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February
4, 2002
Jim Vandewalker won the Entron logo design contest
By
Jon Christian Ryter
Copyright 2002 - All Rights Reserved
To distribute this article, please post this web address or hyperlink
When
the investigation of Enron is finally completed the collapse
of the energy resellerthe seventh largest corporation in Americawill
be one for the history books for more than one reason. The Enron
collapse will historically compare with the Credit Mobilier
of America scandal that rocked the administration of Ulysses S.
Grant and ultimately forced the resignation of Grant's vice president
Schuyler Colfax,
and ruined the careers of several Congressmen and Senators as well as
tainting several future Presidential candidatesand two future presidents: Chester Arthur and Grover Cleveland. Credit Mobilier,
the holding company that owned the Union Pacific Railroad bribed
every key Democrat and
Republican in Congress in order to secure federal grantsboth in
land and in cashto build a transcontinental rail system in America.
And, like the Credit Mobilier scandal of the late 19th century,
the Enron scandal which opens the 21st, will span the continents.
As American politicians scurried for cover, trying to throw the spotlight
on Vice President Dick Cheney who sought advise on the energy crisis
from Enron management and President George W. Bush who accepted
$113,000 in political contributions from Enron during the 2000
Presidential campaign, British Trade and Industrial Secretary Peter
Mandelson was forced to resign from the Labor Party after it was learned
that Enron had advanced Mandelson a £373,000 home loan. Following
him for accepting money from Enron was Geoffrey Robinson,
the Paymaster General of Parliament (also a Labor Party member). Prime
Minister Tony Blair was the recipient of £38,000 of Enron largess. In addition, the scandal forced Parliaments key fixer
to resign. Lord Wakeham, the United Kingdoms Press Complaints
Commissioner, a Margaret Thatcher Conservative and a director of
NM Rothschild in London, was unable to fix his own
problems when it was learned that Enron contributed £6,000
per month to Wakeham as an Enron consultant. (It is interesting
that Credit Mobilier paid its bribes to over a hundred Congressmen
and Senators in the 1870s and 1880s by hiring them as consultants.
Of course, they were consultants with no consulting responsibilities.)
Enron, in other words, was not merely
a United States equal opportunity campaign contributor, it
was a transnational campaign contributor. Before its fall, Enron
grew from a small Texas-based remnant energy rebuyer to the seventh largest
corporation in the United States in what can only be described as a Cinderella
fairy tale. And, like most fairy tales, there is more fiction than truth
to the myths that Enron became an overnight energy giant by the
sweat of its brow. Enron had help from strange places and because
of that, Enron executives became footloose with company funds and
used whatever monies were on hand for whatever purpose they were neededeven
to the extent of raiding their pension fund as early as 2000 to pay off
friends of Enron (i.e., make political contributions
to those who could help them by structuring regulations to benefit Enron).
Like Credit Mobilier, Enrons financial problems
seem to stem more from political payoffs and simple corporate greed than
from over-extending themselves through too rapid development or from bad
operational or administrative decisions either in the United States or
around the world. When Enrons bankruptcy was announced on
December 2, 2001, the reason given was that Enron had failed to
report losses from certain subsidiary companiesparticularly those
known as LJM1 and LMJ2 which are located in the Cayman Islands.
According to Securities and Exchange Commission filings the Cayman
corporations were ...sources of capital to buy assets from Enron
and they were ...potential equity partners for Enron investments...to
help mitigate risks associated with Enron investments.
In reality, LJM1 and LJM2 were offshore international fundraising subsidiaries designed specifically
to escape scrutiny from the United States federal regulatory agenciesand
the Internal Revenue Service.
Who
took Enron money?
Currently there are 20 Congressional and
Senatorial committees investigating the Enron bankruptcy. On those
20 committees sit 250 Congressmen and/or Senators. Of them, only 38
members have not received campaign contributions from Enron or Enron subsidiaries.
