A trip to the statute books showed that the amended version of the 1934 act states that "with respect to matters concerning the national security of the United States," the President or the head of an Executive Branch agency may exempt companies from certain critical legal obligations. These obligations include keeping accurate "books, records, and accounts" and maintaining "a system of internal accounting controls sufficient" to ensure the propriety of financial transactions and the preparation of financial statements in compliance with "generally accepted accounting principles."

So the rest of the crony capitalists can breathe a big sigh of relief: their man in Washington won't let them go down like Ken went down. George W, feeling the heat perhaps of his proximity with Lay, though, has placed potential scandal one remove from the White House by vesting pliable Negroponte with signature power.

The final result, though, will be a business class that is less accountable, ripe for corruption and graft. Give it to them and they will take it: it would be against their own interests not to.