. In addition, I served on the Baker-Hughes board when Baker bought Hughes Tool. So, I've been on rather different types of boards. I am presently on the boards of Eli Lilly and Compaq, two great companies that are in totally different industries and face very different problems.
From: Corporate Affiliations.com Hughes Tool Co. is a subsidiary of Baker-Hughes Incorporated
3. Mr. Baker currently is consulting to Enron which is a subsidiary of Baker-Hughes, which was formerly Hughes' Tool Company.
Bloomberg News 1/20/2002
Kenny Boy and I:
Enron's clout with Bush came
from more than just moneyThe two men met in the late 1980s when Lay was a supporter of Bush's father, President George Bush. When the elder Bush was voted out of office in 1992, two of his Cabinet members, Secretary of State James A. Baker III and Commerce Secretary Robert Mosbacher, worked for Enron.
Newsweek 1/28/2002
Greenspan Told Student During Q&A; Session That the Best Chance of Making Big Success Is to Decide from Square One That You're Going to Do It EthicallyNEW YORK, Jan. 20 /PRNewswire/ -- Federal Reserve Chairman Alan Greenspan accepted the Enron Award for Distinguished Public Service last fall.
The ceremony was held on Nov. 13, a few days after the energy company admitted that it had filed five years' worth of misleading financial reports. And it was three weeks after Greenspan had turned down a plea from Enron chairman Ken Lay to intervene with credit-rating agencies to help the stricken company survive, report Investigative Correspondent Michael Isikoff and Wall Street Editor Allan Sloan in the January 28 issue of Newsweek.
Greenspan, through his spokesman, told Newsweek that he hadn't had Lay in mind when he gave that answer. Greenspan's press aide says he was at the ceremony because he had committed a year earlier to former Secretary of State Jim Baker to accept the honor.
The James A. Baker Institute of Public Affairs awards the prize, which is funded by Enron.
(The Rockefeller and Bush families and their associates control most of the world's major drug and chemical companies virtually all of which are offshoots of I.G. Farben, the industrial base of Nazi Germany. Rockefeller's Standard Oil was 1/2 owner of I.G. Farben. For an entire article on this connection and how it explains the GW Bush administration see our directory for "The GW Bush Gang: IG Farben 2000")
NY Times November 4, 2001
A Muscular Lobby Tries to
Shape Nation's Bioterror Plan
Thanks to Washington's well-oiled revolving door between government and business, the industry is able to claim friends in especially high places. Defense Secretary Donald Rumsfeld is the former chief executive of the drug maker G. D. Searle, for example, and Mitchell E. Daniels Jr., the White House budget director, is a former Eli Lilly executive.
From a Princeton Alumni magazine 4/4/2001
Number-cruncher-in-chief
At Lilly -- where the board of directors once included the first President Bush -- Daniels played a key role in managing the public-policy issues surrounding Prozac, the company's profitable antidepressant medication..."His work at Lilly is not to be underestimated," Feigenbaum says. "Without being too flip about it, he kept the world safe for Prozac. He put his neck on the line -- not just the company's -- in defending Lilly's claims.(Chase, Citigroup, Bush and ENRON: The right relationship is everything. The Chase and Citigroup investment banks are the financial cornerstones of the Rockefeller empire and of Enron.)
London Financial Times
Published: January 16 2002
Editorial comment:
Enron and the role of the banks
The latest concern centers on the role of JP Morgan Chase, one of Enron's two main bankers. It was involved in an offshore company used by the energy trader to move risk off its balance sheet. The disclosure of the existence of such off-balance-sheet arrangements accelerated the downward spiral in the company's share price and led to its eventual bankruptcy.
The Securities and Exchange Commission is now investigating whether JP Morgan has also misled its shareholders by making loans to Enron in the form of oil and gas trading contracts. Insurers who face a claim from the bank on surety bonds that guaranteed the contracts allege that they were loans dressed up as trades to keep them off the bank's balance sheet.
JP Morgan has already revised its estimate of its Enron exposure from $900m to $2.6bn (£620m to £1.8bn.)The SEC probe is adding to the criticism of risk control procedures at the bank, formed in 2000 by the merger of Chase Manhattan with the venerable House of Morgan.
....snip...
Enron was, until the past few weeks, the sort of case study used to justify the creation of investment banks with big balance sheets. By being prepared to make hefty loans to Enron, Citigroup and JP Morgan beat less well endowed competitors in last year's race to advise it on restructuring and refinancing options.
