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Ex-Enron Accountant Pleads Guilty to Fraud
I guess there is just no honor among thieves.
This will make Republicans look bad.
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I guess there is just no honor among thieves.
This will make Republicans look bad.sigpic -
I fail to see how this makes Republicans look bad.
Hang 'em for fraud. -
You're unaware of the Kenny Lay / Dumbya connection?Originally posted by DrMaddVibe
I fail to see how this makes Republicans look bad.
Hang 'em for fraud.
Originally posted by KristyOriginally posted by cadaverdogComment
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How's bout the Clinton/Enron connection?Comment
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Clinton's back in the White House?Originally posted by DrMaddVibe
How's bout the Clinton/Enron connection?
No shit.
I gotta keep up......Originally posted by KristyOriginally posted by cadaverdogComment
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How about the Securities and Exchange Commission has been systematically weakened (until the scandals) under the BUSH Administration?Comment
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yeah, but Clinton.....Originally posted by Nickdfresh
How about the Securities and Exchange Commission has been systematically weakened (until the scandals) under the BUSH Administration?Originally posted by KristyOriginally posted by cadaverdogComment
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Like I said....
Enron and Bill Clinton - Charles R. Smith - Thursday, Feb. 28, 2002
Trade Trips to Russia, India, Bosnia and Indonesia
I must admit to an error in my most recent article on the Enron scandal. Lovers of ex-President Bill Clinton will be overjoyed to find that Enron's top exec Ken Lay did not stay at the White House 11 times.
However, the bad news for those who still worship Mr. Clinton is that Enron not only donated $100,000 to Clinton's 1993 inauguration but, according to the records, also added an additional $25,000 to the Clinton 1993 celebrations.
The documented evidence shows that Enron did make it into the Clinton White House by special invitation. Senior Vice President Terrance H. Thorn had coffee with Bill Clinton on March 5, 1996.
Many of the other attendees of the Clinton White House coffee sessions also make up a long list of convicted criminals, arms dealers and bagmen for illegal DNC contributions.
For example, Wang Jun had coffee with Clinton in 1996. Wang is also the president of Poly Technologies, the largest arms trading firm owned by the People's Liberation Army. Poly Tech is currently banned from doing business in the United States after several of its top executives conspired to smuggle machine guns into the U.S. for sale to a major drug dealer – who later turned out to be a Customs agent posing as a gangster.
Charlie "Yah Lin" Trie, who was later convicted of illegally passing hundreds of thousands of dollars to the Clinton/Gore re-election campaign, brought Wang into the White House. Trie also gave an additional $645,000 to the Democratic National Committee, and most of this money was from illegal foreign sources.
Trip to Russia
Enron's association with the Clinton White House comes even closer to home when you consider the many corporate foreign trade trips paid for by your tax dollars. In 1994, Enron's CEO Ken Lay surfaced on a list of attendees wishing to travel to Russia with Ron Brown.
One person who did make the trade trip to Russia was Roger Tamraz. Interpol then wanted Tamraz, a Lebanese oil financier, for embezzling nearly $80 million from a Middle Eastern bank. Tamraz, who made most of his money selling Libyan oil, would later give more than $300,000 to the DNC after having coffee with Bill Clinton in the White House.
Russia was not the only target of Enron wheeling-and-dealing with the Clinton administration. Enron execs traveled on a profitable trade trip to India with Ron Brown, landing a major contract for a power plant. The India power plant deal later fell apart with allegations of illegal payments and bribery.
Trip to Bosnia
Enron also traveled in 1997 to Bosnia with Commerce Secretary Kantor in hopes of landing a U.S. taxpayer-backed energy deal in the war-torn state. According to the Chicago Tribune, Enron made a $100,000 donation to the DNC just days prior to the trade mission to the former Yugoslav province. Commerce Department documents clearly note that Enron was interested in the "Zagreb" portion of the trip.
Even in the last days of Bill Clinton, Enron execs were on the go. Enron traveled to South Korea with Commerce Secretary William Daley in 1999. Daley would go on to run Vice President Al Gore's failed bid for the White House in 2000.
Trip to Indonesia
The most damning evidence linking Bill Clinton and Enron to corruption is the documentation that shows Enron received U.S. taxpayer monies in order to finance a corrupt deal with Indonesia.
P.T. East Java Power Corp., which was then 50.1 percent owned by Enron, wanted to conclude a deal for a 500 megawatt power plant in East Java, Indonesia. The 20-year deal was later signed by Enron with P.T. PLN Persero (PLN), Indonesia's state-owned electric utility, which agreed to purchase the power from the natural-gas-fired plant.
According to Enron, the natural gas for the project was to be provided by Pertamina, Indonesia's state-owned oil and gas company. Commerce Department documents noted that Pertamina stalled the project with excessive demands for gas prices.
"Enron is now engaged with Pertamina over access to natural gas. These discussions may prove difficult," states a 1994 Commerce Department advocacy document.
"Enron is registered for OPIC (Overseas Private Investment Corporation) insurance," states the document, noting that the giant corporation obtained U.S. taxpayer-backed insurance if the Indonesian deal fell apart.
