POLYNERVOUSTICKS - Feds Create Enron's Trough Feed, White Collar Thugs Play The Game

(12/20/2001)

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!


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