Changes

In July 1997, Enron CEO Ken Lay met with President [[Bill Clinton]] and Vice President [[Al Gore]] in the [[Oval Office]]. Clinton, Lay, and Gore discussed approval of the [[Kyoto protocol]]s on carbon emissions.  

In July 1997, Enron CEO Ken Lay met with President [[Bill Clinton]] and Vice President [[Al Gore]] in the [[Oval Office]]. Clinton, Lay, and Gore discussed approval of the [[Kyoto protocol]]s on carbon emissions.  

An internal Enron memo says the treaty will, "do more to promote Enron's business than will almost any other regulatory initiative outside of restructuring the energy and natural gas industries in Europe and the United States." Lay told Enron employees Bill Clinton solicited Lay's views "in advance of a climate treaty to be negotiated at an international conference" And Lay said Clinton agreed to support Lay's policy of a carbon emissions trading exchange from which Enron plans to profit hugely while American consumers pay steep price increases for electricity and natural gas.  

An internal Enron memo says the treaty will, "do more to promote Enron's business than will almost any other regulatory initiative outside of restructuring the energy and natural gas industries in Europe and the United States." Lay told Enron employees Bill Clinton solicited Lay's views "in advance of a climate treaty to be negotiated at an international conference" And Lay said Clinton agreed to support Lay's proposal of a carbon emissions trading exchange from which Enron planned to profit hugely while American consumers paid steep price increases for electricity and natural gas.  

The Republican Senate rejected the Kyoto treaty by a 95-to-0 vote on August 15, 1997.

The Republican Senate rejected the Kyoto treaty by a 95-to-0 vote on August 15, 1997.

==Cap and trade==

==Cap and trade==

:''Main article:'' [[Cap and trade]]

:''Main article:'' [[Cap and trade]]

Even after the U.S. withdrew from the Kyoto protocols, Enron continued to push for a domestic regulatory scheme known as cap-and-trade, whereby the government would set a cap on the total amount of carbon dioxide emissions allowed in the U.S.  It would distribute permits or allowances to companies affected by the cap giving them the right to emit a certain amount of carbon dioxide. Those allowances could then be traded a carbon emissions trading exchange.

Even after the U.S. withdrew from the Kyoto protocols, Enron continued to push for a domestic regulatory scheme known as cap-and-trade, whereby the government would set a cap on the total amount of carbon dioxide emissions allowed in the U.S.  It would distribute permits or allowances to companies affected by the cap giving them the right to emit a certain amount of carbon dioxide. Those allowances could then be traded on a carbon emissions trading exchange.

Enron executives believed that a cap-and-trade program would put them in a position to dominate the U.S. energy market. Electric utilities, required to reduce emissions of carbon dioxide, would be forced to switch from coal to natural gas as the only practical alternative to electricity production. As a leading trader of natural gas, Enron would be the recipient of a huge financial windfall.

Enron executives believed that a cap-and-trade program would put them in a position to dominate the U.S. energy market. Electric utilities, required to reduce emissions of carbon dioxide, would be forced to switch from coal to natural gas as the only practical alternative to electricity production. As a leading trader of natural gas, Enron would be the recipient of a huge financial windfall.

==Aftermath==

==Aftermath==

The "Enron 3", [[Ken Lay]], [[Jeffery Skilling]], and [[Andrew Fastow]], the top officers of Enron were all convicted for their role in the collapse of Enron. Enron's accounting firm Arthur Andersen was convicted of obstruction of justice for its dealings in the event, and went from being one of the top five accounting firms in the world, to a mere shadow of its original stature. This is because the numerous civil suits against it, lack of credibility, and loss of clients in the Enron collapse. The name of the [[Houston Astros]]' baseball stadium, Enron Stadium, was changed to Minute Maid Field after the incident. Many documentaries, movies and books about the Enron Scandal have been created, one of the most notable is the movie, Fun with Dick and Jane, with a storyline loosely based around the scandal, even mentioning Enron in the credits.

The "Enron 3", Ken Lay, Jeffery Skilling, and Andrew Fastow, the top officers of Enron were all convicted for their role in the collapse of Enron. Enron's accounting firm Arthur Andersen was convicted of obstruction of justice for its dealings in the event, and went from being one of the top five accounting firms in the world, to a mere shadow of its original stature. This is because the numerous civil suits against it, lack of credibility, and loss of clients in the Enron collapse.  

 

The name of the [[Houston Astros]]' baseball stadium, Enron Stadium, was changed to Minute Maid Field after the incident. Many documentaries, movies and books about the Enron Scandal have been created, one of the most notable is the movie, Fun with Dick and Jane, with a storyline loosely based around the scandal, even mentioning Enron in the credits.

In 2011, [[First Lady]] [[Michelle Obama]] scheduled a fundraising event in the mansion of a former Enron executive and billionaire for [[Presidential Election 2012|President Obama's 2012 re-election]] asking for $10,000 per ticket to the event, or the “co-host level” contribution being $35,800.<ref>[http://www.humanevents.com/2011/10/28/obama-rakes-in-cash-from-lobbyists-enron-executives/ Obama Rakes In Cash From Lobbyists, Enron Executives,] John Hayward, ''Human Events'', 10/28/2011. </ref>

In 2011, [[First Lady]] [[Michelle Obama]] scheduled a fundraising event in the mansion of a former Enron executive and billionaire for [[Presidential Election 2012|President Obama's 2012 re-election]] asking for $10,000 per ticket to the event, or the “co-host level” contribution being $35,800.<ref>[http://www.humanevents.com/2011/10/28/obama-rakes-in-cash-from-lobbyists-enron-executives/ Obama Rakes In Cash From Lobbyists, Enron Executives,] John Hayward, ''Human Events'', 10/28/2011. </ref>