Enron Faces Bankruptcy After Merger Nixed

Earlier this month, Enron Chairman Kenneth Lay announced he would forgo a $60.6 million compensation package he would have been owed if the company had merged with Dynegy.

Lay made the move after Enron employees complained about the deal — which was part of his contract, which runs through 2005. That contract called for him to get $20.2 million for each year left on the contract.

Lay is a Republican and a close friend of both President Bush and his father, former President George Bush. That didn't stop him from advising the Clinton administration on energy issues, however.

Lay was on Bush's short list for Treasury Secretary for the current administration.

According to the Center for Responsive Politics in Washington, Lay and Enron spent $2.1 million lobbying Congress last year. As recently as Oct. 16, Enron gave $60,000 to the Republican National Committee.

ABCNEWS' Naureen Malik contributed to this report.

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