It is bad managers as well. Enron was majorly mis-managed, about as mis-managed as my previous employer. The only difference is my previous employer contracted out to hire accountants from a contracting firm. As long as the books add up, they can stay in business. Even with an army of PHBs who hardly know what they are doing.

Plus the managers sold their shares before the sh*t hit the fan. Can you say Insider Trading, and criminal offenses?