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Cornyn's Corporate Sponsors

Industry Breakdowns:  Energy & Natural Resources

 PACs2000
One-fifth of Cornyn’s big-check money came from Energy & Natural Resources interests dominated by polluting energy and chemical companies. Such interests realize that vigorous enforcement of state environmental laws by the Attorney General’s Natural Resources Division could endanger Texas’ No. 1 ranking in toxic emissions, hazardous waste and hazardous chemical spills.5  Oil & Gas interests dominated by Enron Corp. ($193,000) led this sector. Next came Chemical interests, headed by the Sterling Group ($310,500), which specializes in chemical company buyouts. Cogen Technologies ($116,000) led electricity industry donors. Finally, USA Waste Services ($34,500) topped the heap of waste disposal donors.
 
Industry  Contributions   Percent 
Oil & Gas
$1,305,552
66%
Chemicals
$408,500
21%
Electric Utilities
$213,500
11%
Waste Disposal
$43,000
2%
Other
$5,750
0%
TOTAL:
$1,976,302
100%
Enron Fries In Its Own Juice

The late great power trader Enron Corp. was Cornyn’s leading energy donor.  Enron’s PAC and executives gave Cornyn $193,000, with 60 percent coming from Enron Chair Kenneth Lay.  Enron was notorious for its aggressive use of its campaign money and revolving door to manipulate public officials.  But the company’s own investors pulled the plug on Enron in November of 2001 after they learned that it manipulated them by issuing bogus financial reports that papered over debt and inflated profits.  Enron then declared the biggest bankruptcy in history.  The Securities and Exchange Commission is investigating Enron’s financial reports and investors (including the Employee Retirement System of Texas) are suing the company to recover lost billions.  State retirement funds lost $60 million in the Enron debacle. Cornyn is representing the state in Enron bankruptcy proceedings and is studying what—if any—other legal action he will take against Enron.
 


5  See Texans for Public Justice’s “State of the Lone Star State,” September 2000.
Copyright © 2002 Texans for Public Justice