Tokyo-based Electric Power Subsidiary partners with AP Solar in 400 MW Texas Solar Project

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Texas Solar Project Sold to CIP

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Industry News

Bush Cabinet Members Had Early Warnings On Enron

LCG, Jan. 11, 2002--President Bush was informed yesterday of two phone calls to Cabinet members by Kenneth Lay, Enron chairman, to signal serious financial trouble within Enron, according to Ari Fleischer, the White House spokesman.

Enron representatives have said and a Federal Reserve spokesman confirmed that Lay also contacted Alan Greenspan at the Federal Reserve. The Enron officials said that the communications were meant to make known the possibility that Enron would need to file for bankruptcy.

One of the Cabinet members who received a call was Commerce Secretary Donald Evans. According to Evans, the chairman requested assistance with the company's debt rating. The other, Treasury Secretary Paul O'Neill, said he was not asked for anything. O'Neill received one call in October and another in November, the spokesman said.

Fleischer characterized the appeal in question as representing "a case where a contributor called up and asked for something but did not get it," referring to Enron corporate and individual political contributions to President Bush's political campaings. Attorney General John Ashcroft officially recused himself yesterday from investigation into the matter of Enron's financial meltdown, due to his having received assistance from Enron in his own senatorial campaign.

Arthur Andersen, which has served as Enron's accounting firm, revealed yesterday that it had destroyed what it called a "significant" volume of documents relevant to Enron. The documents were disposed of before a subpoena was received from the SEC, according to a company statement. The activity was characterized as possibly leading to disciplinary action within the firm for those involved.

President Bush recalled that his predecessor as Texas governor, Ann Richards, appointed Kenneth Lay head of the Governor's Business Council: "and I decided to leave him in place, just for the sake of continuity. And that's when I first got to know Ken and worked with Ken." Bush reiterated a desire that employees' retirement savings be protected from problems experienced by their corporate employer. Fleischer indicated that Bush had not been in contact with the Enron chairman since last spring.

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