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Friends in High Places: Bankrupt Enron Held Sway with Bush Administration!
ABCnews.com | December 10, 2001 | Josh Gerstein

Posted on 12/10/2001 7:47:51 AM PST by BluH2o

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ABC's GMA interviewed a 21 year employee of Enron this morning. He lost nearly all of his 401K ... valued at nearly $500 thousand at one point ... now just a few thousand dollars. The contrast was made with senior level management who were able to squirrel away millions (in one case $160 million) before Enron collapsed.
The GMA hosts delighted in pointing out the Enron connection to the Bush administration.

The Bush people need to put this fire out immediately.

1 posted on 12/10/2001 7:47:51 AM PST by BluH2o
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To: BluH2o
ABC's GMA interviewed a 21 year employee of Enron this morning. He lost nearly all of his 401K ... valued at nearly $500 thousand at one point ... now just a few thousand dollars.

This 21-year employee is a moron. Nobody with any financial sense would have almost their entire 401(k) account invested in one company. In fact, a good financial planner will tell you that you should NEVER invest more than a token amount of money in your employer if it is a publicly-traded company.

2 posted on 12/10/2001 7:53:30 AM PST by Alberta's Child
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To: BluH2o
The Bush people need to abide by the law. If Enron execs broke the law, then they need to be prosecuted to the fullest extent of the law. And ABC needs to do its homework. Enron was also very cozy with the previous administration. It didn't seem to bother ABC then.
3 posted on 12/10/2001 7:54:41 AM PST by mewzilla
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To: BluH2o
If they held so much sway with W, how come they're bankrupt?

What good did all the connections do them?

Nada.

Sure, the golden parachutes get theirs, but that's true in any corporation.

The solution is to get your own corporation, rather than relying on someone else to give you a 401K.

Why wasn't this guy complaining about high energy prices when his 401K was at 500,000?

4 posted on 12/10/2001 7:55:03 AM PST by GEC
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To: BluH2o
A lot of good the connection with GW has done them......Doesnt sound like a fire to me ....a fire sale maybe
5 posted on 12/10/2001 7:55:41 AM PST by woofie
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To: BluH2o
For a different perspective on Enron (and one that blames Clinton/Gore/Ron Brown for the Enron fiasco) click here
6 posted on 12/10/2001 7:58:07 AM PST by staytrue
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To: Alberta's Child
The company only gave 401k matching contributions in the form of company stock and participants were not permitted to sell until they had reached age 50.
7 posted on 12/10/2001 7:59:28 AM PST by getsoutalive
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To: BluH2o
This is a dead end story. Enron is a victim of it's own poor fiscal management. If Bush gives them a bailout package (which he won't) then there would be a story. The news networks are scraping the ground for mud to sling and will come up empty handed.
8 posted on 12/10/2001 7:59:57 AM PST by TADSLOS
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To: BluH2o
It's a pity that they don't consider the Clinton-Gore connections to the Enron mess. See this article posted here yesterday: Clinton-Gore sales team eased Enron's path to success for a more balanced look at this story.
9 posted on 12/10/2001 8:00:18 AM PST by MizSterious
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To: BluH2o
I was listening to NPR on the way home from work the day Enron filed Chap. 11. They were talking about how a bunch employees put 100% of the 401(k) into Enron stock back in the summer. They even had one of the families on that did this. One guy put all of his 401(k), worth $2.5 Million, into Enron stock. Now worth virtually nothing. While it is a horrible thing to happen to anyone and something you wouldnt wish on most of your enemies, these people must have known it was not a good idea. They were looking at Enron stock and the companies projected $120 stock price and they got greedy.

The company I work for limits the amount of 401(k) that you can invest in the company. If memory serves me right, we are not allowed to invest more than 25% of our 401(k) in company stock. Might even be a lower %.

Oh, and now a bunch of the employees who lost everything because they put everything in Enron are suing Enron and want their money back. Unless they were illegally and fraudulantly advised to invest that way, tough shit.

