culture, politics, commentary, criticism

Tuesday, January 14, 2003
Let the gouging begin! How is Enron like BCCI? How is Bush Senior like Bush Junior? Is there a reason beyond nostalgia why John Poindexter is still hanging around? What do Iran-Contra, Enron, Halliburton, Harken, Arbusto, BCCI, the savings and loan crisis, Gulf War One, and Gulf War Two have in common?

From today's
Houston Chronicle:
Texas Attorney General Greg Abbott blasted Enron's bankruptcy attorneys Monday, saying they are "lining their pockets" with fees at the expense of taxpayers, former employees and investors.

At the present rate of spending, Abbott said, the money spent on lawyers and accountants sorting through Enron's remains could approach $1 billion. He said the company should consider an immediate liquidation.

Since going into bankruptcy 13 months ago, Enron has spent more than $300 million on professional fees -- easily a record -- and is burning through $25 million a month. The situation could linger for months, even years. [...]

The meager prospect for a meaningful reorganization appears to be falling apart, rapidly burning money as it does so, some creditors say.

The fee total has already surpassed a widely cited record, $200 million spent in the early 1990s by the Luxembourg-based bankruptcy of the Saudi Arabian Bank of Credit and Commerce International, or BCCI.

And although WorldCom's bankruptcy is larger, its financial problems are far more straightforward, and thus its professional-fee expenses are much smaller than Enron's.

The primary firm representing both companies in bankruptcy is New York-based Weil Gotshal & Manges. Early on, its monthly billings to Enron were running more than $6 million a month. In comparable stages of the WorldCom case, the firm billed $1.5 million to $2 million a month.
Can't you just smell the money burning in Texas? And it's always someone else's money. Not the Bushes'. Not the Lays'. Not the Skillings'.

Lewis Lapham of Harper's said in 2001:
How else to describe the new administration's legislative agenda — elimination of the inheritance tax, revision of the bankruptcy laws, the repeal of safety regulations in the workplace, easing of restriction on monopoly, etc. — except as an act of class warfare? Not the aggression that Karl Marx and maybe Ralph Nader had in mind, not the angry poor sacking the mansions of the rich, but the aggrieved rich burning down the huts of the presumptuous and troublemaking poor.
"Class warfare"? Where have we heard that phrase before?

The more the Enron crooks (and their esteemed law firm) drag this out, the less monetary retribution will be available to the people they financially molested.

Greatest Hits · Alternatives to First Command Financial Planning · First Command, last resort, Part 3 · Part 2 · Part 1 · Stealing $50K from a widow: Wells Real Estate · Leo Wells, REITs and divine wealth · Sex-crazed Red State teenagers · What I hate: a manifesto · Spawn of Darleen Druyun · All-American high school sex party · Why is Ken Lay smiling? · Poppy's Enron birthday party · The Saudi money laundry and the president's uncle · The sentence of Enron's John Forney · The holiness of Neil Bush's marriage · The Silence of Cheney: a poem · South Park Christians · Capitalist against Bush: Warren Buffett · Fastow childen vs. Enron children · Give your prescription money to your old boss · Neil Bush, hard-working matchmaker · Republicans against fetuses and pregnant women · Emboldened Ken Lay · Faith-based jails · Please die for me so I can skip your funeral · A brief illustrated history of the Republican Party · Nancy Victory · Soldiers become accountants · Beware the Merrill Lynch mob · Darleen Druyun's $5.7 billion surprise · First responder funding · Hoovering the country · First Command fifty percent load · Ken Lay and the Atkins diet · Halliburton WMD · Leave no CEO behind · August in Crawford · Elaine Pagels · Profitable slave labor at Halliburton · Tom Hanks + Mujahideen · Sharon & Neilsie Bush · One weekend a month, or eternity · Is the US pumping Iraqi oil to Kuwait? · Cheney's war · Seth Glickenhaus: Capitalist against Bush · Martha's blow job · Mark Belnick: Tyco Catholic nut · Cheney's deferred Halliburton compensation · Jeb sucks sugar cane · Poindexter & LifeLog · American Family Association panic · Riley Bechtel and the crony economy · The Book of Sharon (Bush) · The Art of Enron · Plunder convention · Waiting in Kuwait: Jay Garner · What's an Army private worth? · Barbara Bodine, Queen of Baghdad · Sneaky bastards at Halliburton · Golf course and barbecue military strategy · Enron at large · Recent astroturf · Cracker Chic 2 · No business like war business · Big Brother · Martha Stewart vs. Thomas White · Roger Kimball, disappointed Republican poetry fan · Cheney, Lay, Afghanistan · Terry Lynn Barton, crimes of burning · Feasting at the Cheney trough · Who would Jesus indict? · Return of the Carlyle Group · Duct tape is for little people · GOP and bad medicine · Sears Tower vs Mt Rushmore · Scared Christians · Crooked playing field · John O'Neill: The man who knew · Back to the top

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