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Before its messy decline and fall, Enron had plenty of clout in George W. Bush's Washington, from the personal ties between chairman Ken Lay and the President to the company's alleged influence on Vice President Dick Cheney's energy task force. But Enron's cozy relationship with Washington didn't start there. Documents obtained by TIME show the energy giant enjoyed much closer ties with Clinton Administration regulators than was generally known. Long before Cheney's task force met with Enron officials and included their ideas in Bush's energy plan, Clinton's energy team was doing much...
ENERGY This industry has been scalded by the Enron scandal. The most compelling values are in natural gas (where Buffett has been buying). Typically, gas-company P/Es are slightly above the S&P multiple. Today the group trades at a 50% discount, Manley notes. Big oil companies don't look cheap, but domestic producers are trading below the market average, including Amerada Hess. Electric utilities are best valued by their dividend yields. Secure yields of 4% to 6%--as with FPL and Public Services Enterprises--are out there...
Curiously, the arrests anticipated for so long--at Enron--have yet to materialize. Given the Administration's links to the disgraced energy trader, there is a risk that it will be seen to be foot dragging on the prosecution of longtime Bush buddies (and supporters) such as former CEO Ken Lay. "There hasn't been anyone in handcuffs from Enron, and we don't know why," Senate majority leader Tom Daschle said last week. While declining to comment on the specifics, Deputy Attorney General Larry Thompson, who heads the corporate-fraud strike force, said that "some cases are more complex...
...still profit from this powerful demographic force, which will run for decades. Indeed, the stock market's steep fall over the past two years has made some traditional age-wave investments cheap again. Pharmaceutical stocks like Pfizer and Wyeth, and financial services stocks like Citigroup, despite its Enron-related woes, and Mellon all make the cut. The real zip, though, is likely to be in less obvious places, and Charles Baird, chairman and founder of the private equity firm North Castle Partners in Greenwich, Conn., believes he has tapped into something big. Baird has invested $800 million in what...
...Dallas hotel last week - men whose weathered faces spoke of long days riding tractors and branding cattle - was getting such a kick out of the afternoon's speaker, the African-American Democratic nominee for Senator? Ron Kirk had them applauding from the moment he told them, "I sure wish Enron ran their business the way y'all run yours." By the time he had finished up with his line about giving the capital a dose of "what it's like to be on the front lines of problem solving," some were ready to pledge their votes. "If there...