Carper: Enron Disaster Demands More than Outrage from Congress

WASHINGTON, DC – A major goal of any Congressional investigation into Enron must be restoring investor confidence in America’s markets and investigations must continue even after the nation’s attention turns to other issues, Senator Tom Carper said today. “This is a financial tragedy for the families who lost their life savings. While we feel outrage for those in Delaware and other states who lost so much so quickly, we must find answers,” Carper said. “When the nation turns its attention from this issue, the Congress must keep on. We must make every effort to stop other companies from misleading investors this way again.” Carper is a member of the Government Affairs Committee, which held a hearing on the Enron investigation this morning. He also sits on the Senate Banking and Energy committees, which are expected to hold similar investigations in the future. “Key to these hearings is keeping the confidence of the world’s investors,” Carper said. “From the family investing for their kids’ college fund to the largest corporation handling employees pensions, we must have their faith and confidence. As trillions of dollars move through the investment community, we must remain an attractive place to invest those funds.” Enron was the seventh biggest company in the country, with a stock market value of $60 billion. Last month, it filed for Chapter 11 bankruptcy. Enron employees who were prohibited from diversifying their portfolios saw their pensions disappear as the value of the company’s stock dropped from $98 a share to less than one dollar a share. Millions of dollars in retirement funds no longer exist.