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Alternet.org
who we thank
for the Enron Fraud logo
We are dedicated
to the public exposure of this one time corporate giant. Enron
was George W. Bush's largest political career contributor. No
company in America was closer to George W. Bush than Enron and
its CEO Kenneth Lay. Bush's nickname for Lay is "Kenny Boy".
Kenny Boy's ties to the Bush family run deep. Enron's powerful
influence is everywhere they have contributed money to 71 sitting
Senators. Since 1989, Enron has made a whopping $5.8 million in
campaign donations, 73 percent to Republicans and 27 percent to
Democrats.
The Center for Public
Integrity a nonpartisan research and investigative reporting organization
said Enron, its employees and directors have given $623,000 to
Bush from 1993 to November 2001. Campaign finance reform is the
only way to stop corporations like Enron from owning those in
Washington.
Enron the once a mighty
energy trader unraveled after it disclosed losses from partnerships
kept off its balance sheet. They hid the truth while the executives
cashed in the stock and made millions. Enron's
bankruptcy and shenanigans left employees holding worthless stocks
and retirement funds. Meanwhile top Enron executives earned over
600 million from stock sales in last 4 years. Enron's
auditing firm, whose work is under investigation by federal regulators,
disclosed that its employees had destroyed a ``significant'' number
of documents related to Enron. Justice
department investigations are looking at if Enron defrauded investors,
including 401(k) plan holders, by concealing vital information
about its finances. Lawyers representing Enron shareholders filed
a class action suit last month claiming that between Oct. 19,
1998 and Nov. 27, 2001, the 29 current and former company officials
traded 17 million shares of Enron stock worth $1.1 billion
The Bush Administration
has several major connections with Enron.
- Karl Rove Bush's
top political strategist sold between $100,000 and $250,000
worth of Enron stock in 2001 after being accused of conflict
of interest.
- Thomas White Jr.
Secretary of the Army. Was a former top Enron executive, he
sold shares worth at least $50 million before Enron's shares
plummeted.
- Robert B. Zoellick
Trade Representative He worked for Enron immediately before
joining the administration.
- Lawrence B. Lindsey
Bush's National Economic Council chief. He was paid $50,000
by Enron in 2000 for consulting work.
- John Ashcroft U.S.
Attorney General He recused himself from the Justice Dept. probe
of Enron because Enron was a major contributor to his failed
Senate campaign.
- Marc F. Racicot
He was recently appointed by Bush to serve as Republican National
Committee chairman is a former Enron lobbyist.
- Paul O'Neill Treasury
Secretary. Lay phoned him to warn of Enron's pending bankruptcy.
The White House said no government action followed the call.
- Don Evans Commerce
Secretary. Lay phoned him before Enron's collapse to warn that
Enron might default on its bonds. The White House said no government
action followed the call.
- Tom Ridge Bush's
Director of Homeland Security. In 1997, when Ridge was Pennsylvania's
governor, then-Texas governor Bush called on behalf of Lay to
help Enron break into Pennsylvania's tightly regulated electricity
market.
- Curtis Hebert Jr.
Former Chairman of the Federal Energy Regulatory Commission
He told the New York Times that Lay was using his sway with
Bush to influence FERC decisions. Hebert resigned in 2001, and
the position was filled with Texan Pat Wood III, a friend of
Bush and Lay.
- At least 15 high-ranking
Bush administration officials owned Enron stock last year.
Enron executives met
with the Bush administration just one day before the administration
determined not to assist California in its Enron-created energy
crisis. The administration did not impose price caps and allowed
Enron to further gouge California energy consumers potentially
bankrupting California energy providers and endangered the stability
of the government of California.
We know that Enron
Corp. officials had six meetings with Vice President Dick Cheney
and his aides over an eight-month period to discuss the nation's
energy policy. Rep. Henry Waxman, D.-Calif., has been pressing
Cheney to detail his contacts with the troubled company. "There
is a very intimate connection between Enron and the Bush administration.
How could they not have known what was happening?" Waxman
said. "I think we need to find out what people in the administration
knew, many of whom used to work for Enron. We ought to find out
whether they ignored warning signs." "The White House
had knowledge that Enron was likely to collapse but did nothing
to try to protect innocent employees and shareholders who ultimately
lost their life savings,'' he said in a statement. ``I am deeply
troubled that the White House stood by and let this happen to
thousands of families.''
|
| 1-26-02
Poll Finds Enron's Taint Clings More to G.O.P.