They worked hard - unsuccessfully - to persuade the credit rating agencies not to downgrade Enron.
Forbes Magazine 1/15/2002
by Dan Ackman
Enron The Incredible
NEW YORK - Most of the attention paid to Enron's finances has focused on its balance sheet--in particular how it hid debt by allocating it to supposedly independent private partnerships. But the jet engine of Enron's share-price rise was not its asset and liability picture, but its otherworldly increase in revenue: Between 1996 and 2000, Enron reported an increase in sales from $13.3 billion to $100.8 billion.
To put Enron's (nyse: ENE - news - people) 57% five-year sales growth rate in perspective, during that same period, Cisco Systems (nasdaq: CSCO - news - people) enjoyed a 41% sales growth rate.
Intel's (nasdaq: INTC - news - people) rate was 15%. In its creation of revenue, if not profit, Enron was truly the corporation from another planet.
Enron more than doubled its reported sales between 1999 and 2000. Before it declared bankruptcy, Enron said it was on track to double revenue again this year. Had it done so, it would have become the second-largest corporation in the world in terms of sales.
It might even have edged Exxon Mobil (2000 sales: $206 billion) for the number-one slot. Is it possible that Enron, a relatively obscure energy-trading company until six months ago, could be the world's largest by revenue? No. Andrew Fastow, Enron's former CFO, reported numbers that were out of this world. Enron's reported revenue was based on its exploitation of a loophole in accounting rules that allowed it to book revenue from huge energy-derivative contracts at their gross value, not their net value as is done with other securities transactions.
.....snip......
is how its 2000 annual report describes that activity: "Enron builds wholesale businesses through the creation of networks involving selective asset ownership, contractual access to third-party assets and market-making activities."
The statement is characteristic. Enron's discussion of its finances reads like something written in German, translated to Chinese and back to English by way of Polish.
Enron's reported performance is even more incredible in context. As of 2000, Enron had 19,000 employees. Per employee, Enron says it generated $5.3 million in revenues. This figure more than triples Goldman Sachs (nyse: GS - news - people), which generated $1.7 million per employee. The men and women of Enron made the monopolists at Microsoft (nasdaq: MSFT - news - people) (revenue per employee: $610, 256) look like slackers. They put the workers of Citigroup (nyse: C - news - people) ($469,748 per employee) and IBM (nyse: IBM - news - people) ($283,333) to shame...
Enron generated huge revenue numbers--but relatively scant profits--by buying and selling the same goods over and over. "A lot of it is from buying and selling the same multiple times. They might resell to one customer the same electricity they sold to another," says Charles Fischman, an analyst at A.G. Edwards who covers Dynegy. Some of this trading was done between Enron and its supposedly independent partnerships. Each individual trade was accounted for as revenue at its full value.
.....snip.......
Enron was allowed to do this because a task force of the Financial Accounting Standards Board (FASB) could not decide how energy contracts should be accounted for, explains Douglas Carmichael, the Wollman distinguished professor of accounting at Baruch College. The board finally decided that each company had a "free option" as to how to account for the deals. Enron, of course, opted for the bigger numbers.
.....snip......
It played its game by dint of trading for its own sake and accounting rules. This is why Enron's bankruptcy would have, in the words of Treasury Secretary Paul O'Neill, no "spillover effect."
An uncritical reading of Enron's inscrutable reports indicates it was running so much faster than everyone else. If an Olympic track coach hears a report that an unknown runner had broken the world record for the mile by two seconds, he might be skeptical or wonder if the runner was on drugs.
But if he had heard that the runner had run a mile in three minutes flat, 45 seconds faster than everyone else, he'd refuse to believe it. He'd say it was impossible. Or he'd say the watch was broken. When Enron made equally unlikely pronouncements no one seems to have asked a question or thought twice."
(The Rockefeller family like the Bush family were major supporters of eugenics, Hitler and the Nazis. See http://baltech.org/lederman/ for numerous articles on their connections. Bush gets his ideas and many of his top advisors from the Manhattan Institute, a eugenics focused think tank founded by former CIA director William Casey.
As just one of many examples, the Bell Curve - a social science text promoting the idea of Blacks being genetically inferior in order to justify eliminating welfare and affirmative action - was written at the Manhattan Institute (MI).
