Word: enronizing
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There were also times Enron found a little government intervention came in handy. When India delayed approval of Enron's $3 billion power plant in Dabhol in 1996, Clinton White House counselor Mack McLarty instructed the U.S. ambassador in New Delhi to monitor it and gave regular progress reports to Enron chairman Ken Lay. (Four days before the project received its final O.K., Enron gave $100,000 to the Democratic National Committee.) And when Enron was trying to sell its interest in the Indian project, the New York Daily News reported, Vice President Dick Cheney raised the issue...
More often than not, Enron's interests and the agenda of George W. Bush have been happily congruent. Enron has given Bush more than $700,000 in contributions over the years. Lay was disappointed last year when Bush backed away from a global-warming plan that would have been good for the natural-gas business, but Bush sided with the company in refusing to back price caps on California energy, of which Enron was a major supplier. Larry Lindsey, Bush's top economic adviser and a former Enron consultant, has battled on free-market grounds to preserve the kind...
...Enron also found plenty to like in the controversial White House energy plan that Cheney produced last year: open access to electric-utility transmission lines, more deregulation initiatives and support for Enron's arcane financial instruments. "There is no company in the country that stood to gain as much from the White House plan as Enron," wrote California Congressman Henry Waxman, a leading Democratic critic, in a letter to Cheney last week. In the recent battle over an economic-stimulus bill, Lay lobbied for--and Bush supported--retroactive corporate tax relief. Enron would have been one of many beneficiaries, reaping...
...more than a decade, Enron spent lavishly to untether itself from government oversight. But it became so notorious that it gave up any chance of a political lifeline. Last fall, when the company was begging for rescue, Bush Administration officials say it was unanimously rebuffed. Enron had hired the best lobbyists--powerhouses such as Republican chairman Marc Racicot and Bush adviser Ed Gillespie, who can usually make things happen--but they too are distancing themselves, saying they were kept in the dark about the depth of the company's problems. For the first time, what Enron needs is more than...
Then came Enron. What makes this case so scary is that the shady ethics and the deception that suddenly bankrupted one of the world's most innovative companies have become pervasive--and much of it is legal. It's not unreasonable to fear that the next Enron could be lurking in your 401(k) account or paying your salary. If the corporate directors and auditors and stock analysts who were supposed to be looking out for the interests of shareholders at Enron could be bought off with consulting and underwriting fees, we know they are probably being bought off elsewhere...