Than Democrats. Their suspicions are growing that the Bush administration
is hiding something or lying about its own dealings with the Enron
Corporation before the company filed for bankruptcy protection,
the latest New York Times/ CBS News Poll shows. |
| 1-26-02
GAO to take legal action. The head
of the General Accounting Office conducting a congressional inquiry
into the Bush administration's energy proposals said yesterday he
would sue the White House next week if the administration does not
comply with his demands, in what would be the first legal action
of its kind between the legislative and executive branches of government |
| 1-26-02
US energy policy helped Enron's India plans.
The White House apparently added a last-minute provision to the
Bush administration's energy policy last spring that was helpful
to Enron, a Democratic congressman said.(Times of India) |
| 1-26-02
Death ruled suicide. The death of former
Enron executive John Clifford Baxter was officially ruled a suicide
today by the Harris County Medical Examiner's office. |
| 1-26-02
White House helped Enron in India The
White House apparently changed a draft energy proposal circulated
by the State Department last year to add a provision aimed at helping
energy-trader Enron Corp. in India |
| 1-25-02
Some officials at Arthur Andersen were worried
about a "heightened risk" of fraud in Enron's books
a week before the energy company shocked stockholders with huge
losses, an auditor's memo from last October shows. The e-mail by
Andersen auditor Mark Zajac warned that a computer analysis of Enron's
financial activities in the third quarter of last year indicated
"a red alert: a heightened risk of financial statement fraud,"
according to investigators. |
| 1-25-02
Vice President Dick Cheney's office again
refused this week to turn over details of how the White House formulated
its energy policy - including bankrupt Enron Corp.'s involvement
- despite increased pressure from Congress. |
| 1-25-02
Many May Be Surprised to Be Enron Investors
- In the last year, more than 50 mutual funds and insurance
companies, including some of the largest and best known in America,
invested in a trust created by Enron in 1997 to finance the operations
of several of the energy company's shadowy partnerships. |
| 1-25-02
NSC Aided Enron's Efforts -The White
House's National Security Council is the president's nerve center
for international crises and strategy. For a moment last year, it
also acted as a sort of concierge service for Enron Chairman Kenneth
L. Lay and India's national security adviser, Brajesh Mishra. |
| 1-17-02
Andersen fires lead auditor in Enron
case. Three others are being disciplined as the probe continues. |
| 1-15-02
A Swiss investment bank won't pay anything
to acquire Enron Corp.'s energy trading business, won't assume
any of the troubled company's debts and will share a third of its
profits with Enron and its creditors |
| 1-15-02
New York Stock Exchange Suspends Enron Trading |
| 1-14-02
Top Enron executives "cooked the books"
as the energy corporation neared financial collapse, an attorney
for shareholders charged Monday |
| 1-14-02
As Enron Corp.'s collapse has mushroomed into a major political
issue, pressure appears to be growing on Vice President Dick Cheney
to fully disclose the Houston company's role in developing President
Bush's energy plan last spring. |
| 1-13-02
Not long ago, Enron Corp.'s name was part
of the lexicon of corporate and political power. The company's
contacts and influence in the White House and Congress bred envy
among competitors. Enron was a driving force behind a radical shift
in the U.S. energy policy, and its fortune seemed guaranteed for
years. But in a matter of weeks, Enron has been transformed into
shorthand for a corporate scandal, one that has touched politicians
and regulators in Washington, accountants and executives on Wall
Street, and employees and other shareholders who lost tens of billions
of dollars as the company tumbled into bankruptcy protection. |
| 1-15-02
The growing scandal over the collapse of Enron Corp. deepened on
Tuesday, with accounting firm Andersen saying its lead partner for
auditing the energy trader had ordered documents destroyed after
learning federal regulators wanted to see them. |
| 1-14-02
President Bush's chief of staff was told last fall of Enron Corp.'s
request for government help. |
| 1-14-02
Enron, PG&E similar tales - The correlation is very simple:
Corporations like PG&E and Enron want to take an essential commodity
and gouge us with it. |
| 1-14-02
GOP Enron Plan: Shift the Blame - With the political furor over
the collapse of Enron Corp. gaining momentum, Republicans on Capitol
