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Voice: Enough about Enron when there is corruption everywhere

February 22, 2002

Enron, Enron, Enron, blah, blah, blah. We are going to hear about this for months until you are sick of it and wish it would go away, which is what they really want anyway.

Just as the Republicans ran Clinton and Whitewater into the ground but did nothing much to prosecute anybody but more to embarrass the Democrats, now we see the reverse and nothing will really happen except they will probably try to pin something on some underling. Enron was a result of congressional actions.

About 1997, I was reading about across-the-board accounting fraud. If a company had any small increase in sales for a quarter, then Wall Street pundits were happy and would not say negative things that would cause the stock to sink.

After the 1929 crash, Congress enacted legislation to protect investors from fraudulent practices and required independent auditing of corporate finances. If the auditor conspired to cover up financial misdeeds then the auditor became liable up to three times the actual damages.

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In 1995, Congress rescinded that old law because they knew fraud was rampant and maybe they owned stock in the companies or they were afraid the stock market would tank because it was a bubble. They went along with the Federal Reserve in pumping the stock markets by dropping interest rates so low it would not come close to keeping up with inflation so people who had money in the bank had to put it into the market to make a decent return, though with much more risk.

In 1987 the market tanked and they were so scared they tried to turn the market around by giving the investment bank Goldman-Sachs an open checkbook to the Federal Reserve so they could buy up stock to turn the market up.

It worked and Goldman-Sachs made billions. The average bonus for a partner at GS has been running to $3 to $5 million per year for the last seven years.

Robert Rubin left Goldman-Sachs to be treasury secretary under Bill Clinton, a case of the fox tending the hen house.

This is similar to Daddy Bush and the Bank of Credit & Commerce International failure and the savings and loan failures. The Justice Department was going to go after Clark Clifford, a cabinet member under Jimmy Carter, but his wife went around Washington saying her hubby was not taking the fall and if he went to prison so would Bush Daddy. They blamed a guy named Muscalier and we have heard nothing since.

Bush Daddy, Neil and Jeb were going to be subpoenaed before Congress and they let it be known they would take the Fifth and that ended that. They were not called.

Why would people not choose to spend one or two hours a week to educate themselves is beyond me?

You are getting not only the government you elected but the government you deserve. They steal thousands of dollars out of your pocket every year through these manipulations and inflation and you still vote for them. I find it impossible to comprehend that we keep voting for the lesser of two evils and not for the guy who "can't win." Thus you will vote your own children into economic slavery.

Franklin said, "We have given you a republic. We'll see how long you can keep it" before you vote yourselves out of it. Most probably don't even believe me. Aristotle said people will believe a plausible lie before they will believe a flamboyant, ridiculous truth.

I've heard all about Enron that I need to hear.

NOEL CARRICO

El Centro

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