To: Bill who wrote (730254 ) 3/8/2006 7:10:55 PM From: American Spirit Respond to of 769670 Bush, The Enron President, Sounds A Lot Like Ken Lay Look at this story and tell me that Bush and Lay don't sound similar in terms of covering up mammoth new federal deficits and growing deep, insurmountable problems in Iraq. Not to mention massive corruption both here and in Iraq centered around his closest cronies. "Fastow also said Lay spread false information to Enron employees and the public in late 2001 when he knew the company’s finances were crumbling, contrasting Lay’s claim that he believed Enron was healthy right to the end. Fastow described a meeting on Aug. 20, 2001, in which Lay and other top executives heard about a “hole in the earnings” — projections that Enron would fall far short of Wall Street expectations for the quarter. Days later, in an interview with BusinessWeek, Lay said Enron had no accounting problems and declared, “The company is probably in the strongest and best shape that it has ever been in.” Asked by a federal prosecutor about the Lay interview, Fastow said: “I think most of the statements in there are false.” Fastow said he also had given Lay a rundown of huge looming write-offs, a massive accounting error that would force a $1.2 billion writedown in shareholder equity, and deterioration of fragile financial structures that Enron used to mask losses. Fastow said he also met with Lay in September 2001 to discuss detailed questions raised by The Wall Street Journal about Enron’s off-balance-sheet deals and money Fastow was making off financial partnerships with Enron. He said Lay decided to issue a brief statement backing the partnerships rather than answer the questions.