cato Institute published Policy Analysis No. 241 by then associate policy analyst at Cato, James Bovard. “Archer Daniels Midland: A Case Study in Corporate Welfare” is at once eye-opening and infuriating. ADM was not only the “most prominent” but also the “most arrogant” recipient of special government (read taxpayer/consumer) favor in the U.S. Only Ken Lay’s Enron, on a much broader basis, could rival ADM chair Dwayne Andreas.…

At 41, [James Rogers] was named CEO of PSI Energy Inc., a small, financially troubled Indiana utility. Breaking ranks with others in the electric-power industry, he supported legislation putting caps on sulfur-dioxide emissions. “Some of my guys thought I was drinking the environmental Kool-Aid,” he said later. “But I said, ‘Let’s shape this, let’s make some money.’”

– James Hagerty, “Jim Rogers, Head of a Coal-Burning Utility, Crusaded Against Global Warming.” Wall Street Journal, December 20, 2018.

“I made money on sulfur [dioxide], and I’ll make money on carbon [dioxide].”

– James Rogers. Quoted in Eric Pooley, “The Smooth-Talking King of Coal–and Climate Change.” Bloomberg Businessweek, June 3, 2010.

James Eugene “Jim” Rogers Jr. (1947–2018) was a notable political capitalist (rent seeker) of the late 20th/early 21st century electricity market.…

“Add [to rent-seeking] the company’s rank imprudence and strategic deceit (what I labeled philosophic fraud), and a new term had to be invented to describe that which true capitalist luminaries from Adam Smith forward warned against: the contra-capitalist corporation.”

For many years now, as a poor man’s Robert Caro, I have labored to demonstrate that the worldview-testing event called Enron was Exhibit A of crony capitalism and Progressivism, not free-market capitalism and the classical liberalism.

The Progressive mainstream argued emphatically for their conclusion. Two examples are among my favorites. Paul Krugman in the New York Times: “I predict that in the years ahead Enron, not Sept. 11, will come to be seen as the greater turning point in U.S. society.” Robert Kuttner in BusinessWeek: “Defenders of deregulation are mounting a heroic effort to insist that the [Enron] debacle was merely a business model gone bad, not an impeachment of freer markets”.…

Bradley has tackled a vast and dynamic energy landscape through the big prism of Enron. He was wise to include necessary contexts for 15 chapters of markets and personalities. Navigating FERC deregulation orders over a decade was a fearsome writing task, done well. Pipeline and power plant deals at home and abroad; solar, wind, and other alternative energies, the list goes on. Politics in Austin, Washington, DC, and foreign capitals. Enron was everywhere.

Robert L. Bradley Jr. has written a very important book about Houston’s most controversial company. This is the first of a two-volume corporate biography chronicling the rise, fall, and aftermath of Enron; his tetralogy has already produced a book on worldview (Capitalism at Work: 2009) and prehistory (Edison to Enron: 2011).

Few observers have been as ideally located to chronicle this modern-day version of a Greek tragedy.…