Letter: Enron situation averted crisis

Friday, Dec. 28, 2001 | 3:20 a.m.

This is in response to Joseph Rulnick's Dec. 23 letter, regarding the importance of federal regulation of business. In some ways we can thank the executives of Enron for protecting us from one more round of destructive deregulation.

Reagan's deregulation of the savings and loan industry led to the unleashing of the greed mongers to put one of the nation's important financial institutions into the tank. This in turn caused a major drain on the U.S. Treasury. It was not coincidental that Charlie Keating and the rest of the S&L mob were big contributors to Republican politicians. They knew on what side of the bread to spread the butter.

Absent the Enron bankruptcy, the nation was once again positioned for a similar crisis in the energy industry. The Bush/Cheney team was most inclined to give the industry what it wanted -- and what it wanted most was to drill in protected federal land and the deregulation of its business. Thanks to Enron, this administration's not-so secret agenda to benefit oil and gas companies should be muted.

TED O. HALL