Bill Sykes' Newsletter from America.
(February 2002)
An ex-Brit gives his views-(without fear
or favor)---of the American Scene
The Invisible Man.
Oh were, oh were, can our Vice President be, and more importantly
what is he up to these days?
 Mr.
Dick Cheney has literally gone underground since the World
trade/Pentagon terrorist actions, and one can understand
many reasons for this separation of people in power.
Another reason has surfaced that perhaps he is trying to
avoid, the up and coming investigations into the "Enron"
debacle. Many top Government and Industry officials are
being implicated in what could turn out to be one of the
biggest financial scandals of the current era.
Some background information:
The Houston based energy company Enron, (Which has been
associated with the Natural Gas and Electricity Industry
markets), filed for Chapter 11, (bankruptcy protection),
in December of 2001.
Thousands of their employees were left without jobs and
the action destroyed much of their savings
Please let me explain:
Workers in many large American Companies are encouraged
to save for retirement by contributing a portion of their
salary, (normally around 7.5%, in some case more) into a
401K plan.
Generally, the Company makes matching contributions, (the
percentage varies by Company), which are invested in Company
stock.
 In
the Enron case, the higher echelon management apparently
knew that the company was in financial difficulties prior
to the September 11th terrorist action and proceeded to
sell their accumulated shares in the Company at the peak
price of around $90. (The stock price having been artificially
boosted by the apparent release of false/misleading reports
provided by Company officials as to profits/earning data).
It would appear that most of these reports, and "E"
mail messages to company employees, also audit documents
have since been shredded. I'm sure with current day technology
these documents can be resurrected.
At that time, or shortly there after, Enron froze the employees
ability to sell their shares in the company on the open
market causing the employees to lose practically the whole
of their savings. (The shares fell dramatically from around
$90 per share to less than one dollar per share).
You may ask as what this has to do with Mr. Cheney.
Apparently Mr. Cheney met privately with Enron CEO Mr. Ken
Lay and extensive contacts between Enron officials and the
White House occurred----six meetings in all, ostensibly
to formulate legislation appertaining to energy production.
Mr. Cheney was said to have led the secretive task force
of the "National Energy Policy Development Group"
which apparently came under investigation by the General
Accounting Office, (the investigative branch of Congress),
for perceived irregularities prior to the September terrorist
action .
Enron was a prominent contributor to political parties
and made large donations to a number of political entities.
both Republican and Democrat over a period of time. The
President of the United States, Mr. George W. Bush was also
quoted as a recipient of the sum of a large sum of money
from Enron's Political Action Committee.
So you can very well see why Mr. Cheney is keeping a low
profile these days.
I would predict that this incident may have far reaching
consequences, and turn out to be more of a witch hunt than
the Monica Lewinski affair and of more political significance
than the Watergate episode. !!!
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