Two hundred twelve of the 250 politicians investigating Enron
have accepted money from the failed energy giant. Enron, in the
United States and in the industrial democracies around the world, funneled
millions upon countless millions of dollars to members of each political
party. In the United States, 70% of Enrons contributions
went to the Republican Party (which controlled both houses of Congress
from 1994 to 2000), and 30% went to the Democrats. Had the Democratic
Party controlled the House and Senate, the dole payments would likely
have been reversed, with Democrats getting the largest chunk of the campaign
contributions. While they received far less than the $113,800 that Enron
funneled into the Bush 2000 Presidential Campaign, Enron donated
$13,750 to Al Gore in 2000. In 1996, Enron donated $95,650
to GOP presidential candidate Bob Dole (on the mistaken
belief that Clintons scandals would bring about Clintons
downfall) and only $11,000 to Bill Clintonbarely enough to
qualify for coffee at the White House during the White House Coffee
days when Bill Clinton and Al Gore were courting campaign
contributions from Chinese President Jiang Zemin and Peoples
Liberation Army General Liu Huaqing, and when the Intelligence
arm of the PLA contributed over $600 million to re-elect Clinton
and Gore in 1996and escaped impeachment for treason only
because too many liberal Senators and Congressmen (on both sides of the
aisle) had been taking illegal money from the Peoples Republic
of China since 1989 when that money began to be funneled into
the American political stream by now deceased Senator Alan Cranston who laundered it through the Democratic Senatorial Campaign
Committee. Congressional funds were funneled through the Democratic
Congressional Campaign Committee. In some cases, very specific but
low-key fundraisers were held for candidates. Holding hearings on illegal
campaign contributions designed to go no where is a tradition in Washington,
DC. Thats why there are so many PAC watchdog groups like Larry
Klaymans Judicial Watch located there. Klaymanwhom
the GOP loved during the Clinton years until he got too
close too wrongdoing by both GOP and Democratic Senators and Congressmensubpoenaed
several of the PLA-linked Clinton-Gore Chinese fundraisers, including
Maria Hsia and Charlie Trie and uncovered enough damning
testimony to not only successfully impeach and remove both Bill Clinton
and Al Gore from office in 1996, but more than enough evidence
to convict both of accepting bribes from an enemy government in exchange
for access to some of Americas most sacrosanct industrial and military
secrets. The House hurriedly impeached Clinton for perjury for
denying under oath that he had sexual relations ...with that woman, Monica Lewinsky in order to skirt serious impeachment hearings
on much more serious charges that would have implicated many of them for
accepting illegal campaign funds from an enemy of the United States. (Senator Ernest
Hollings [D-SC] decided to lampoon the Clinton line by joking
that the new Bush White House line would be that he ...never
accepted money from that company, Enron Corporation.
Hollings appears to one of a minority of Democratic and Republican
Senators and Congressmen that didnt take Enron money. He
may be one of very few Americans politicians who can honestly say he did
not spend Enron employee pension funds to get re-elected in 2000.)
The House and Senate are going to have a
hard timeor at least half of the members areholding unbiased
hearings on the Enron failure since approximately 40% of Congress
received contributions of some type from Enron. Enron doled
out $606,000 to House members and $530,500 to members of the Senate during
the 2000 elections. In addition, Enron donated over $300,000 to
various charities in the names of Congressmen and Senators, giving the
lawmakers tax breaks that would allow them to lower their
gross income taxesa bonus that would never show up on campaign contribution
disclosure statements, but would end up in the politicians pocket.
This form of gift is the safest form of bribery that exists
today.