Ron Brown Letters for Enron
Ron Brown personally sought approval for the Enron electric power plants inside Indonesia. According to a personal letter directed to the Indonesian Minister for Trade and Industry, Brown endorsed two Enron deals for gas-fired power plants with the corrupt Suharto regime.
"Enron power, a world renowned private power developer, is in the final stages of negotiating two combined cycle, gas turbine power projects," wrote Brown in his 1995 letter.
"The first, a 500 MW plant in East Java, should bring commercial power generation by the end of 1997 if it can promptly negotiate a gas supply Memorandum of Understanding with Pertamina. The other project, a smaller plant in East Kalimantan, also awaits a gas supply agreement.
"I urge you to give full consideration to the proposals," concluded Brown to the Indonesian minister. In October 1995, Brown wrote another letter, this time to Hartarto Sastrosurarto, Indonesia's Coordinating Minister for Trade and Industry, pressing him to conclude the Enron power plant deals.
"I would like to bring to your attention a number of projects involving American companies which seem to be stalled, including several independent power projects. These projects include the Tarahan power project, which involves Southern Electric; the gas powered projects in East Java and East Kalimantan, which involves Enron," wrote Brown.
"Your support for prompt resolution of the remaining issues associated with each of these projects would be most appreciated," concluded Brown.
On Nov. 18, 1996, Enron CEO Ken Lay announced that the deal with Suharto was complete. According to Enron's public statement, the U.S.-led energy company had finally won the East Java Power project.
Corruption, Collusion and Nepotism
Yet the Enron success was clouded by allegations that the power plant deals were filled with kickbacks for the Suharto family. In October 1998, U.S. Ambassador J. Stapleton Roy wrote a diplomatic cable that he had recently met with Indonesian Director General of Electricity Endro Utomo Notodisoerjo.
"Commenting on corruption, collusion and nepotism (KKN), Endro said that in the past there was no separation between 'power' (not electric but former first family power) and business. 'All the IPP's (Independent Power Projects) have a relation with power, and it is still going on,' added Endro."
According to State Department documents, Enron signed on to a deal filled with "corruption, collusion and nepotism." One State Department cable included an entire section titled "Dealing with unwanted partners" that detailed corruption inside the two Enron power plants at East Kalimantan and East Java.
"Unocal executives told resources officer that the firm is close to reaching a deal with its partner, PT Nusamba (controlled by former President Soeharto crony Bob Hasan) to sever ties in two production sharing contracts (PSC) in East Kalimantan and East Java," notes the State Department cable.
Eventually, the Indonesian economy collapsed and Suharto was overthrown. The resulting economic mess forced Indonesia to default on its payments for the Enron power plants. The U.S. taxpayer using its insurance, however, paid off Enron. One such policy for Enron was obtained through the World Bank Multilateral Investment Guarantee Agency or MIGA.
"In June of this year, MIGA paid $15 million to Enron Java Power Co. for its investment in P.T. East Java Power Corporation in Indonesia," states the 2000 official public release from the World Bank.
"The venture was one of many suspended by the presidential decree of September 20, 1997, issued in response to the country's economic crisis," noted MIGA officials.Comment
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Like you said? Gee, seems more like some op-ed hack was saying it...Originally posted by DrMaddVibe
Like I said....
Enron and Bill Clinton - Charles R. Smith - Thursday, Feb. 28, 2002
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So, what the thesis of the article? that what took place ten years before exonerates the BUSH Administration for extensive ties to the energy industry and a series of scandals that erupted?
My President is slightly less corrupt than your pResident?
I bet this article is as about "factual" as a lot of the "Arkansas Working Project" articles that have been debunked as a series of half-truths, innuendo posed as facts, and even out right lies...
Oh, and ELVIS, there's no link on this either. Aren't you going to complain?Comment
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LIKE I SAID dickweed!
I fail to see how this makes Republicans look bad.
The DemocRATS did it to themselves!!!!!Comment
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Fuck you and your links too!
Google the bitch like any human with a brain would IF you think I'm lying, making stuff up or just don't like what I post.Comment
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Actually, I usually don't care if someone doesn't post a link, as long as the article is clearly marked/titled with the org. you got it from (otherwise it's essentially plagiarism or a copyright infringement) and the poster is a regular (that we know doesn't selectively delete parts). And you usually post from NEWSMAXipad anyways.Originally posted by DrMaddVibe
Fuck you and your links too!
Google the bitch like any human with a brain would IF you think I'm lying, making stuff up or just don't like what I post.
Oh ASSVIBE, I will say that you don't alter or make stuff up, I'll give you that...
But I have seen people here do that, though it's been a very long while...
Anyhoo, I usually post a link to cover my ass, as well as the webbies, and as a courtesy to the writer and/or news org...
It's your pal ELVIS that selectively cries over any unlinked articles (the ones he doesn't like)...Last edited by Nickdfresh; 12-31-2005, 03:06 PM.Comment
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Actually, I never said it was just a Republican problem, I don't see the world in partisan black and white, er, red and blue...Originally posted by DrMaddVibe
LIKE I SAID dickweed!
I fail to see how this makes Republicans look bad.
The DemocRATS did it to themselves!!!!!
