LIEBERMAN,
THOMPSON SEEK
INFORMATION ON
AGENCY OVERSIGHT OF ENRON
LETTERS TO
AGENCIES; SUBPOENAS
TO ENRON, ANDERSEN
February
15, 2002
WASHINGTON
- Governmental Affairs Committee Chairman Joe Lieberman, D-Conn.,
and Ranking Member Fred Thompson, R-Tenn., sent letters to four
federal regulatory agencies Friday to determine what the
agencies knew about how Enron was run and whether they could
have done anything to avert the company’s collapse.
The letters seek information about agency communications
with Enron Corporation and its accountant, Arthur Andersen LLP,
as well as any concerns, complaints, investigations or
enforcement actions involving Enron, dating back to 1992.
The letters underscore the Governmental Affairs
Committee’s commitment to ensure that federal regulatory
agencies are doing all they can to protect the public interest
and to prevent a future Enron from occurring.
Five thousand people lost their jobs, thousands more lost
billions of dollars in savings, and the U.S. capital markets
have been shaken as a result of the deceptive business practices
that led to Enron’s bankruptcy and the failure of anyone
inside or outside the government to anticipate it.
“We want to know where the watchdogs were,” said
Lieberman. “Was there anything they could have done to prevent
the financial loss experienced by so many hard-working people
and is there anything they can do to prevent a similar loss in
the future?”
“I am pleased to be able to join Chairman Lieberman in
pursuing information to further the Governmental Affairs
Committee's investigation into the collapse of Enron
Corporation,” said Thompson.
“I believe the American people deserve to learn what
role federal agencies did play, could have played, or should
have played over the years in helping to avoid or mitigate the
failure of Enron.”
Letters, dated February 15, were sent to the Securities
and Exchange Commission, the Commodity Futures Trading
Commission, the Federal Energy Regulatory Commission, and the
Labor Department.
The Enron subpoena, in addition to information about the
company’s contacts with the four agencies, also seeks
documents regarding bonuses and deferred compensation paid to
top company management, as well as information regarding
severance pay for lower-level employees. A second subpoena was
issued to Arthur Andersen seeking information about its contacts
with federal regulatory agencies regarding Enron.
Attached are copies of the four agency letters:
The
Honorable James E. Newsome
Chairman, Commodity
Futures Trading Commission
The Honorable Elaine L. Chao
Secretary, Department of Labor
The
Honorable Patrick H. Wood III
Chairman
, Federal
Energy Regulatory Commission
The
Honorable Harvey L. Pitt
Chairman, Securities and Exchange Commission |