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The Ant and the Grasshopper..... A must read

Old 12-15-2002, 05:46 PM
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Enron !!! Did someone say Enron ?? Oh I see You mean The "sweetheart" deal between Enron Corp. and India – brokered with the help of Al Gore and Bill Clinton during the controversial trade junkets in the mid-'90s –the one that ultimately soured and sped the energy giant's collapse, analysts say.

After investing more than $1 billion to help build a huge power plant near Bombay, Enron had problems it's last year getting paid for power generated by the plant – even after sources say former President Clinton lobbied Indian officials on Enron's behalf during his April visit to India.

Desperate, Enron chairman Kenneth L. Lay fired off a letter to Indian Prime Minister Atal Bihari Vajpayee threatening legal action to recover claims of up to $5 billion related to the Dabhol Power Co.

A month later, Lay called Commerce Secretary Don Evans, pleading for help with the nightmarish project.
The next day, Enron stunned Wall Street by announcing its first loss in more than four years. In the third quarter, the Houston-based energy giant hemorrhaged $618 million.

Enron's once-high-flying stock nose-dived, robbing many of its workers of their retirement nest eggs, and the company filed the biggest bankruptcy in U.S. history

Last edited by Steve 1; 12-15-2002 at 05:51 PM.
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