But a lot of corporations going bankrupt and shitting the accounting bed on BUSH's watch is a bit telling, the the Republicans are far more prone to turn a blind eye to nefarious corporate business practices...
The fact is that these turds gave a hell of a lot more money to the RNC and BUSH's reelection campaign than they ever did to CLINTON/GORE, or the DNC...Especially when you consider they're all Texas Oil men at heart...Comment
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No...I did say I failed to see how it affects them as a party like the original poster implied.
You don't have to be an Alan Greespan to know when the market started souring and what caused it. Knowing when and what did would remove the partisan bickering from the table that you think I'm doing.
I'd like to see the donations myself and not take the word of a jaded fool.Comment
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Originally posted by DrMaddVibe
No...I did say I failed to see how it affects them as a party like the original poster implied.
You don't have to be an Alan Greespan to know when the market started souring and what caused it. Knowing when and what did would remove the partisan bickering from the table that you think I'm doing.
The market was part of the problem, in fact, ENRON was essentially a giant pyramid scheme in which thery kept borrowing money and representing it as profit until they could no longer get away with it...
Oh, I'll get back to you on that, but in fact, it wasn't just ENRON, and it wasn't the "Market" that caused fraud and accounting scandals...I'd like to see the donations myself and not take the word of a jaded fool.
But since we're posting articles from 2002:
Bush and Harken Energy
As George Bush announces a crackdown on corporate fraud, the president's own financial dealings from 10 years ago have come under renewed scrutiny, as Mark Tran explains
Wednesday July 10, 2002
What is the fuss over Mr Bush's financial transactions?
On June 22 1990, George Bush, then a director with a company called Harken Energy, sold 212,140 shares for $848,000 (£548,100). Almost exactly two months later, on August 20, Harken announced a $23.2m loss, which caused its shares to drop to $2.375 from $3. The next day, Harken returned to $3, but fell to $1 at the end of 1990.
Article continues
Did Mr Bush do anything wrong?
Although the law requires prompt disclosure of what are called insider sales, or sales by senior executives, Mr Bush did not inform the securities and exchange commission (SEC), the US market regulator, until 34 weeks later. So technically Mr Bush was at fault. Bush supporters say that he did fully disclose the transaction, and that "half of corporate America was filing forms late at that time".
How does Mr Bush explain the episode?
A decade ago, Mr Bush blamed the SEC, which he said had lost the forms he had filed. When the story resurfaced last week, the White House admitted that this had not been the case. Instead, White House spokesman Ari Fleischer blamed the delay on "a mix-up with the attorneys", but could not shed light on how the confusion arose.
Why is this coming to light now?
Someone leaked the SEC report on the incident, presumably to embarrass Mr Bush. He has been thrown on the defensive because of his close business ties at a time when corporate America is in the dock for dodgy accounting and bloated executive salaries.
What did the SEC report say?
The SEC report, dated August 21 1991, said that staff had reviewed thousands of pages of documents, interviewed witnesses and met lawyers for Harken and Mr Bush. It concluded that there was insufficient evidence to determine that Mr Bush had any inside information or advance knowledge of Harken's losses. The SEC recommended that the matter be closed.
Are there other questions about Harken?
Quite apart from Mr Bush's share dealings, the company came under scrutiny for a 1989 deal. In that transaction, Harken sold 80% of a subsidiary, Aloha Petroleum, to a partnership formed by Harken executives, who got most of the money for the deal by borrowing from Harken itself. The transaction allowed Harken to reduce the amount of debt on its balance sheet and to claim the proceeds of the sale as income.
How did that go down with the SEC?
The SEC thought that the income should have been deferred to future years. After months of discussions with the SEC, Harken in January 1991 restated its financial reports to add $9m to its loss column, nearly quadrupling its loss. It is the kind of financial manoeuvre that would be frowned upon now after the Enron scandal.
How does Mr Bush explain the transaction?
In a press conference this week, an irritated Mr Bush said: "There was an honest difference of opinion as to how to account for a complicated transaction. Sometimes the rules aren't as specific as one would expect, and therefore the accountants and the auditors make a decision."
How did Mr Bush link up with Harken?
Mr Bush became a director of Harken and a member of its audit committee when Harken paid $2m for Spectrum 7, a small loss-making energy company with large debts. Mr Bush was chief executive of Spectrum 7. When asked why Spectrum 7 was of interest to Harken, its founder, according to the US economist Paul Krugman, said: "His name was George Bush." At the time Mr Bush's father was president.
Is there a cloud over the vice-president, Dick Cheney, as well?
There are questions over Mr Cheney when he was chairman and executive of Halliburton, an oil services company, from 1995 to 2000. A Washington-based group, Judicial Watch, is suing Mr Cheney and the company, alleging accounting fraud - a charge the company describes as being without merit. At issue are accounting practices Halliburton adopted in 1998 that included some of its unresolved claims against engineering and construction clients as revenue, even though the amounts of money at stake were still in dispute. Before 1998, the company was more conservative, reporting such revenue only after settling with customers. Halliburton said in May that the SEC was looking into its accounting practices.
I mean, who set the example?Comment
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