The proper authorities!
AHAHAHAHAHAHA
you gonna send it to the prez?
Bush loves the little guy...as long as he pays through the nose for white collar crimes like this ENRON deal.
Just go back to the S&L debacle.....another Texas story.
Enron Has Friends in High Places, No Help Likely
HOUSTON (Reuters) - The near collapse of U.S. energy trading giant Enron Corporation comes at a time when it has never had more political friends in high places -- or is perhaps further away from help.
The company and its chief executive Ken Lay have long been heavy contributors to powerful Republicans, including President Bush (news - web sites), and have lines of communication to the White House and Congress.
But, say senior Republicans, its financial wounds are so deep and heavily self-inflicted that it is likely to get little more than sympathy from its well-connected friends.
Enron stock, which rose to $90 a share last year, fell to $0.61 on Wednesday after rival Dynegy Inc. pulled out of a
last-chance $9 billion merger, saying Enron had not lived up to the deal they struck on November 9.
Enron said it was exploring its options and in the meantime would quit paying most of its bills. Most analysts believe it will soon file for bankruptcy protection.
The stunning fall from grace follows a long period in which Enron and Lay built up political contacts that made it the envy of the corporate world.
Political experts estimate Lay has given $1 million to Bush political campaigns over the years. Last year, the Bush
election campaign accorded Lay the title of Bush ``Pioneer'' for raising at least $100,000 for Bush's run for the
presidency.
When Bush was governor of Texas, Lay served on his Governor's Business Council, which helped push the Bush
legislative agenda, and he was a key energy adviser during the presidential campaign.
As the Bush administration formed its controversial energy plan, which stressed increased domestic energy production favored by the oil and gas industry, Lay was one of several business executives called in to consult with Vice President Dick Cheney (news - web sites).
``Ken's been a friend,'' Cheney explained to PBS' news program ``Frontline.''
According to the Center for Responsive Politics, which tracks money in politics, Enron and its employees gave $2.4 million in contributions in the 2000 election year, the most of all energy companies.
The Washington-based center said 72 percent of the money went to Republicans.
According to Federal Election Commission (news - web sites) documents, Enron and Lay each gave $25,000 to U.S. Attorney General John Ashcroft (news - web sites) last year when he ran unsuccessfully for re-election to the U.S. Senate from Missouri.
The company also has close ties to U.S. Senator Phil Gramm of Texas, the ranking Republican on the powerful Senate Banking Committee.
Gramm's wife, Wendy, joined Enron's board of directors after a five-year term as chairwoman of the U.S. Commodity Futures Trading Commission, which played a role in deregulating energy markets that Enron dominated until its financial crisis.
Bush's father was U.S. president during her time as head of the Commission.
But despite its friends in high places, Enron may get little help from Republican lawmakers who say its problems are its own doing and beyond the reach of government.
``We can't simply step into every bad market decision and every bad financing decision that occurs in American
corporations in this country and work it for them,'' said U.S. House Energy and Commerce committee chairman Billy Tauzin, a Republican from Louisiana.
``It's a sad story. It's been a hugely successful enterprise,'' he added.
The only aid for Enron may come in an economic stimulus bill, pending before Congress, that would give tax rebates to corporations.
According to the Citizens for Tax Justice, a tax policies research and advocacy group, Enron would get $254 million under the current version of the bill.
NO BAILOUTS FOR CORPS EH?
Enron said in a recent government filing it has more than $16 billion in debt and other obligations.
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