Word: enronizing
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Three days later, at a lush West Virginia resort where congressional Republicans were holding their annual retreat, they heard the same news. G.O.P. strategists told the lawmakers that voter rage over Enron is becoming personal, with people's fears about their own retirement exceeding their appetite for campaign reform and their anger at what the now bankrupt company did. "Many employees looked at what happened to Enron, and it scares them to death," says Ohio Congressman John Boehner, the House Republicans' point man on pension issues. This is why the biggest news out of the retreat was the package...
While the overall economic news is good enough to have some economists ready to declare an end to the recession, Enron's collapse has only deepened worries about the 401(k) plans that 42 million Americans are counting on to carry them through retirement. Suddenly voters are paying more attention to the solvency of the Social Security and Medicare trust funds and wondering whether Medicare will pay for their prescription drugs. Across the country, state employee pension funds are hemorrhaging because of their Enron investments. "Enron has the ability to color a broad range of issues," consultants James Carville, Stan...
Republicans say the Democrats are already overplaying their hand. But Republicans are fighting back just the same. Bush's new pension-reform plan seeks to fix some of the things that went wrong for Enron employees, and like-minded G.O.P.-sponsored measures are going off like popcorn in both the House and the Senate. The proposals don't go as far as Democrats want, but businesses fret that they are just an opening bid. Too many restrictions, the lobbyists say, will discourage companies from making any matching contributions to employee retirement funds...
Late last year, even before Enron began to dominate the headlines, House Speaker Dennis Hastert persuaded Bush to shelve until after the election his plan to privatize part of the Social Security program. Bush has not given up on the idea of letting people decide for themselves how to invest part of their Social Security taxes; he mentioned it again in his State of the Union speech. But the White House can't count on Republican congressional candidates to make that case on the stump this year. That's because when voters start thinking about retirement, it often means early...
When Ken Lay shows up this week to testify before Congress, the disgraced former chairman of Enron should know how to handle a hostile crowd. Even his current employees, after all, are calling for his head. Just a few weeks ago, Enron employees tell TIME, the Houston-based energy-trading company brought in an outside consulting firm to conduct a series of focus groups with some of the remaining workers on how to reinvigorate the sagging firm. One of the first steps, six out of eight people indicated in one session, should...