Hill are already preparing their strategy for countering Democratic
attacks. It's a strategy that sounds hauntingly familiar to veterans
of the political wars of the late 1990s: Blame it on Bill Clinton
and the Democrats. |
| 1-13-02
Just four days before Enron disclosed a stunning $618 million loss
for the third quarterits first public disclosure of its financial
woesworkers who audited the company's books for Arthur Andersen,
the big accounting firm, received an extraordinary instruction from
one of the company's lawyers. Congressional investigators tell Time
that the Oct. 12 memo directed workers to destroy all audit material,
except for the most basic "work papers." And that's what
they did, over a period of several weeks. As a result, FBI investigators,
congressional probers and workers suing the company for lost retirement
savings will be denied thousands of e-mails and other electronic
and paper files that could have helped illuminate the actions and
motivations of Enron executives involved in what now is the biggest
bankruptcy in U.S. history. |
| 1-13-02
Economic Collapse, Political Fallout - The story on Oniel and
Evans getting calls from Lay but telling no one sure sounds a tad
fishy. Not even a - hey boss your money tree is about to be cut
down. |
| 1-12-02
Bush lies- In distancing himself from Enron, President Bush
said that CEO Kenneth Lay "was a supporter" of Democrat
Ann Richards in his first race for Texas governor in 1994. But records
and interviews with people involved in the Richards campaign show
that he was a far bigger Bush supporter. Bush got three times more
money. |
1-12-02
Hidden Numbers Crushed Enron
'Partnerships' Shielded $600 Million Debt |
| 1-11-02
Efforts by energy giant Enron Corp. to seek help as it collapsed
included multiple contacts with the Bush administration and a call
on the company's behalf by former U.S. Treasury Secretary Robert
Rubin, the Treasury Department said Friday. |
| 1-12-02
The Justice Department named a career federal prosecutor specializing
in fraud and other white-collar crimes to lead the investigation
into the collapse of Enron Corporation as the White House revealed
more attempts by Enron executives to seek help for the failing company
from the Bush administration. |
| 1-12-02
Congressional investigators asked the big accounting firm Arthur
Andersen yesterday for more information about its destruction of
documents related to energy trader Enron Corp., including internal
correspondence during the period when records were being destroyed. |
| 1-11-02
At least 15 high-ranking Bush administration officials owned Enron
stock last year, and more than 250 members of Congress received
political contributions from the now-bankrupt energy company, according
to two government watchdog groups |
| 1-11-02
Transformed in just one day from the nation's biggest bankruptcy
to a major political controversy, some of the players in the Enron
affair are already giving conflicting versions of who said what
to whom |
| In
addition to being one of the single largest financial backers of
George W. Bush's political career, Ken Lay can count himself among
the president's closest friends. |
| The
rise and fall of Enron is an instant classic in the annals of capitalism
because, in one calamitous stroke, it wipes out so many sanctified
illusions that rule in the magic marketplace. |
| What
does the California energy crisis, Enron, IBP Inc., Chicago Mercantile
Exchange Commodity Futures Trading Commission, State Farm Ins. Co.,
ADM, the U.S. Senate and George W. Bush have in common? |
| Enron
paid big bonuses before filing 500 get incentives worth $55.7 million
|
| Friends
in High Places Bankrupt Enron Held Sway With Current Bush Administration |
| Leaders
in the Green Party of the United States urge Congress to extend
its investigation of Enron to the company's ties to the Bush administration |
| Showdown
at the Kilowatt Corral Texas companies with ties to George W. Bush
are cashing in on California's energy crisis. |
| Hail
and farewell, o Enron! Enron-gate Where are the investigations of
Bushs liaison with the bankrupt company? |
| Free
Lessons on Corporate Hubris, Courtesy of Enron |
| Enron
adds up 4 years of errors energy giant restates finances to account
for lost $600 million |
| Slick
oil George W. Bush's toxic money pipeline. |
| Enron
Is Target of Criminal Probe U.S. Said to Focus On Whether Firm Deceived
Investors |
| The
Enron Chain Saw Massacre The Enron scandal is becoming more and
more like a horror movie: It's not what's on screen that scares
you, it's the unseen monster in the dark |
| Justice
Dept. to Form Task Force to Investigate Collapse of Enron |