Leading the pack was George W. Bush
with $113,000 of Enron pocket money. Next was Kay Bailey Hutchinson [R-TX]; $99,500 Phil Gramm [R-TX]; $97,350 Bob
Dole [R-KS]; $95,650 Democratic National Committee;
$55,000 Ken Bentsen [D-TX]; 42,750 Shelia Jackson-Lee [D-TX]; $38,000 Joe Barton [R-TX]; 28,909 Tom
DeLay [R-TX]; $28,900 Martin Frost [D-TX]; $24,350
Conrad Burns [ R-MT]; $23,200 Charles Schumer [D-NY];
$21,933 Michael Crapo [R-ID]; $18,689 Christopher
Bond [R-MO]; 18,500 Gordon Smith [R-OR]; 18,000
Al Gore, Jr. [D-TN]; 14,750 Charles Stenholm [D-TX];
$14,439 Jeff Bingaman [D-NM]; $14,124 Chuck Hagel [R-NE]; $13,331 George H.W. Bush [R-TX]; $13,000
Pete Domenici [R-NM]; 12,000 Bill Clinton [D-AR];
$11,000 John Breaux [R-LA]; $11,000 Douglas Bereuter [R-NE]; $10,000 Larry Combest [R-TX]; $9,820 John
McCain [R-AZ]; $9,500 John Dingell [D-MI]; $9,000
Edward Markey [D-MA]; $8,500 Earl Blumenauer [D-OR];
$8,500 Robert Bennett [R-UT]; $8,053 Kevin Brady [ R-TX]; $8,000 Pat Roberts [R-KS]; $8,000 Bob
Graham [D-FL]; $8,000 Sam Johnson [R-TX]; $7,750
Pete Sessions [R-TX]; $7,750 Hillary Clinton [D-NY];
$4,000 Arlen Specter [R-PA]; $3,000 Joe Lieberman [D-CT]; $2,000 Rick Lazio [R-NY]; $1,000.
Since 1998, Enron coughed up $2,568,214
to political candidates in America. Approximately 70% of the donations
went to Republicans and 30% to Democrats. Clearly if Enron had
not gone belly-up, its a safe bet that Democratic Senators would have
fared much better than GOP Senators next year since they now control the
Senate.
Exposed
Banks and Power Companies
In the United States most Americans (whose
retirement programs do not contain Enron stock) believe the only
injured parties were Enron employees who were denied
the right to dispose of their 401K Enron stock holdings as the
directors of the company disposed of theirsand pocketed millions
of dollars as Enron stock which, at one time, reached $70 per share,
fell into penny stock limbo. In reality, Enron is looking more
and more like a Ponsi scheme that survived and grew on borrowed money,
inflated stock valuations and an old-fashioned shell game where Enron
management shuffled funds back and forth between different corporate entities
in order to conceal financial shortfalls. But most of all, as it was reported
on CBS News on February 4, Enron employee Robyn Hosea discovered
that Enron managers were raiding the employee retirement fund and
using those funds for political payoffs to friends of Enron
during the 2000 election year. Stolen from their own employees was over
$14.5 million. Had Enron not gone belly-up, the companys
employee retirement program would likely have been bankrupt anyway. It
is because Enron always had the appearance of being cash
flush that the banks whom they approached for loans did not look
too closely at them. Clearly, any good investigation
of Enron will include an audit of the banks they used.
The banks that are taking it on the chin
for extending credit to Enron are: Abby National [United
Kingdom], ABN Amro [Holland], AEGON [Holland], ANZ Banking
Group [Australia], Axa Bank [France], Bank of Montreal [Canada],
CHUBB [United States], CIBC [Canada], CSFB [Switzerland],
Daiwa [Japan], Fortis [Belgium], JP Morgan Chase
[United States], KBC Bancassurance [Belgium], National Australia
Bank [Australia], Société Générale
[France], Sumitomo Mitui [Japan], and Swiss Re [Switzerland].
Also taking a hit in the pocketbook are several electric power holding
companies who had contracts with Enron: American Electric Power
[United States], British Petroleum [United Kingdom], Centrica
[United Kingdom], Duke Energy [United States], Dynegy [United
States], El Paso Power [United States], Exelon [United States],
KeySpan [United States], Mirant [United States], Reliant
Resources [United States], RWE [Germany], Utilicorp
[United States], Wessex Water [United Kingdom], Western Gas
[United States], and Williams [United States].
Just as Enron lobbied its friends
in the United States Congress and both the Clinton and Bush
White Houses, they also lobbied their friends at #10 Downing Street.
While the Bush Administrationparticularly Vice President Dick Cheneyis
in more than just a little hot water over Enron lobbying two presidents
and over 200 Congressmen and Senators for favorsBritish Prime Minister Tony Blair who has taken campaign funds from Enron, has
been careful not to leave evidence laying around to suggest that Enron
has been able to influence policy in the Blair government. However,
Tony Blair faces exposure that may very likely drag Bill Clinton
into the middle
of the scandal at the very moment that Arkansas banker Wilton Witt
Stephens is launching a massive telemarketing fund raising effort
to raise $50 million for Bill Clintons 2004 run for the White
House.