MI is funded by Rockefeller's Chase Bank and by pharmaceutical companies
with direct ties to the Bush and Rockefeller families.)
"During the war, Rockefeller foreshadowed the anticommunist policies of the Cold War by cozying up to dictatorial regimes in Latin America.
Niccolà Tucci, head of the State Department's Bureau of Latin American Research, resigned and asked Secretary of State Cordell Hull to abolish his bureau. "My bureau was supposed to undo the Nazi and fascist propaganda in South America and Rockefeller was inviting the worst fascists and Nazis to Washington."
Tucci took his objections to Rockefeller and was told: "'Everybody is useful and we're going to convert these people to friendliness to the United States.' And then, Rockefeller's lawyer Larry Levy said to me, 'Don't worry, we'll buy those people'" (Peter Collier and David Horowitz, The Rockefellers: An American Dynasty. Holt, Rine-hart & Winston, 1976, p. 236). From pg. 68 "The Belarus Secret" by John Loftus
BOSTON GLOBE 4/23/2001
Page: A1 Section: National/Foreign
By Michael Kranish, Globe Staff
TRIUMPHS, TROUBLES SHAPE GENERATIONS
PRESCOTT BUSH PAVED MODERATE
PATH FOR SON AND GRANDSON;
WOUNDED BY FRIEND'S BETRAYAL,
HE PUT HIGH PRICE ON LOYALTY
AN AMERICAN DYNASTYPrescott Bush was surely aghast at a sensational article the New York Herald Tribune splashed on its front page in July 1942."Hitler's Angel Has 3 Million in US Bank," read the headline above a story reporting that Adolf Hitler's financier had stowed the fortune in Union Banking Corp., possibly to be held for "Nazi bigwigs."
Bush knew all about the New York bank: He was one of its seven directors. If the Nazi tie became known, it would be a potential "embarrassment," Bush and his partners at Brown Brothers Harriman worried, explaining to government regulators that their position was merely an unpaid courtesy for a client.
The situation grew more serious when the government seized Union's assets under the Trading with the Enemy Act, the sort of action that could have ruined Bush's political dreams. As it turned out, his involvement wasn't pursued by the press or political opponents during his Senate campaigns a decade later. But the episode may well have been one of the catalysts for a dramatic change in his life.
Just as the Union Banking story broke, Bush volunteered to be chairman of United Service Organizations, putting himself on the national stage for the first time. He traveled the country raising millions of dollars to help boost the morale of US troops during World War II, enhancing his stature in a way that helped him get elected US senator. A son and grandson would become presidents.
Sarasota Herald-Tribune 11/11/2000
"The Bush family fortune came from the Third Reich."
-John Loftus, former US Justice Dept. Nazi War Crimes investigator and President of the Florida Holocaust Museum
4/14/1990 New York Times quotes President George Bush as stating, "Lets forgive the Nazi war criminals."
NY Times June 12, 2000
Bush Culls Campaign Theme From Conservative Thinkers
Gov. George W. Bush has said his political views have been shaped by the work of Myron Magnet of the Manhattan Institute.
From the MI Website:
July 30, 2000
A Weekly Look at Selected Book TV Programs
Books That Influenced Gov. George W. Bush The Dream and the Nightmare: The Sixties' Legacy to the Underclass by Myron Magnet
Author Myron Magnet spoke with Book TV's Doug Johnson about his book The Dream and the Nightmare: The Sixties' Legacy to the Underclass. First published in 1993, Mr. Magnet's book attracted the attention of George W. Bush, then in his first race of the Governorship of Texas.
Referring to this book, Gov. Bush has said, other than the Bible, that it was the most important book he had read...
NY Times 5/12/97
Manhattan Institute Has
Nudged New York Rightward...the institute was founded as a free-market education and research organization by William Casey, who then went off to head the Central Intelligence Agency in the Reagan Administration.
(Rockefeller employee Casey also funded and armed bin Laden and the entire Afghan terrorist army.)
From The Cultural Cold War
by Frances Stonor Saunders
New Press The fund raising arm of the Free Europe Committee (a CIA front) was The Crusade for Freedom for which a young actor named Ronald Reagan was a leading spokeman and publicist.
