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Enron Corp. sought to use its political clout and deep pockets to curry favor with the Clinton administration for a proposed $3 billion power plant project in India, giving $100,000 to the Democratic Party when the deal was being completed.
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During the Clinton years, Lay and other Enron executives got seats on at least four Energy Department trade missions and at least seven Commerce Department trade trips, including a junket to India.
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From Jan. 13, 1995, to Jan. 21, 1995, Lay joined late Commerce Secretary Ron Brown on the India junket.
Half way through the mission, two federal export-finance agencies – the Export-Import Bank and the Overseas Private Investment Corp. – announced they had agreed to lend nearly $400 million to an Enron-led group to build a $920 million electric power plant in Dabhoi, India.
The second phase of the power project called for building a 1,320-megawatt plant that would be fired by liquefied natural gas.
The project's overall value was about $3 billion.
Lay pal Mack McLarty, then-White House counselor, helped him close the deal by tracking the project with the U.S. ambassador to New Delhi and briefing Lay on the administration's efforts. (President Clinton even helped. White House documents uncovered by Time in 1997 show he wrote a Nov. 22, 1996, FYI note to McLarty and enclosed a newspaper article on Enron and the power project.)
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Enron Corporation donated $100,000 to the Democratic National Committee. Six days later, Enron executives were on a trade mission with Commerce Secretary Mickey Kantor to Bosnia and Croatia. With Kantor's support, Enron signed a $100 million contract to build a 150-megawatt power plant.
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Former Clinton Treasury Secretary and current Citigroup executive Robert Rubin telephoned Treasury Undersecretary Peter Fisher regarding Enron and its creditors on Nov. 8, Treasury spokeswoman Michele Davis said Friday. Rubin "asked Fisher what he thought of the idea of Fisher placing a call to rating agencies to work with Enron's bankers to see if there is an alternative to an immediate downgrade," Davis said. "Fisher responded he didn't think it advisable to make such a call. Rubin said he thought that was a reasonable position. Fisher made no call." The eventual credit downgrades were a final action that pushed the troubled Enron almost immediately into the largest U.S. bankruptcy ever.
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Ron Brown, Al Gore and Bill Clinton introduced Enron to market managers in Russia, China, Indonesia and India. In India, Enron quickly became involved in one of that country's most massive corruption investigations, contracts were canceled and Enron was out.
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On the other hand, Enron introduced the Clinton team to Lippo Industries and thence to China's People's Liberation Army (a wonderful source of political cash), to John Huang, another good provider and to nameless, numberless Arabs who never arrived with empty pockets.
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During the Clinton years, Lay and other Enron executives got seats on at least four Energy Department trade missions and at least seven Commerce Department trade trips, including a junket to India.
-
From Jan. 13, 1995, to Jan. 21, 1995, Lay joined late Commerce Secretary Ron Brown on the India junket.
Half way through the mission, two federal export-finance agencies – the Export-Import Bank and the Overseas Private Investment Corp. – announced they had agreed to lend nearly $400 million to an Enron-led group to build a $920 million electric power plant in Dabhoi, India.
The second phase of the power project called for building a 1,320-megawatt plant that would be fired by liquefied natural gas.
The project's overall value was about $3 billion.
Lay pal Mack McLarty, then-White House counselor, helped him close the deal by tracking the project with the U.S. ambassador to New Delhi and briefing Lay on the administration's efforts. (President Clinton even helped. White House documents uncovered by Time in 1997 show he wrote a Nov. 22, 1996, FYI note to McLarty and enclosed a newspaper article on Enron and the power project.)
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Enron Corporation donated $100,000 to the Democratic National Committee. Six days later, Enron executives were on a trade mission with Commerce Secretary Mickey Kantor to Bosnia and Croatia. With Kantor's support, Enron signed a $100 million contract to build a 150-megawatt power plant.
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Former Clinton Treasury Secretary and current Citigroup executive Robert Rubin telephoned Treasury Undersecretary Peter Fisher regarding Enron and its creditors on Nov. 8, Treasury spokeswoman Michele Davis said Friday. Rubin "asked Fisher what he thought of the idea of Fisher placing a call to rating agencies to work with Enron's bankers to see if there is an alternative to an immediate downgrade," Davis said. "Fisher responded he didn't think it advisable to make such a call. Rubin said he thought that was a reasonable position. Fisher made no call." The eventual credit downgrades were a final action that pushed the troubled Enron almost immediately into the largest U.S. bankruptcy ever.
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Ron Brown, Al Gore and Bill Clinton introduced Enron to market managers in Russia, China, Indonesia and India. In India, Enron quickly became involved in one of that country's most massive corruption investigations, contracts were canceled and Enron was out.
-
On the other hand, Enron introduced the Clinton team to Lippo Industries and thence to China's People's Liberation Army (a wonderful source of political cash), to John Huang, another good provider and to nameless, numberless Arabs who never arrived with empty pockets.