It seems that Enrons accounting
firmthe one which was shredding documents for Enronhas
a special relationship with Blairs Labour Party. If anything
damages Blair it will be the apparent closeness between him and
the senior management of Arthur Andersen. It seems that Arthur
Andersen already had a well deserved reputation as a scoundrel, and
had been banned from doing business with the British government since
1985. Yet it was Blair that apparently recommended Arthur Andersen
to Enronvery likely through Bill Clinton. Was Enron
looking for an accounting firm that could be trusted to perform questionable
actions if needed? It appears that may be the case.
It is an Arthur Anderson executive,
David Duncan, who will very likely be charged with a felony for
ordering the shredding thousands of Enron documents after a court
order sought them. Duncan was terminated after it was it was made
public that he was destroying reams of Enron documents. According
to Congressman James Greenwood, who questioned Duncan on
Thursday, Jan. 24, Enron robbed the bank and Arthur Andersen provided the getaway car, he said, and they said you were
at the wheel.
Called to testify before Billy Tauzins
committee in the House, Dorsey Baskin, another Arthur Andersen
executive, swore to the House Committee that the bulk of the destruction
of documents at Enron was ordered by Duncan who headed the
Enron audit in Houston. Andersens own internal investigation
revealed that hundreds of documents were destroyed by others at the firm
although the reasons for the destruction appear to have been quite different
than that which was reported in the media. An attorney for Amalgamated
Bank, one of the Enron shareholders, found an Enron employeenot connected in any manner with Arthur AndersenMaureen
Castenda Raymond (a director in Enrons foreign exchange
department) who witnessed the shredding of massive amounts of documents
at Enrons Houston headquarters. When Raymond was laid
off from Enron, she managed to sneak a cardboard box full of shredded
documents out of the building and took them home. She gave the shredded
documents to the attorneys representing the Enron employees who
were not allowed to sell the Enron stock in their 401Ks as the
companys executives and directors cashed out, earning millions before Enron collapsed. The documents shredded by Enron executives
(as opposed to Arthur Andersen auditors) were spreadsheets dealing
with Jedi II (one of the special purpose vehicles that Enron used to hide debt from its shareholders). Jedi II
and other shell companies were partnerships operated by Enrons
former chief financial officer, Andrew Fastow. It was the drain
of $1.2 billion into those shell companies in October, 2001 that led to
the loss of investor confidence in Enron and triggered the October
25 announcement by the Securities Exchange Commission that they
were launching a formal investigation of the company. On October 31 the
SEC notified Enron that it had subpoenaed all company documents.
Enron executives began shredding Jedi II data and spreadsheets
on December 13. Prior to the December 2, 2001 bankruptcy filing 37 Enron
officers and directors and others associated with the Enron management
disposed of approximately 17,500,000 shares of Enron stock for
$1,200,000,000.00and most of the records detailing the shell game
that linked the CIA with Enron. Before the CIA became
interested in it, Enron was just a small, inconsequential American
gas and electric reseller that did not interest anyone. It went from being
a small blip on the energy radar screen to the seventh largest corporation
in the United States only after it attracted the interest of CIA,
and suddenly Enron became a transnational conglomerate.
The
DynCorp-Enron-CIA Connection
ImageData, LLC, the private
entrepreneur that was buying drivers license photograph databases
from each of the 50 States promoted itself as a private enterprise
venture. Yet it was leasing CIA-owned iris-scanning technology
to American banks for use in their ATM machines. It turned out that the
business start-up of ImageData was financed by the US government
because ImageData was owned by the Secret Service. DynCorp
was likewise financed by the US government. Only instead of the Secret
Service, DynCorp was owned by the Central Intelligence Agency.
Today DynCorp is not only the largest building contractor in the
world, it is the Internet provider for the United States government and
most of the State governments.
DynCorp, which is thoroughly infiltrated
at all levels with CIA people (although no outsiders know who are
and who are are not black ops personnel, and few of the non-agency people
within DynCorp were aware that the Company owned the
company. Granted, most of them had heard the rumors, but none had seen
any physical evidence that they were a black ops outfit, nor had they
seen any spy-like operatives lurking around in the shadowy
corridors of DynCorps World headquarters in Reston, Virginia
or in their international headquarters in Fort Worth, Texas. To the non-Company
personnel who were hired to perform the mundane normal job
descriptions of a normal mundane construction company or an
equally mundane internet service provider, DynCorp is a good place
to work because there are no layoffs and lots of opportunities for international
travel.
