By Bob Weaver|
ENRON WHITE COLLARS - Enron, the mega-giant energy company now in
bankruptcy, reportedly used $55 million of company money for golden
parachutes for their top brass, in addition to using up their worker's pension
fund. Billions of dollars in money went down the tube, the largest
bankruptcy known to mankind.
Unfortunately, Enron's collapse has hurt many West Virginians, investors, oil
and gas producers and reportedly the financing behind the drilling of some
deep wells in this area.
Enron was excluded from federal over-regulation, including the rules that
govern commodity traders - a hands-off policy. Republican Phil Gramm of
Texas pushed the legislation a year ago, while Gramm's wife was on Enron's
board. Gramm, if you recall, also helped the banking industry hold off
measures that would curb money laundering.
Enron executives also sold their shares of inflated stock, knowing the
mis-managed company was going down the tubes. The giant corporation was
heavily supported by big money oil and gas owners, including many
supporters of the Bush presidency.
Never fear, just like the junk bond and savings and loan bankers of the
Reagan-Bush years, they'll get their due. Just you wait and see.
Please, say they're not crooks. Say it ain't so!