| White
House Moves to Contain Political Damage From Enron Turmoil |
| Houston
feds and Ashcroft pull out of Enron Corp. investigation. |
| Enron
defends timing of checks for Democrats - 71 sitting senators have
received money from Enron |
| Compassionately
Conserving Enron |
| Senate
to subpoena Enron execs, auditors |
Enron's
401(k) claims disputed
Senate panel hears of employees' losses |
| Enron
Is a Cancer on the Presidency |
| The
fall of Enron Pressure cooker finally exploded |
| Firm's
Saga Could Dog Bush in Election Year |
| Enron
Collapse Entangles Bush Administration |
| Enron
lawyers haggling over bids for trading unit |
| Ken
Who? Bush team plays defense |
Auditor,
Enron trade blame
Andersen CEO testifies before House committee |
| Former
Enron workers left in insurance limbo - Company fails to complete
paperwork |
| Enron
chiefs sued for $25bn |
| Enron's
Big Wheel Has a Heavy Tread -When it comes to prodding government
policymakers to action, nobody comes close to Enron Corp |
| Risky
Trades by Enron Recall Earlier Crisis |
| Execs
earned $600 million from stock over last 4 years |
| Enron
executives who dumped stock were heavy donors to Bush |
| Bush
Officials Received Early Warning on Enron |
| Lay
hinted bailout, White House reveals |
| Cheney
met 6 times with Enron execs |
| Key
Bush Energy Advisers Reveal Large Enron Holdings! |
| Enron
lays off 4,000 Many ex-employees feel betrayed and angry |
| Enron
Executives Contributed to Ashcroft Campaigns |
| Enron
executives who dumped stock were heavy donors to Bush. Twenty-four
top executives and board members at Enron Corp. contributed nearly
$800,000 to national political parties, President Bush, members
of Congress, and others overseeing investigations of the company
for possible securities fraud, according to a Center for Public
Integrity investigation. In addition, Enron made $1.9 million in
soft money contributions during the same 1999-2001 period. |
| Andersen's
revelation that it destroyed documents relating to its audit of
Enron Corp. has cast doubt on the credibility of the Big Five accounting
firm and raises questions of legal liability. |
| Enron
Class Action Lawsuits |
| Enron
Contacted 2 Cabinet Officers Before Collapsing |
| Timeline
of Enron's Collapse |
| Enron's
Lay called Greenspan in October |
| Bush
pushing Enron to Argentina in 1988 |
| Enron's
links to Bush team raise questions |
| Enron
Asked for Help From Cabinet Officials CEO Sought Intervention on
Bond Rating |
| Enron
Auditor Says Staff Destroyed Documents |
| Enron
Shares Halted for News Pending |
| New
Disclosures Add to Enron Turmoil |
| Texas
Attorney General John Cornyn, who has accepted $193,000 in campaign
contributions from Enron and its executives since 1997, withdrew
Friday 1-10-02 from participating in his office's investigation
into the bankrupt energy company. |
| More
than 250 members of Congress - Democrats as well as Republicans
- received political contributions from now-bankrupt Enron and at
least 15 high-ranking Bush administration officials owned stock
in the energy company last year, according to two government watchdog
groups. |
| So
now we know why the White House has spent the better part of a year
fending off congressional efforts to find out who Vice President
Cheney met with for input on his Energy Task Force. Turns out the
VP and his staff had at least six meetings with representatives
from Enron -- including one with Chairman Kenneth Lay -- the last
of which occurred just six days before the company revealed that
it had vastly overstated its earnings, signaling the beginning of
the end for the energy giant. |
| Former
Treasury Secretary Robert Rubin Treasury secretary under President
Clinton joined Enron Corp. executives in a futile effort to persuade
the Bush administration to help keep the company from plunging into
bankruptcy, government officials said Friday 1-10-02. |
| Texas
politicians, long the biggest beneficiaries of Enron Corp.'s prodigious
campaign spending, are now facing the downside of the fallen corporation's
political largess. Those who pocketed Enron political contributions
in the past include lawmakers now seated on committees investigating
the energy giant's dramatic fall, and others running for office
in contested races. Throughout Washington, the pervasiveness of
Enron's campaign spending is proving problematic for those now wanting
to distance themselves from the escalating scandal. |
| While
investigators are focusing on how much money investors and employees
lost in Enron Corp.'s collapse, some shareholders and lawmakers
are now setting their sights on another target: the millions that