While the government ties with Enron have not popped
up yet, they exist.
Interestingly, the chairman of Enrons
finance committee board is Herbert Pug Winokur, the
former Chairman of the Board of DynCorp. Tied to Winokur through Harvard Universitys endowment board is Dudley Mecum
who currently sits on the board at DynCorp. Mecum, an Enron
director is also a director of Citicorp. Through Citicorp Mecum
is tied to former Clinton Treasury Secretary Robert Rubin. When
Enron executives started dumping stock, and the warning signs that
Enron was in deep trouble were everyone except on the evening news,
Winokur and Rubin called Peter Fisher, the current undersecretary
of the Treasury to determine the practicality of artificially supporting
Enrons credit rating in order to enable Enron to borrow
enough money to stave off bankruptcy. Fisher, a former New York
Fed governor, called his former boss, Peter G. Peterson, the New
York Fed chairmanand the current chairman of the Council on Foreign
Relations. Peterson was also a top Enron financial advisor
through his own company, Blackstone Group. Peterson was
also against the idea of artificially supporting a phony credit rating
for Enron.
What is most troubling by the Enron
failure is the names and positions of those connected to it. Since corporate
directors are usually held financially liable for taxes owed to the federal
or State governments, it is hard to believe that people like Peterson,
Fisher, Winokur and Mecum would not know what Enrons
management team was up to.
It appears that when the meltdown was beginningbefore
the fire got so hot that it could not be put outthat those closest
with the national and international banking community knew what was going
on at Enron. But, instead of blowing the whistle early enough to
prevent Enrons directors and officers from selling off their
stock and draining Enron of $1.2 billion of liquidity that would
likely have kept it solvent, those financial experts were trying to decide
if they should help artificially bolster
Enrons credit rating so the energy giant could borrow enough
money to keep it solvent when, had the directors and officers not cashed
out, the corporation would have had the stopgap liquidity it needed to
keep it solvent at the moment.
However, it wasnt the immediate
that troubled Enron CEO Kenneth Lay, it was the long term.
Enron used their offshore entities to overstate profitsto
the tune of about $600 million. On top of that, Enron formed shell
companies in the Cayman Islands and around the world and backed those
entities to secure loans from the international banking community; then
using that money to buy Enron stock or Enron assets, making
Enron appear to be not only solvent but a good value for investors.
Former Federal Reserve Chairman Paul
Volcker has just been appointed to head an Arthur Andersen
team to restore the integrity of the accounting firm, and to help establish
accounting guidelines that will prevent what happened at Enron
from happening again with any other American corporation. Little, if anything,
is likely to happen to retroactively protect the employees of Enron
from Enrons bad management practices. What is happening,
it seems, is a massive effort to generate enough smoke and mirrors to
perpetually shroud what really happened at Enron. Shortfalls of
$1.2 billionthe precise amount taken out of the company by its officers
and directorsput Enron into bankruptcy.
The 218-page excuse filed with
the federal bankruptcy court in New York will likely show the cause of
the bankruptcy is described as a self-enrichment scheme by Enrons management. The problem with that is that the Enron
losses that forced the energy company into bankruptcy is almost exactly
the sum of the stock payouts to Enron executives and directors$1.2
billion.
Instances of personal self-enrichment will
be cited by the media and by the court as this case is heard. Andrew
Fastow, Enrons chief financial officer was allowed to
head up Enrons Cayman Island entities while retaining his
position with Enron. Fastow, who was fired in October, made over
$30 million on the side. In one deal, Fastow converted
a $25,000 partnership investment into a personal profit of
$4.5 million. He brought two other Enron employees into another
Cayman Island deal. The employees each invested $5,800 and earned over
$1 million each. Hillary Clinton should have linked up with Fastow
instead of Don Tyson. Investing in Enron would have been
a lot more profitable for the future first lady than cattle futures where
Hillary, you will recall, converted a $1,000 investment into $100 thousand.
