It would be unethical if the board did not inform themselves about the potential merits of joining forces with Greenberg, and it could open the company up to litigation from its own shareholders, agrees Mark Williams, a former Federal Reserve Bank examiner who teaches finance at Boston University.

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An independent examiner would have powers to investigate the role of the bank creditors in Enron's rise and fall to determine whether Enron should be making claims against them on behalf of its other creditors.

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