The Crusade for Freedom was used to launder money to support a programme run by Bill Casey, the future CIA director, called the International Refugee Committee in New York , which allegedly coordinated the exfiltration of Nazis from Germany to the United States where they were expected to assist the government in fighting Communism......The Ford Foundation gave $500,000 to Bill Casey's International Rescue Committee and substantial grants to another CIA front, the World Assembly of Youth...the convergence between the Rockefeller billions and the U.S. government exceeded even that of the Ford Foundation.
NY Daily News 12/7/98
Chase Banked On Nazis - Report
The New York-based bank controlled by the Rockefeller family closed Jewish accounts even before the Germans ordered them to do so and did business with the Nazis while they were sending Jews to the gas chambers, Newsweek magazine reports in this week's edition. And while the U.S. was at war with the Nazis, Chase also apparently helped German banks do business with their overseas branches, the magazine reported...The relationship between Chase and the Nazis apparently was so cozy that Carlos Niedermann, the Chase branch chief in Paris, wrote his supervisor in Manhattan that the bank enjoyed "very special esteem" with top German officials and "a rapid expansion of deposits.
" Niedermann's letter was written in May 1942 - five months after the Japanese bombed Pearl Harbor and the U.S. also went to war with Germany.
(Contrary to the conservative Christian image they falsely project, the Bush family are major proponents of birth control, Planned Parenthood, forcible sterilization and eugenics. They have worked with the Rockefeller family - the world's #1 advocates of eugenics - on these issues for three generations)
Appendix C World Population Crisis:
The United States Response by Phyllis Tilson Piotrow; Praeger Publishers
Foreword by George H. Bush, Jr.
U.S. Representative to the United Nations, 1973
Few issues in the world have undergone such a rapid shift in public attitudes and government policies over the last decade as the problems of population growth and fertility control.
My own first awareness of birth control as a public policy issue came with a jolt in 1950 when my father was running for the United States Senate in Connecticut. Drew Pearson, on the Sunday before Election Day, "revealed" that my father was involved with Planned Parenthood...As chairman of the special Republican Task Force on Population and Earth Resources, I was impressed by the arguments of William H. Draper...General Draper continues to lead through his tireless work for the UN Population Fund.
Now the recommendations of the Commission on Population Growth and the American Future, chaired by John D. Rockefeller 3rd, have urged many agencies to take on a larger role and have called for the U.S. government to adopt a national population policy....one of the major challenges of the 1970s, the Second United Nations Development Decade, will be to curb the world's fertility...
private organizations, like the Population Crisis Committee, Planned Parenthood, the Population Council, the Population Reference Bureau, the Population Institute, Zero Population Growth, and others, have played a major role in assisting government policy makers and in mobilizing the United States response to the world population challenge described in this volume. signed, George Bush U.S. Representative to the United Nations
THE ROCKEFELLER COMMISSION ON POPULATION GROWTH Chapter 2 PART 1 - Index
(Click Here)
March 16, 1970.
Remarks of President Nixon on Signing Bill Establishing the Commission on Population Growth and the American Future.
Ladies and gentlemen:
First, this message is bipartisan in character as is indicated by the Senators and Congressmen who are standing here today. It is time to set up a Population Commission such as this does...An indication of that broad support is that John D. Rockefeller has agreed to serve as Chairman of the Commission...
Of all the people in this nation, I think I could say of all the people in the world, there is perhaps no man who has been more closely identified and longer identified with this problem than John Rockefeller.
A clique of U.S. industrialists is hell-bent to bring a fascist state to supplant our democratic government and is working closely with the fascist regime in Germany and Italy.
I have had plenty of opportunity in my post in Berlin to witness how close some of our American ruling families are to the Nazi regime. . . Certain American industrialists had a great deal to do with bringing fascist regimes into being in both Germany and Italy. They extended aid to help Fascism occupy the seat of power, and they are helping to keep it there.
William E. Dodd, U.S. Ambassador to Germany, 1937.
Bloomberg News 1/20/2002
By Glen Justice and Richard Keil,
Kenny Boy and I:
Enron's clout with Bush came
from more than just money
Washington (Bloomberg) -- Seventy-five individuals gave more money to candidates in the 2000 elections than Enron Chairman Kenneth Lay. Few had his access to the Bush administration.
Lay was able to advise President George W. Bush at his economic summit, meet with Vice President Dick Cheney on energy policy, and talk to several Cabinet members when he needed them. Others who topped Lay's $387,000 in donations got less attention.
