Web posted Jan. 11, 2002

Main Page
News Reports
Center Commentary
Subscribe
From the Editor
Feedback
Join the Center

Subscribe 
Enter your e-mail address and click 'Go' to subscribe to The Public i and receive brief overview of each issue. It's FREE!
 Search
Advanced Search

Special Report
Fourteen Top Bush Officials Owned Stock in Enron 

By Derrick Wetherell

(WASHINGTON, Jan. 11) Fourteen of the top 100 officials in the Bush administration owned stock in embattled energy services firm Enron, according to a Center for Public Integrity analysis of Bush administration personal financial disclosure forms. Their holdings were worth-at the time of their filings-between $284,016 and $886,000. (See the table below.)

CENTER REPORT 

The Center for Public Integrity released Jan. 14, 2012, a report analyzing the finances and professional affiliations of 100 high-ranking Bush administration officials, from the President down to cabinet undersecretaries and the heads of independent agencies.

Revelations about Enron's financial losses and accounting practices caused the share price to plunge significantly since the officials filed their disclosure forms. Some of the 14 officials have sold their shares since they filed their personal disclosure forms.

These findings are from an unprecedented Center analysis of the finances and professional affiliations of the top 100 Bush administration officials, from the President to cabinet undersecretaries to the heads of independent agencies. The full report and searchable database will be released on the Public i site Monday morning, Jan. 14.

In addition to the 14 who owned stock in Enron, two officials had professional ties to Enron. National Economic Council Director Lawrence Lindsey served as a consultant to Enron when he was managing director of Economic Strategies, Inc., a consulting firm. He also served on Enron's board of advisers. U.S. Trade Representative Robert Zoellick, who owned stock in Enron, also served on its advisory council, earning a $50,000 fee for his time.

Among the largest Enron shareholders, according the personal financial disclosure forms, are senior adviser to the President Karl Rove and Undersecretary of State Charlotte Beers, who each held between $100,001 and $250,000 of stock when their forms were filed. Others include Zoellick and Undersecretary of Commerce Grant Aldonas, who each owned between $15,001 and $50,000 of stock when they were nominated.

Aldonas' boss, Commerce Secretary Donald Evans, and Treasury Secretary Paul O'Neill were the two officials contacted by Enron CEO Kenneth Lay last October. The first calls came after Enron reported a third quarter loss of $618 million and revealed that the Securities and Exchange Commission was investigating the company.

White House Press Secretary Ari Fleischer said Enron, in its contacts with O'Neill and Evans, suggested that its dire financial situation could have broad implications for the economy.

Fleischer said that O'Neill, in response to the calls from Enron, "contacted Undersecretary [Peter R.] Fisher, Undersecretary Fisher looked at that and concluded there would be no more impact on the overall economy."

Fisher was one of the 14 who owned stock in Enron at the time he filed his financial disclosure. He valued his holdings within a range of $1,001 and $15,000.

Among the report's other significant findings was that the largest sector in which the administration is invested, in terms of maximum dollar value, is the energy sector, with some 221 investments worth up to $144.6 million.

The rest of the study's results will be released Monday on the Center's on-line investigative report, The Public i, www.public-i.org.

Officials Who Owned Enron Stock

Name  Position Asset Name

Minimum

Maximum Asset Type

Fisher, Linda Deputy EPA Administrator Enron $1,001 $15,000 Stock
Fisher, Linda* Deputy EPA Administrator Enron $15,001 $50,000 Stock
Fisher, Peter Undersecretary of Treasury Enron $1,001 $15,000 Stock
Beers, Charlotte Undersecretary of State Enron $100,001 $250,000 Stock
Cooper, Kathleen  Undersecretary of Commerce Enron $1,001 $15,000 Stock
Dorr, Thomas Undersecretary of Agriculture Enron $1,001 $15,000 Stock
Dorr, Thomas* Undersecretary of Agriculture Enron $1,001 $15,000 Stock
Marburger, John Dir., Office of Science and Technology Policy Enron $1,001 $15,000 Stock
Rumsfeld, Donald Secretary of Defense Enron $1,001 $15,000 Stock
Deily, Linnet Deputy U.S. Trade Representative Enron $15,001 $50,000 Stock
Deily, Linnet* Deputy U.S. Trade Representative Enron $0 $1,000 Stock
Aldonas, Grant Undersecretary of Commerce Enron $15,001 $50,000 Stock
Calio, Nicholas Asst. to the President, Dir. Of Legislative Affairs Enron $1,001 $15,000 Stock
Libby, I. Lewis Vice President's Chief of Staff  Enron $1,001 $15,000 Stock
Zoellick, Robert US Trade Representative Enron $15,001 $50,000 Stock
Tutweiler, Margaret Advisor to the President for Communications Enron $15,001 $50,000 Stock
Rove, Karl Senior Adviser to the President Enron $100,001 $250,000 Stock

* Two separate holdings

Derrick Wetherell is a writer at the Center. To write a letter to the editor for publication, send to letters@publicintegrity.org. Please include a daytime telephone number.


Related reports:


� Copyright 2012, The Center for Public Integrity. All rights reserved.


Main Page News Reports  Center Commentary  Subscribe  From the Editor  Feedback  Join the Center for Public Integrity
  Suggest-a-Story

� Copyright 2001, The Center for Public Integrity. All rights reserved
IMPORTANT: Read the Copyright & Disclaimer statement for more information.