10 posted on 12/10/2001 8:01:13 AM PST by Phantom Lord
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To: woofie
Doesnt sound like a fire to me ....a fire sale maybe

The democrats will use this unmercifully against the Bush administration. This is what the democ"rats" push all the time ... the little guy against the big guy ... labor against management, etc.. Now they have the goods on Bush ... or, at least think they do.

11 posted on 12/10/2001 8:02:53 AM PST by BluH2o
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To: staytrue
GMTA--but your GM thinks a lot more quickly than mine! :)
12 posted on 12/10/2001 8:03:18 AM PST by MizSterious
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To: BluH2o
The Bush people need to put this fire out immediately.

That will be hard to do.

13 posted on 12/10/2001 8:03:21 AM PST by lewislynn
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To: BluH2o
What Enron did to its employees and shareholders is immoral and scandalous -- and probably criminal. I wonder who else received support from the company besides the President, and would like to read more. But I am very leery of any news story that uses Rep. Waxman as a source. He, himself, is immoral and scandalous and shouldn't be casting any stones. He is a left-wing nut case on most issues, entirely without scruples. Who funds this Center for "Public Integrity" anyway? More info, please. AdR
14 posted on 12/10/2001 8:04:49 AM PST by 3AngelaD
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To: Phantom Lord
Please check my post #7
15 posted on 12/10/2001 8:05:06 AM PST by getsoutalive
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To: BluH2o
The Dems. and their wonks have their talking point and it's Bush/Enron Enron/Bush. Paul Begala, Terry McCauliff, etc. are all chanting the new Enron/Bush mantra. The Dems. have nothing else. And this ain't much.

Well, at least Bush and Co. have not made it their goal to bankrupt "big tobacco", "big firearms", "big medicine", "big Microsoft", etc. As the Dems. have. And by doing so the Dems. actively try to put Americans out of their jobs. Heck, the Dems. should be happy, since Enron was in the energy business and so must have been part of "big oil". And they hate big oil.

The Dems. take in huge amounts of money from trial lawyers who take money right out of the public's pockets. Trial lawyers like John O'Quinn, etc. They shake down the companies mentioned above and then fund the Dems. But ABC does not say a thing about that. Pissants!

16 posted on 12/10/2001 8:05:35 AM PST by isthisnickcool
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To: GEC
"If they held so much sway with W, how come they're bankrupt? Good point!!

Waxman's giant black nostrils are flaring over the secret Enron-Cheney meeting..wonder what advantage he thinks Enron got?

As for our nation's oil shortage, I suggest drilling in Nostril Waxman's two hairy black holes. No telling what we're likely to find.

17 posted on 12/10/2001 8:08:08 AM PST by YaYa123
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To: staytrue
For a different perspective on Enron (and one that blames Clinton/Gore/Ron Brown for the Enron fiasco)

Don't expect to hear this version in the liberal mainstream media. Charlie Gibson, host on GMA, was having a near orgasim with this story ... tomorrow will be Katie Courics turn at NBC.

18 posted on 12/10/2001 8:08:43 AM PST by BluH2o
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To: Alberta's Child
This 21-year employee is a moron. Nobody with any financial sense would have almost their entire 401(k) account invested in one company.

You're right, the fact he was duped by his own 21 year company then wasn't allowed to sell his shares when the upper mangement was bailing out is all his fault...

But I wonder if your response would have been the same if the article was about Clinton/Enron rather than Bush/Enron....just wondering.

19 posted on 12/10/2001 8:10:35 AM PST by lewislynn
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To: getsoutalive
Well, the one family they had on were in their 60's so they have no excuse. They also were not required to put the money they invested into their 401(k) into Enron stock. Infact, they did not have much in Enron until a few months ago and then MOVED ALL OF IT into Enron according the them.
20 posted on 12/10/2001 8:12:24 AM PST by Phantom Lord
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