[Congressional Record (Bound Edition), Volume 148 (2002), Part 8]
[House]
[Page 10548]
[From the U.S. Government Publishing Office, www.gpo.gov]




       ENRON CORPORATION RUN FOR FUN AND PROFIT OF TOP EXECUTIVES

  (Mr. GEORGE MILLER of California asked and was given permission to 
address the House for 1 minute and to revise and extend his remarks.)
  Mr. GEORGE MILLER of California. Mr. Speaker, as Americans picked up 
their newspapers this morning, they once again learned that the Enron 
Corporation was run for the fun and profit of its top executives, not 
for the benefit of the energy market, and certainly not for most of its 
employees.
  In the year that Enron was failing and heading toward bankruptcy, 140 
of its top executives took out almost $800 million in bonuses; $800 
million, which is about the same amount as its 20,000 employees lost in 
their 401(k) retirement plans; $800 million that those people will not 
have for retirement, but which these 100 executives will have for the 
rest of their lives.
  As the Republicans talk about privatizing the Social Security system 
and insisting that everybody go into the equity markets with their own 
little account, they had better understand that corporate America is 
not running this system for the benefit of the shareholders. Corporate 
America is not running the system for the benefit of the corporations. 
They are running it for the benefit of the executives, those executives 
that took out $800 million on the eve of the bankruptcy at Enron 
Corporation.

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