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A Revolving Door Between Enron and Bush Administration

March 2002 IBEW Journal

Enron Collapse
More Flaws
in Deregulation.

Among many members of the Bush administration with Enron ties are: Lawrence Lindsey, the presidents top economic advisor, who was a paid Enron consultant and helped formulate the Bush energy policy; Karl Rove, the presidents senior political advisor, who once owned more than $100,000 in Enron stock; and SEC Chairman Harvey Pitt, who was a private lawyer for Enron auditor Arthur Andersen. Thirty-five administration officials reportedly have held Enron stock. Former governor Marc Racicot, Bushs choice to chair the Republican Party, was a paid Enron lobbyist. "While governor of Montana, Racicot presided over an electric deregulation law that brought about massive retail price increases, job losses and the shuttering of many of the states largest factories, which could not afford the new cost of power," Dushaw said.

"Practically every American fortunate enough to be able to save for retirement in any form was hurt by the collapse of Enron," AFL-CIO Secretary-Treasurer Trumka testified on Capitol Hill December 12. "Workers retirement funds have lost tens of billions of dollars in the collapse of Enron."

Addressing the impact of serious, widespread conflicts of interest in the Enron collapse and a lack of regulatory oversight, Trumka said the AFL-CIO has sent rulemaking petitions to the SEC "embodying this agenda of auditor independence and Board integrity. The relevant regulatory agencies could take a series of initiatives that would [help] protect workers retirement security and the investing public from the conflicts of interest that led to the collapse of Enron."

"Three areas manipulated by Enron need more government oversight: financial standards, electric power, and pension regulation," author Robert Kuttner wrote in Business Week December 24.

The IBEW joins the AFL-CIO and organized labor in full support of every measure to better protect working people and retirees against the possibility of a future occurrence of an Enron-like catastrophe.

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The Enron
Hardest Hit