Enron insiders received by selling their shares near the top of
the market. |
| For
reasons that may turn out to be too obvious, the Enron Corp. of
Houston decided last year to switch administrators for its company
401(k) retirement plan. The administrator is a financial management
company that kept the books, invested employees' money in various
mutual funds, sent out quarterly statements, received those weekly
or biweekly contributions from the employees' payroll, and generally
tended the retirement savings of Enron's 20,000 employees, who collectively
held about $1 billion worth of company stock. |
| 1-14-02
Judicial Watch, the public interest law firm that investigates and
prosecutes government corruption and abuse, said today that it has
filed lawsuits against Bush Administration agencies for their failure
to provide documents under the Freedom of Information Act (FOIA)
concerning the bourgeoning Enron scandal |
| 1-14-02
The Enron scandal, which has laid waste to thousands of employees'
life savings and revealed questionable ties to the Bush White House
and members of Congress, spotlights a conflict of interest in government
and shouts the need for campaign finance reform. |
| Enron
Collapse Entangles Bush Administration |
| Enron
employees, whose retirement plans vanished amid the debris of the
energy giant's bankruptcy, are quietly pointing federal investigators
toward the man they think most responsible for the fiasco: former
Chief Executive Officer Jeffrey Skilling. |
| Florida's
pension fund investment in Enron Corp.has cost the state more than
$300 million, but many top politicians received money from the Texas-based
energy giant. Enron officials doled out more than $200,000 in campaign
contributions, including the maximum allowable $500, to scores of
the state's elected officials in Washington and Tallahassee. |
| 1-15-02
Raising further questions about Enron CEO Kenneth Lay's knowledge
of his company's inner workings, a letter from a company employee
to CEO Kenneth Lay in August, made public today, expresses concern
that the energy trading company "will implode in a wave of
accounting scandals." |
| 1-15-02
Kenneth L. Lay, the chairman and chief executive of Enron, used
his company stock to repay a loan sometime last year, a lawyer for
Enron disclosed last night. That indicated that Mr. Lay had shed
more of his holdings than had previously been disclosed. |
| The
ultimate cause of Enron Corporation's (NYSE:ENE - news) brutal collapse,
competitors and lawyers say, was a culture of greed and arrogance
that bred excessive secrecy. |
| President
Bush has received more money from Enron, its employees and their
relatives over his political career than from any other source.
The contributions supported Bush's unsuccessful House campaign in
1978, his two campaigns for Texas governor, renovation of his governor's
office, last year's presidential race, his inaugurations and his
presidential recount fund. |
| Democrats
are savoring the chance to use embattled Enron Corp.'s Republican
ties to embarrass the Bush administration at upcoming congressional
hearings. But Republicans might turn the tables, to some extent
at least, because Enron has courted and supported prominent Democrats
as well. |
| What
the world is now awakening to is that the Enron Corporation was
not much of a company, but its executives made sure that it was
one hell of a stock. |
| Special
Report on Enron by the UK Guardian Unlimited |
| Enron
Busted In Shell Game |
| 1-10-02
The Enron Story You Haven't Heard - There are more sides to the
worst corporate failure in history than you can imagine. The bankrupt
energy trader Enron Corp., whose collapse last year is said to be
the worst corporate failure in history, has 2,832 subsidiaries,
of which 874 are registered in the Cayman Islands or other tax and
bank secrecy havens. |
| Companies
come and go. Its ... part of the genius of capitalism,
said Treasury Secretary Paul ONeill when asked if he was surprised
at the sudden collapse of Enron. The companys failure has
left the one-time energy trading behemoths stock virtually
worthless and thousands of workers pension funds in disarray. |
|
In
a pair of e-mails to his employees in August, the chairman of
now-bankrupt Enron touted the company's stock and declared that
the energy trader giant's growth ``has never been more certain.''
``Our performance has never been stronger; our business model
has never been more robust. ... We have the finest organization
in American business today,'' Ken Lay said in an Aug. 14 e-mail
just two months before Enron's long-hidden financial problems
surfaced.
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