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Politics : PRESIDENT GEORGE W. BUSH
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To: stockman_scott who wrote (278349)7/20/2002 7:42:49 PM
From: Arthur Radley  Read Replies (2) of 769670
 
Current BusinessWeek article shows what a bunch of crooks were running Enron...and this includes Phil Gramm's wife, who served on the Board.

1) In 2000, the board gave Enron executives bonuses that totaled $750 million dollars. $750 million in bonuses, but they only had net profits of $975 million...Bottomline, bonuses nearly equaled profits.
2) And this is the unbelievable action by the board. They gave Kenny Boy a line of credit of $7.5 million. And what did Kenny Boy(George Bush's best friend) do with this line of credit. On a daily basis, he would draw down the line of credit and immediately turn around and pay off the loan with Enron stock(this allowed him to avoid reporting his dumping for a year). In the 12 months prior to the unveiling of the house of cards, Lay extracted $77 million dollars from Enron's coffers and replaced "his loan" with worthless Enron shares.
3) When the board was advised by outside lawyers that a letter from whistleblower Sherron Watkins told about the house of cards, the lawyers didn't offer the whistleblowers name or her letter...AND the board NEVER asked who the person WAS or asked to SEE her letter.

And now the board is claiming they didn't know what was going on, therefore, they aren't guilty of anything.

And Shrub and the RWE here on SI think that the American public should believe that we are in good hands....and that business executives are being unfairly criticized.
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