Word: enronizing
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Dates: during 2000-2009
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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...
...Clinton officials also made efforts to help Enron get business overseas. Clinton Energy Secretary Hazel O'Leary included Enron officials on trade missions to India, China, Pakistan and South Africa. White, returning from a 1994 trip to Mexico, wrote chairman Lay that "much opportunity" existed there for natural gas, and he sent a copy of Mexico's energy plans. To persuade an Enron senior vice president to join a mission to Pakistan, White wrote, "I have strong personal relationships with the existing government...
...Enron showed its gratitude. At Christmas 1995, documents show, it donated an unknown sum of cash in O'Leary's name to a charity called "I Have a Dream." And when Clinton ran for re-election a year later, the company made its largest single contribution ever-$100,000-to the President's party...
...WorldCom piled on Enron and Tyco and Adelphia, as Martha fell alongside Kenny Boy, as the airlines talked bankruptcy and the baseball union talked strike, the mood of the nation soured. For the first time since Sept. 11, many national polls show that most voters think the country is going in the wrong direction...
...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...