Word: lobbyists
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...options. Each time Congress quashed Levitt's efforts. But that opposition was gone at last week's hearing. "Perhaps the era of self-regulation is over," said Tennessee Senator Fred Thompson. But President Bush's SEC chairman, Harvey Pitt, doesn't share Levitt's concerns. As a lawyer and lobbyist for the accounting industry for more than 20 years, Pitt led the fight against Levitt's proposals. Now he's pressing for a new industry-funded oversight board. But the current board never flunked an auditor in 25 years of peer reviews. Pitt's proposal "lacks teeth and independence," says...
...wrote checks to Senate Energy Committee Chairman Jeff Bingaman and energy-state centrist John Breaux, among others - and they aren't just about political cash. Bush Administration officials with other financial ties to Enron include former stockholder Karl Rove, former advisory board members Larry Lindsey and Robert Zoellick, former lobbyist Marc Racicot and former executive Thomas White Jr. (he's Secretary of the Army). And Robert Rubin, the Democrats' economic ombudsman - but also a big shot at Enron-exposed Citigroup - is on the hook for making his own help-me call to Treasury in November...
...Says David Certner, chief lobbyist for the American Association for Retired Persons: "In 401(k) plans, we are asking people to take the risk and responsibility for investing, yet we set up this system where we are violating the first basic rule of investing: diversification." Where company stock is a savings option, employees invest almost a third of their assets...
...crisis quite the way, say, Gray Davis did. And the list of Administration members with Enron connections is long indeed - aside form Lay buddies Bush and Cheney, Karl Rove was a big stockholder, Larry Lindsey and Robert Zoellick were $50,000-a-year board members, Marc Racicot was a lobbyist until Tuesday and Secretary of the Army Thomas White Jr. is a former executive...
Racicot has wielded clout as a lobbyist since leaving the governorship a year ago. Representing a coalition of power companies, Racicot met with vice-presidential aides on Dec. 3, sources tell TIME, and argued to relax a clean-air law requiring utilities to install new pollution controls when they upgrade plants. In November he sent promotional material for Siebel Systems software to Director of Homeland Security Tom Ridge, according to Siebel executive Frank Bishop. Racicot, a Siebel director, followed up with a phone call to Ridge. Racicot says it is "insulting" to suggest his political role might help his lobbying...