Jackson says (Rainbow) coalition wants role in (Enron/Dynegy) energy deal

Activist Jesse Jackson says the Rainbow/PUSH Coalition intends to be a part of the regulatory process leading to the closing of the Enron-Dynegy deal.

The organization, which he founded, owns Enron stock and shares in several other large Houston-based energy firms.

The organization's interest in the acquisition of Enron by Dynegy is in assuring minority inclusion in any possible spinoffs, employment, contract commitments and EEOC rulings.

Jackson is here for the first annual energy summit conducted by the Houston bureau of the Rainbow/PUSH Coalition Wall Street Project. The summit continues today in the Hyatt Regency downtown.

Those companies played a role in this conference that suggests they are in touch with Jackson already. On Monday he praised Enron head Ken Lay's integrity although the Enron executive is on the other end of the political spectrum.

Lay and Dynegy's chief executive officer, Chuck Watson, would have been at the group's energy summit if it weren't for the announcement last week that turned everything topsy-turvy, Jackson said.

The coalition opened its Houston bureau in May on Smith Street so it can do research, go to annual meetings and distribute information, Jackson said.

Protests and boycotts are not part of the plan, said William-Paul Thomas, the bureau chief here.

The Rainbow/PUSH Coalition, which Jackson heads, has taken an interest in energy and Houston in particular, as demonstrated by his appearance at the Offshore Technology Conference here early this year.

Blacks and Hispanics have been locked out of employment, upper-level management and contracts, Jackson said.

Jackson lamented the lack of emphasis on energy security now that the nation's attention has turned to terrorists and anthrax.

He also took the opportunity, in an interview, to criticize President Bush's plans for stimulating the economy from the top down, with a tax plan that will benefit large corporations to the tune of billions of dollars.

One-third of Rainbow/PUSH Coalition's idea for economic stimulation is travel vouchers, worth $1,000 each and good for up to six months.

This would help employment in the hard-hit travel and vacation industries during the holiday season, he said.

Just got this e-mail today. The last one fits Jesse to a Tee.

Social Studies: Some Useful Definitions

Feudalism
You have two cows.
Your lord takes some of the milk.

Fascism
You have two cows.
The government takes both, hires you to take care of them and sells you the milk.

Pure Communism
You have two cows.
Your neighbors help take care of them and you all share the milk.

Applied Communism
You have two cows.
You must take care of them, but the government takes all the milk.

Totalitarianism
You have two cows.
The government takes them both and denies they ever existed. Milk is banned.

Pure Democracy
You have two cows.
You and your neighbors decide who gets the milk.

Representative Democracy
You have two cows.
Your neighbors pick someone to tell you who gets the milk.

Mexican Democracy
You have two cows.
The government takes both and drafts you into the army.

European Democracy
You have two cows.
The EU commission decides which regulations for feeding and milking apply.
If there aren't any, they invent some.
They pay you not to milk the cows.
They take both cows, shoot one, milk the other and pour the milk down the drain.
They then require you to fill out forms accounting for the missing cows.

American Democracy
The government promises to give you two cows, if you vote for it.
After the election, the president is impeached for speculating in cow futures.
The press dubs the affair "cowgate," but supports the president.
The cows sue you for breach of contract.
Your legal bills exceed your annual income.
You settle out of court and declare bankruptcy.

Capitalism
You have two cows.
You sell one and buy a bull.
Your herd multiplies, and the economy grows.
You sell them and retire on the income.

Enron Venture Capitalism
You have two cows.
You sell three of them to your publicly listed company, using letters of credit opened by your brother-in-law at the bank, then execute a debt/ equity swap with an associated general offer so that you get all four cows back, with a tax exemption for five cows.
The milk rights of the six cows are transferred via an intermediary to a Cayman Island company secretly owned by the majority shareholder who sells the rights to all seven cows back to your listed company.
The annual report says the company owns eight cows, with an option on one more.
No wonder Jesse wants in on this action!

dynergy, inc.
houston, tx

dear jesse:

congratulations on your fine investment in enron!

owning shares that have gone from 90 to 9 in only 14 months must be very gratifying, and is certainly a fine use for your organization's funds

we regret to inform you, however, that despite what the rev. al told you, your 6 shares do not constitute a majority of the 749,857,016 outstanding shares of enron, and we will therefore be unable to participate in your little scheme

sincerely,

the good ol' boys on the dynergy board

cc: your mistress

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Jackson says coalition wants role in energy deal