Enron and governance

Alan Greenspan, chair of the US Federal Reserve Bank, said not to worry about the collapse of Enron, because Enron's failure did not denote a structural problem in the US economy; it was a failure of the corporate "governance." Given that professors were told, throughout the nineties, that the faculty form of "governance" had to give way to the efficiency and effectiveness of the corporate model, they now have a right to analyze what the chair of the Federal Reserve might have had in mind when he mentioned Enron's failed governance.