BG chief on the attack over Enron

DON'T blame us for Enron, say the world's energy traders. 'The Enron debacle was a failure of corporate governance and not of the business model,' says Richard Giordano, chairman of gas company BG. 'The Enron model is a sound model.'

The energy trading industry has been in crisis since December's collapse of the Texas-based giant.

Share prices have crashed and many companies have had to undergo expensive cash calls to copper-bottom balance sheets.

But industry leaders have insisted there is nothing wrong with their businesses. Enron's collapse was due to bad management, a risky trading culture and lax accounting, they said.

Giordano blamed 'a massive failure' by auditors Arthur Andersen, and said Enron overexpanded in Europe.

Texan group Dynegy, which tried to merge with Enron, said the famous company had a 'mind-boggling' lack of risk controls and incentive schemes that forced risks.

'The Enron culture went way too far,' said chief executive Gary Cardone.

Enron's bankruptcy, the biggest in history, has brought Congressional investigations and even tainted the Bush administration.