-Caveat Lector- "the Bush team has already established a record on secrecy that makes Richard Nixon, just to take a random example from our presidential past, look like a boy scout."
"According to Ivins and Dubose, who note the previous reporting work of "U.S. News and World Report," when Bush served on this committee, he was privy to information indicating the company was in trouble. He then dumped his stocks before this news became public." "Enron is also getting Washington to plead its case. Deputy Treasury Secretary Kenneth Dam, who is visiting India, has told New Delhi to resolve the Enron issue speedily and speed up economic reforms. On January 28, Ambassador Robert Blackwill made a forceful intervention at an industry meeting, saying that all foreign investment into India hinges upon a favorable resolution of the Dabhol company dispute..." Enron Probe Spreads to Wall Street By MARCY GORDON .c The Associated Press 2/8/02 WASHINGTON (Feb. 8) - Powerful Wall Street players are being pulled into the congressional investigation of Enron's collapse - analysts who recommended buying stock as the company foundered, investment firms that both financed Enron bond sales and invested in the company, and credit-rating agencies that didn't warn investors promptly. As Congress and law enforcement agencies dissect the biggest bankruptcy in U.S. history, curtains are being lifted from financial institutions that operate away from public view....the energy-trading company had promised bond-sale business to Merrill Lynch & Co. and First Union Corp. in exchange for their investments in some of Enron's questionable partnerships. Merrill Lynch, the nation's biggest brokerage firm, helped Enron raise nearly $400 million for one of the partnerships from pension funds and other big investors. http://www.thenation.com/doc.mhtml?i=20020225&s=baker February 25, 2002 What Are They Hiding? by Russ Baker No one ever accused conservative House Republican Dan Burton of mincing his words. ... But it's one thing to throw rhetorical bombs at a President from the opposition party, and quite another to denounce your own party's man as "dictatorial," as Burton did to President Bush in December. What outrages Burton is the Bush Administration's overarching obsession with secrecy, with keeping information on a broad range of fronts out of the public view. That Burton has latched on to a key element of Bush's MO has grown clearer with the unfolding of the Enron scandal. As more and more connections between members of the Bush Administration and Enron come to light, the press and the public may be forgiven for wondering, "What else are they hiding?" The answer is "a lot"--the Bush team has already established a record on secrecy that makes Richard Nixon, just to take a random example from our presidential past, look like a boy scout. http://www.thenation.com/doc.mhtml?i=20020225&s=nichols Enron? Nader Is Glad You Asked by John Nichols As Democrats in Washington scramble to make the case that they were less in hock to Enron than the GOP--noting the corporation's contributions favored Republicans by a 3-to-1 ratio--Nader declares "a pox on both their houses." He announced in Portland, "The prospect of reform is eviscerated because of both parties' sticky hands. That is what is so disgusting. The Democrats can't really go after this scandal because so many of them look like hypocrites. They took as much money as they could get from Enron, and they keep raising money from corporate PACs." http://www.thenation.com/capitalgames/index.mhtml?bid=3&pid=11 Bush and Lay: A Common Pattern of Stock Dumps? 02/04/2002 When W.'s father was president of the United States, George the Younger was a major shareholder in a sinking oil venture called Spectrum 7. But before Spectrum 7 sank completely, the Harken Energy Corporation, which was run by a GOP funder, bailed out the company. Bush got about $500,000 in Harken stock for his piece of Spectrum 7, and Harken signed him up as a consultant. Harken went on to win a 35-year exploration contract with the emirate of Bahrain in the Persian Gulf--an odd deal, since the company had no previous experience in international or offshore drilling. Some observers wondered if Harken's Bush connection had been a factor.... In June of 1990, Bush sold two-thirds of the Harken stock he had received in the Spectrum 7 deal--and collected $318,430 more than it was worth when he first obtained it. Get low, sell high?.... The month before this sale, Harken appointed Bush to a committee to determine, as Ivins and Dubose put it, "how restructuring [of the firm] would affect ordinary shareholders." According to Ivins and Dubose, who note the previous reporting work of "U.S. News and World Report," when Bush served on this committee, he was privy to information indicating the company was in trouble. He then dumped his stocks before this news became public. "U.S. News" concluded that at the time of the sale there was "substantial evidence to suggest that Bush knew Harken was in dire straits." Bush claims he had merely sold at an opportune time, when word of the Bahrain deal was bolstering the company's position. But he then neglected to notify the Securities and Exchange Commission of his stock-dump, as he was required to do. Is that the tip-off something was amiss? (He filed the appropriate paperwork eight months after the deadline.) http://www.atimes.com/ind-pak/DB08Df03.html Trashed at home, Enron takes it out on India By Praful Bidwai NEW DELHI - As the Enron scandal sends wave after shock wave through the US political system, the international repercussions of history's most spectacular case of corporate bankruptcy are just surfacing.....In India, where it has the largest direct investment in an overseas industrial project, the corporation continues to make bullying and threatening moves. It is trying to drag the government of India's Maharashtra state into international arbitration over the termination of a power purchase contract signed with its subsidiary, Dabhol Power Co, rather than submit itself to Indian jurisdiction. The controversial contract for extremely expensive electricity was suspended six months ago by the Maharashtra power board, which nearly went bankrupt itself as a result of high power prices. As reported earlier, the deal was reached through shadowy, secret negotiations, and in violation of the Electricity Supply Act. Enron is also getting Washington to plead its case. Deputy Treasury Secretary Kenneth Dam, who is visiting India, has told New Delhi to resolve the Enron issue speedily and speed up economic reforms. On January 28, Ambassador Robert Blackwill made a forceful intervention at an industry meeting, saying that all foreign investment into India hinges upon a favorable resolution of the Dabhol company dispute, which "feeds a chronic perception among the overseas investing community that India may not be ready yet for big-time international investment". Blackwill demanded adherence to the "sanctity of contract", doubts about which can "spell death to potential investors". http://shop.store.yahoo.com/hrwpubs/enron0199.html The Enron Power Corporation Corporate Complicity in Human Rights Violations This report focuses on a subsidiary of the Enron Development Corporation in India: the Dabhol Power Corporation (DPC). It details the development of the Dabhol Power project from its inception in 1992 through 1998 in order to illustrate an unbroken continuum: the immense influence that Enron exercised over the central and Maharashtra governments <A HREF="http://www.ctrl.org/";>www.ctrl.org</A> DECLARATION & DISCLAIMER ========== CTRL is a discussion & informational exchange list. Proselytizing propagandic screeds are unwelcomed. Substance�not soap-boxing�please! 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