The
Real Enron Losers
The
real losers in the Enron collapse were not the middle class investors
across the nation that lost billions of dollars as the U.S.S. Enron
floundered on the shoals of self-created bankruptcy, it was the Enron
employees whose participating 401K pensions were funded with Enron
stock. The middle class investors across the land who bought Enron
through investment counselors and stock brokers made conscious decisions
to buy Enron stock, and although they may have done so with faulty
investment data that concealed massive Enron losses and concealed
unexplainable infusions of capital from other areas that should have raised
a red flag, the stock market has always been a buyer beware
marketplace. The investor who bought on the street had the option of disposing
of whatever Enron stock they owned at any time they wanted to dispose
of it. Enrons employees, however, were not given that option.
As Enron executives and directors disposed of some 17.5 million
shares of Enron stock before crashing the U.S.S. Enron into
the shoals, they restrained their employeeswhose retirement nest
eggs were tied up in Enron stockfrom doing the same. Tragically, Enrons employees were not day traders with sufficient discretionary
income to play the market. They were forced to sit back and
watch their retirement nest eggs disappear.
It goes without saying that the Enron
managers who promulgated the fanciful lies that filled Enrons
investment prospectus and donated $14.5 million in pension funds to politicians
as campaign contributions are likely guilty of felonies that could net
them several decades in a federal prison. That will not offer much satisfaction
to the 59- and 60-year old former Enron employees who do not have
enough work years left in them to rebuild the nest eggs they
lost when Enron collapsed.
Furthermore, it is not the responsibility
of the taxpayers of the United States to foot the bill in covering the
losses of Enrons employees. They didnt spike Enrons
financial statements. The taxpayers didnt hide the $1.2 billion
in losses that drove Enron into bankruptcy court; nor did the taxpayers
open the Cayman Island accounts that allowed Enron executives to
conceal how the corporation was being infused with capital.
It is interesting that the law enforcement
division of the SEC acknowledged a rush by Enron executives
and directors to cash in $1.2 billion in stock optionsan amount
equal to the sum that put Enron into bankruptcy) before filing
bankruptcy. Yet nobody seemed to think that rush to cash in options before
the company went belly-up was illegal. Immoral perhaps, but not illegal.
Further, the executives who cashed out knowing
the stock was about to head south did so not only with what can be construed
as insider information, but with the ability to withhold that
information from an unwary public until such time as they disposed of
their assets at the highest prices while restraining their employees from
doing the same.
I believe an action needs to be filed by
the United States Justice Department against those who participated in
the U.S.S. Enron ship jumping. The $1.2 billion
grossed by Enron executives and directors needs to be seized by
the SEC and held by the government until the bankruptcy is settled
and Enrons employees have had a chance to lay claim to those
funds to compensate their 401K program.
While I would not generally advocate seizing
the personal assets of corporate directors and the officers of those corporations
to compensate the employees of those companies, I think the events surrounding
the Enron bankruptcy mandate that such action be taken.
Documents released to the U.S. Bankruptcy
Court in New York indicate an admission that the bankruptcy of Enron
was due to lack of corporate oversight on the part of senior management.
Enron senior management states that they did not monitor what was
happening between Enron and its satellite companies (the smoke
and mirrors rhetoric that is being used to mitigate responsibilityand
criminal liability). Further, the directors claim that most of what was
going on in the company was never reported to the board. The board, of
course, consisted of those same people who cashed out $1.2 billion when
they saw the ship was going to sink. That money rightly belongs to those
who invested their sweat equity to build Enron into a major American
corporationnot the officers whose investments of time and money
were adequately protected with golden umbrellas, but the hourly employees
who invested themselves, and who gambled their retirement nest eggs on
the integrity of the officers who led the companyand were denied
the right by those same officers to salvage their retirement pensions
while the same officers were protecting their own retirement nest eggs.
In a world controlled by transnational industrialists who buy politicians
by the gross by filling their campaign war chests with millions
of dollars to keep them in office, it is not likely that Congress will
ever enact legislation that will criminalize this type of activity by
the corporate types who keep them in office. Yet, in the case of Enron,
the officers and directors who cashed out when they realized that Enrons
stock was heading south must be held personally liable for the losses
to the employee 401K retirement program.
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