In the 1980s, then-President George Bush (the father) vehemently
denied ever meeting with Panamanian President Manuel Noriega, the head
of state the U.S. wanted to convict of drug running. But Bush couldn�t
deny that incriminating photograph of the two sitting in a room together
obviously involved in a discussion.
Fast forward to 2002 where President George W. Bush (the son) is
being questioned about his relationship with top level officials with
Enron Corp., the Texas-based energy company that recently collapsed,
leaving thousands of employees out of work and their retirement savings
completely destroyed. Enron execs were major contributors to the latter
Bush�s campaigns for governor of Texas and President of the United
States. Enron execs were cozy with most politicos on Capitol Hill, in
fact.
While we are not suggesting that the current President might be
persuaded to avoid political damage by telling other than the truth
about his association with Enron, the nation�s seventh largest company
in revenue, we do suggest that the truth in this matter be pursued with
the tenacity of the war on terrorism. In light of the devastation
wreaked upon Enron employees and other 401K investment companies and
individuals who lost millions in stock, what happened at Enron is a form
of terrorism that should never happen again.
There are reports that company employees were told by execs at one
point that they could not sell their Enron stock because the company was
in transition. Meanwhile, a handful of top company officials were
unloading stock that brought them tens of millions of dollars.
Did they have insider information? The truth of the matter must be
revealed.
Rep. John Dingell (D-Mich.), whose committee is one of those
investigating Enron, has already indicated that insider trading might be
involved. In addition, the company has been accused of questionable, if
not criminal, accounting practices. An Enron employee warned company
Chairman Kenneth Lay last August that the company could "implode in a
wave of accounting scandals" unless the company halted practices that
eventually sent it into bankruptcy. The employee told Lay�in a letter
that Congress now has a copy of�that a "veil of secrecy" surrounded the
company�s partnerships, keeping large amounts of Enron debt off the
company�s books.
The cozy relationship that Enron had with politicians, particularly
Bush and the Republicans, put the administration in somewhat of a
pickle. Enron and its employees contributed some $5.77 million to
political campaigns since 1990, about three-fourths of it to GOP
candidates. About half of the money was spent in the 2000 election, with
President Bush a major beneficiary. Because of this hefty flow of
funding from Enron, perhaps administration officials turned too deaf of
an ear to Enron officials who came with hat in hand looking for help as
the walls were caving in.
The administration could have sounded an alarm that might have spared
a lot of people the pain of losing their retirement funds. Or, any
attempt to help the company might have given investigators a lot more to
chew on now as they investigated the company�s unavoidable fall.
When the dust settles in the Enron scandal, those guilty of criminal
activities�from top to bottom�must pay an even higher price than those
loyal employees and trusting investors who lost their nest eggs put
aside for their golden years.