"I couldn't pick up the phone and call anybody," said Jon Dehaan, a retired businessman in Florida who gave almost $11,000 more than Lay, all to Republicans. "If you are concerned about an issue, you can pick up the phone and call the party chairman, and they have to show you the courtesy of listening. But not a dammed thing is going to happen."
When it comes to Washington influence, money isn't everything. Charles Schwab, co-founder of the brokerage that bears his name, gave $6,450 more than Lay and remains behind the scenes. More than a dozen corporations, including AT&T; Corp. and Microsoft Corp., gave more than Enron.
Enron's clout with the Bush administration was magnified by Bush's personal friendship with Lay -- whom he nicknamed "Kenny Boy" -- the size of the company, its ties to other officials, favors such as the loan of a corporate jet, and a shared Texas heritage and ideological outlook, political analysts say.
"They used every tool at their disposal, including money," said Trevor Potter, a former Republican chairman of the Federal Elections Commission. "They played the game as well as you can play it."...
Bush Senior, Junior
Lay's relationship with Bush predated Enron's rise to the top energy company.
The two men met in the late 1980s when Lay was a supporter of Bush's father, President George Bush. When the elder Bush was voted out of office in 1992, two of his Cabinet members, Secretary of State James A. Baker III and Commerce Secretary Robert Mosbacher, worked for Enron.
The younger Bush and Lay worked together on the host committee for the 1992 Republican National Convention, held in Houston, and met again later when they served on the site selection committee for former President Bush's presidential library, which ultimately was housed at Texas A&M; University. Lay is now a library trustee.
Lay and his company became supporters of the younger Bush and helped contribute $312,500 for his gubernatorial campaigns in 1994 and 1998 -- more than any other single backer, according to Texans for Public Justice, which tracks campaign finance in Texas. Lay himself gave $100,000 of that money.
Lay offered policy advice to then-Governor Bush as a member of the Governor's Business Council in Texas. In March 1997, Lay wrote Bush to ask him to contact "each member of Congress in your delegation" to ask them to support funding boosts for the Overseas Private Investment Corporation and the U.S. Export-Import Bank. Both organizations helped underwrite Enron ventures abroad...Last January, after Bush's victory, Lay served on Bush's Energy Policy Coordinating Group, which helped sketch a rough outline for administration's energy policy. He also participated in Bush's economic summit.
Later in the year, Lay got a private meeting with Vice President Cheney to discuss "the whole issue of making wholesale markets work better," Lay said in an interview with Bloomberg News last year. He said Cheney made no commitments, but that he was sympathetic. "He fully understood," Lay said.
Quid Pro Quo
There were other ties between Enron and Bush administration officials.
Larry Lindsey, Bush's chief economic adviser, received $50,000 in consulting fees from Enron last year. Former Montana Governor Marc Racicot was an Enron lobbyist before Bush picked him to head the Republican National Committee. U.S. trade Representative Robert Zoellick served on an Enron advisory council and Thomas White, Bush's Army Secretary, was an Enron executive...
The bulk of Lay's contributions, more than $300,000, came as soft money to the Republican Party. About 60 percent of that moved in one day. The Republican National Committee received $250,000 April 28, 2000, one day after the Senate Energy Committee -- then under Republican control -- announced its intent to craft an energy deregulation bill. Enron officials have said that Lay's contributions have no link to the company and that the timing was a coincidence.
'Fringe Benefits'
Enron often gave support in ways that don't show up in official campaign contribution totals. For example, Lay was a Bush "Pioneer," committed to raising at least $100,000 for the campaign, with no way to say how much more he raised. "They were very good at providing the fringe benefits," said Andrew Wheat, research director at Texans for Public Justice.
Enron gave $250,000 to fund the 2000 Republican convention in Philadelphia. It was one of dozens of companies that provided a corporate jet to the Bush campaign at discount rates. Lay and his wife gave $10,000 to help finance Bush's Florida operation during the recount after the election. The company and its employees gave $300,000 to Bush's inauguration bash.
The Center for Public Integrity, a nonpartisan Washington watchdog group that tracks campaign money, got attention in January 2000 with a report showing Enron as Bush's top career patron, with $550,025 given to his gubernatorial and presidential campaigns through 1999."
More...
http://baltech.org/lederman/enron-bush-baker-rockefeller-1-21-02.html
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