-Caveat Lector-
In a message dated 01/21/2001 2:57:16 PM Eastern Standard Time,
[EMAIL PROTECTED] writes:
<< Mercury News Washington Bureau WASHINGTON
-- One of the top energy advisers to President-elect George W. Bush, who
today becomes responsible for crucial decisions in how the federal government
will deal with California's energy crisis, has a vested interest in how that
crisis is resolved.
Ken Lay, chairman and outgoing CEO of Enron, one of the nation's biggest
power marketers, has a long and close relationship with Bush. One of his
largest political contributors, he helped raise more than $100,000 for Bush's
presidential campaign. Those roles raise serious conflict-of-interest
questions, according to public watchdog groups.
``There's no secret he has the ear of the president,'' said Larry Makinson, a
senior fellow at the non-partisan Center for Responsive Politics, which
tracks money in politics. He described Lay as ``the ultimate insider'' on
energy and in particular electricity deregulation -- the root of California's
current problem.
``Energy deregulation is one of the foundations of the business plan for
Enron,'' he said. ``They want it nationally, and Ken Lay has been one of the
company's prime movers in this area.
''In addition to potentially boosting the fortunes of his company, Lay stands
to make significant gains personally if Enron benefits from the resolution of
California's energy woes. His declared holdings in the Houston-based
company's stock are 2.9 million shares, valued at $205 million when the
market closed Friday.
Bush already appears to have followed Lay's lead on one aspect of
California's severe energy problem.
On Thursday, Bush for the first time said he opposed caps on wholesale power
prices in the West, the same position that Lay has long stated. California
Gov. Gray Davis has pressed federal regulators for such caps as energy prices
have soared. >>
But of course, that's what the whopping donation was all about. Did you
really think Bush became president so he could "preach" from the "bully
pulpit"? Prudy
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