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Bank Of America Investment As the problems of Enron have unfolded, the White House has persistently maintained that no American official did anything specific to help the company when it was heading toward bankruptcy. Apart from evidence that the administration's energy policy was largely consistent with Enron's goals, that claim has gone mostly unchallenged.

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Investment Opportunity But there was something quite specific that Mr. Bush's top aides did to help Enron last year before the hollowness of the company became clear: they lobbied to avert the shutdown of a $2.9 billion power plant in India built by Enron and two other American partners, Bechtel and General Electric, with some participation by Indian financial institutions.

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Banc Of America Investment This lobbying was testimony not only to Enron's importance as an investor abroad but to its political influence at home. The company contributed to both Republicans and Democrats. Indeed, it was the Clinton administration that first came to Enron's aid when it was trying to get the plant built in the 1990's.

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Banking Investment The White House has acknowledged that Vice President Dick Cheney and other members of the administration pressed Indian officials last year to pay Enron the money owed to it from the purchase of power generated by the 2,200-megawatt plant, located south of Bombay.

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Investment Solution Strategic At the time of Mr. Cheney's intercession, Enron's troubles were only beginning to surface; few thought that they threatened the company's future. More specifically, Mr. Cheney is said to have raised the subject of back payments with Sonia Gandhi, widow of former Prime Minister Rajiv Gandhi and current head of the once-dominant Congress Party, now the leading opposition party.

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Investment Banking Services If so, Mr. Cheney went to the wrong person. Mrs. Gandhi would have even less room to maneuver than other Indian politicians because of her sensitivity to the issue of foreign influence. Mrs. Gandhi was born in Italy and is acutely aware that her late husband was accused of getting kickbacks from a Swedish arms maker. Any bailout would be complicated by politics. The Hindu nationalist government of Prime Minister Atal Behari Vajpayee has been loath to act because doing so would benefit Mrs. Gandhi's Congress Party, part of Maharashtra's ruling coalition.

Bank Investment Ari Fleischer, the White House spokesman, has said that Mr. Cheney's intervention was appropriate because the United States government held guarantees on loans to the project. But the intervention also carried risks. Politically inspired influence on behalf of American corporations overseas can undermine the credibility of American investment in the developing world.

Alternative Investment That is especially true in India, where a long history of economic exploitation under British rule has left lasting resentments regarding foreign influence. In the 1970's, Prime Minister Indira Gandhi famously ejected Coca-Cola and I.B.M. Only in the last decade has the distrust diminished. The failure of the Enron project, the largest single foreign investment in India, seems to have reawakened the old suspicions and has already caused a decline in investment.

Online Investment Services From the beginning, critics in India warned that the power plant was economically unsound, and there have been suggestions that corruption was involved in the awarding of the contract. The Hindu, a leading Indian newspaper, said recently that "no India-specific shenanigan has yet come to light." But it added that the possibility of malfeasance cannot be dismissed "in the light of voluminous material now available on Enron's unethical behavior in the U.S."

Accompany Essential Investment The failure of the Enron plant stemmed partly from the structure of the deal, which pegged the cost of the power to the dollar. The rupee's collapse and other factors made the price too high for Indian customers to pay. In addition, the Maharashtra state government gave free power to customers with political connections, while others simply stole the power from local transmission lines.

Investment Company The fear now is that the Enron scandal may discourage foreign investment in other parts of the region, including Afghanistan, or may lead countries with such development to suspect exploitation by foreign investors.

Investment Management Solution This week, President Bush and Hamid Karzai, the interim leader in Kabul, announced steps to revive Afghanistan's economy, including government-backed loans for private enterprise. Some experts fear that private investment in the developing world could be hindered if the Enron scandal reinforces a belief that globalization, American style, is tainted by corruption.

Investment Management Services "Fairly or not, the Enron scandal is going to cast a shadow over the prospects for foreign investment in India," says an American diplomat who has been involved in the Enron discussions. "The problems in India are largely of its own making. But rest assured that in India, everyone is saying that these problems were designed and made in Houston and Washington."

Guide Investment Stock By Steven R. Weisman
New York Times - 2/3/2002

Topic: Enron

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