The Truth About Enron
1st play the Enron Blame Game!
Enron 12th on the Top Pres. Bush Campaign Contributors
|Vinson & Elkins||$202,850|
|Credit Suisse First Boston||$191,400|
|Ernst & Young||$179,949|
|Morgan Stanley Dean Witter & Co||$144,900|
|Baker & Botts||$116,121|
|Goldman Sachs Group||$113,999|
|Bank of America||$112,500|
|Jenkens & Gilchrist||$105,450|
|State of Texas||$87,254|
|American General Corp||$84,134|
|Deloitte & Touche||$81,600|
One thing is clear: There are very few politicians in Washington that havent been on the receiving end of campaign donations from Enron or its equally troubled auditor, Arthur Andersen. Over the last decade, both companies have been among the most prolific givers to federal candidates and parties, while at the same time spending millions of dollars on lobbyists to advance their agenda on Capitol Hill.
Between 1989 and 2001, Enron contributed nearly $6 million to federal parties and candidates, more than two-thirds to Republicans. More than $2 million of that money came during the 1999-2000 election cycle alone, when the company became one of the biggest boosters to President Bushs campaign for the White House. Enrons PAC and its employees contributed $114,000 to Bush during the 2000 campaign, while former Enron CEO Kenneth Lay served as one of Bushs Pioneers, individuals who raised at least $100,000 for the campaign.
Andersen, meanwhile, was an even bigger supporter of Bush, having contributed $146,000 via its employees and PAC in 1999-2000. D. Stephen Goddard, relieved of his managerial duties in Andersons Houston office in January, also was one of Bushs biggest individual donors during the election. All told, Andersen has contributed more than $5.2 million in soft money, PAC and individual contributions to federal parties and candidates, more than half to Republicans.
While Enrons giving was concentrated mainly in big soft money gifts to the national political parties, Andersens generosity often was targeted directly at members of Congress. For instance, more than half the current members of the House of Representatives were recipients of Andersen cash over the last decade. In the Senate, 94 of the chambers 100 members reported Andersen contributions since 1989. At the same time, 71 senators and 186 House members (43 percent) reported taking Enron cash over the last decade.
Info taken from: http://www.opensecrets.org/2000elect/contrib/P00003335.htm
The Houston, Texas-based company was formed in 1985. Enron officials have acknowledged that the company has overstated it's profits by more than $580 million since 1997 during the Clinton administration.
From 1989 to 2002, Enron and its employees gave $5.95 million in individual, Political Action Committee (PAC) and soft money contributions to federal candidates and parties, 74 percent to Republicans and 26 percent to Democrats (Source: Center for Responsive Politics).
Since 1989, 259 current members of Congress have received Enron campaign cash. This includes 188 Representatives (117 Republicans, 71 Democrats) and 71 Senators (41 Republicans, 29 Democrats). Enron is the single largest contributor from the Energy/Natural Resources industry sector over that time period. (SOURCE: Center for Responsive Politics)
Top current senators receiving Enron contributions since 1989:
Kay Bailey Hutchison (R-Texas.), $99,500; Phil Gramm (R-Texas.),
$97,350; Conrad Burns (R-Mont.), $23,200; and Charles Schumer (D-N.Y.),
$21,933 (Source: Center for Responsive Politics).
Top current representatives receiving Enron contributions since 1989:
Ken Bentsen (D-Texas), $42,750; Sheila Jackson Lee (D-Texas), $38,000;
Joe Barton (R-Texas), $28,909; Tom DeLay (R-Texas), $28,900; and Martin
Frost (D-Texas), $24,250 (Source: Center for Responsive Politics).
High officials of both the Clinton and Bush administrations strongly supported Enron in its financial dispute with the Indian Government over a power plant venture. As it headed into bankruptcy in late 2001, Enron hoped that this support would bring it the financial oxygen of a $2.3 billion settlement.
Remember this: Enron is from Texas. Most of their campaign monies went to candidates from Texas (makes sense). Who better to relate to in Washington (when lobbying) than someone from your own backyard?