Word: enronizing
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...said the President, adding that he got to know Lay after that. This came as a surprise to a great many people in Texas, as Lay and his wife contributed $47,500 to Bush's campaign that year (and a mere $12,500 to Richards') and Enron's political-action committee and executives donated nearly $100,000 more to Bush, according to the watchdog group Texans for Public Justice. Lay had even contributed to Bush's unsuccessful race for Congress...
...about the idea that it took nearly three months for Commerce Secretary Don Evans and Treasury Secretary Paul O'Neill to inform the White House that Lay had come to them seeking help as the company was going under. If the White House's story is so clean--Enron asked; we said no--why wait three months to tell...
Last week news of the calls to Evans and O'Neill kicked the Democrats into high gear, targeting Bush as an enemy of the little guy. The White House, said Democratic Congressman Henry Waxman, "had knowledge that Enron was likely to collapse but did nothing to try to protect innocent employees and shareholders, who ultimately lost their life savings." And it's not just the Waxmans of the world that Bush has to worry about. Louisiana Republican Billy Tauzin, chairman of the House Energy and Commerce Committee, the first to announce a formal congressional probe, has already sent investigators...
...wonder Bush tried to change the subject last week. He spoke of fixing the 401(k) pension laws and regulations that let Enron's bankruptcy become a personal tragedy for its workers. Bush's first challenge is to convince Americans that he didn't use his influence to protect one of his biggest campaign contributors. His larger one is to convince them he will use that influence from now on to protect them from future corporate shell games. --With reporting by James Carney and Adam Zagorin
TIME AND THE WEB Our guide to the websites that supplement stories from this week's issue. Here you will find links to the pro and con sites in the debate over a national ID card; see where you can go to get your own framed Enron stock certificate (for a mere $60), and get the best places for continuing news on Washington Wizard Michael Jordan. At time.com/webguide...