Posted on 01/10/2002 9:06:05 AM PST by Atlas Sneezed
WASHINGTON (AP) - President Bush (news - web sites), fearing political fallout over an energy corporation whose collapse cost employees millions of dollars in savings, ordered his economic team Thursday to review pension rules that could put other workers and pensioners at risk.
The politically charged action came one day after the Justice Department (news - web sites) opened an investigation into Texas-based Enron Corp., an energy company closely tied to Bush and other administration officials. Enron's top officials, including Kenneth L. Lay, the chief executive officer, are financial supporters of Bush.
Lay was in contact with top administration officials while his company was collapsing last fall, the White House disclosed Thursday.
Bush said the Enron case shed light on potential problems in the nation's pension system. ``One of the things that we're deeply concerned about is that there has been a wave of bankruptcies that have caused many workers to lose their pensions,'' he said.
A senior Bush adviser said the president wants to protect workers' pensions as well as inoculate himself against mounting criticism for his administration's association with Lay and Enron.
White House press secretary Ari Fleischer (news - web sites) cautioned Congress against ``partisan witch hunts, endless investigations or fishing expeditions'' into GOP ties to Enron. ``Enron gave thousands of dollars to Democrats,'' he said.
The spokesman said Bush did not see the need for an independent prosecutor to take over the Justice Department inquiry.
Bush was put on the defense as well.
``I have never discussed with Mr. Lay the financial discussions of the company,'' the president told reporters after his Oval Office announcement. He had been asked if he had discussed the issue with Lay or any other company official. [emphasis added -- note correct quote below]
Lay contacted Treasury Secretary Paul O'Neill and Commerce Secretary Don Evans last fall to express concerns about his firm's financial situation and bond ratings, Fleischer said. The pair decided not to take action, he said.
Bush said he last talked to Lay in the spring, and said Lay also had attended a White House meeting with business leaders early in his term.
The president said he first met Lay in 1994, when the businessman worked for Democratic Gov. Ann Richards.
``Ken Lay is a supporter,'' Bush said. ``What anybody is going to find is that this administration is going to fully investigate issues such as the Enron bankruptcy to make sure we learn from the past.''
O'Neill, other Cabinet agencies and economic advisers will review laws and regulations to determine if they can be tightened to protect worker pension plans. A senior official involved in discussions on the issue said the Justice Department will determine whether Enron broke any laws and the Treasury Department (news - web sites) will study whether Enron's conduct, although potentially legal, exposed loopholes in the system.
Several civil lawsuits have been filed against current and former Enron executives and directors and its accounting firm by Enron employees, retirees and investors who lost billions of dollars when Enron's stock collapsed this year. Investors were unable to pull their money out of Enron stocks while the company was collapsing.
Lay and other Enron officials met six times with Vice President Dick Cheney (news - web sites) or his aides last year, before and after the release of the administration's energy plan.
Lay and his company have been leading contributors to Bush as well as to a long list of Democratic and Republican candidates.
The Center for Public Integrity, a nonpartisan watchdog agency in Washington, says Enron's executives contributed nearly $800,000 to Bush, members of Congress and the two national political parties from 1999 to 2001.
Says who?
over an energy corporation whose collapse cost employees millions of dollars in savings,
Are you saying it is his fault?
Blah...blah...
I could go on but if I want to read a NY Times editorial I will do that.
Talk about bias, first line in the story-- of course he only did it out of fear -- what's their source on Presidential fear?
"AP White House Correspondent Ron Fournier goes over notes, 1998. Fournier came to Washington with President Clinton in 1993 from AP's Little Rock bureau. Fournier joined the AP in 1989 after working for the Arkansas Democrat and the Hot Springs (Ark.) Sentinel-Record."
Need we say more?
You're right. I'll fix it. Thanks
The story does not end there. In 1991-92, Enron donated $28,525 to the Democratic Party and in 1993-94, it gave $42,000. These monies enabled Enron to send its executives on international tours with the late Secretary of Commerce Ron Brown in January 1995 (when Kenneth Lay came to India) and in March-April 1994 (when Chief Executive Officer of Enron International, Rodney Gray came to Russia). In the former, Enron was in negotiation for the Dabhol plant among other things (such as the $1.1 billion offshore holdings) and in the latter, Enron was interested in the marketing of Russian gas in Europe. President Clinton noted that Brown's trips resulted in "expanded opportunities for American business in [the USA] and abroad". The "pay to play" project of US "democracy" is once again in evidence. The example of Enron and Wisner proves beyond a reasonable doubt that the US state is not a neutral actor in world affairs and that US transnational corporations are part and parcel of the corruption within the US Empire. The hearings in Washington on "campaign finance reform" do not bother with this level of corruption, for most of those who are running the investigation are beholden to business interests. Enron, for instance, will not be a part of the investigation, since it is deemed to be a patriotic US entity out to create jobs for US workers and to accumulate wealth to defer the costs of the US's mercenary army.
Vijay Prashad is Assistant Professor of International Studies at Trinity College in Hartford, Connecticut.
Aren't there "any" politicians that work for "we, the people???"
The AP...Reuter's...CNN...they're all Commie SCUM!!
FReegards...MUD
BTW: The financial statements that Enron had to restate were for the PRIOR FOUR YEARS...which according to my calendar was on CLINTON'S watch. AP & the left are really streaching on this one.
It's kind of like blaming the recession (which started in the fall on 2000) on Bush's tax cut (which wasn't passed until July 2001 and for the most part hasn't even gone into effect yet)
*Snort!*
I'll bet he's Gene Lyons' butt boy!
"Need we say more?"
No...but we must continue to say it over and over and over again so even the Slower Sheeple can understand.
RAT, you payin' attention?!
FReegards...MUD
BTW...great find, AB!
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