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DUer Tempest posted this in another thread that provides a little reality to their self-delusion-
The Repugs prevented Clinton from going after corruption
That's the real sad part about it.
Had he been successful, President Clinton would have brought the following reforms:
1) Stopping Auditor-Consulting Conflicts by Accountants
In 2000, Clinton Securities and Exchange Commission Chair Arthur Levitt, Jr. proposed regulations to prohibit accounting firms from simultaneously serving as consultants and auditors. Arthur Andersen and other accounting firms mounted a massive lobbying campaign against the Clinton-Levitt regulations, killing them. *The lead lobbyist for the accounting firms was Harvey Pitt. After being sworn in as President, George W. Bush named Pitt chair of the Securities and Exchange Commission. *
2) Greater Disclosure of Energy Derivatives
In 1997, Bill Clintons Commodities Futures Trading Commission Chair Brooksley Born proposed greater regulation (by way of more stringent disclosure) of energy derivatives, the key financial instrument in Enron's Ponzi-scheme empire. Her proposal was beaten back by House Republicans, including then-House Banking Committee Chair Jim Leach (R-IA) who scolded her for two hours at a hearing.
3) Oversight of Energy Traders
In 2000, William Rainier, Born's successor as chairman of the Commodity Futures Trading Commission, told Congress that he was "deeply concerned" about a bill to exempt energy trading from CFTC review, noting that those who trade energy derivatives were not subject to any other oversight. Rainer's objections were largely ignored by the Republican-controlled Congress, and the exemption, heavily backed by Enron, became law.
4) Cracking Down on Tax Havens
In 2000, Clinton Treasury Secretary Larry Summers proposed a crackdown on tax havens such as those used by Enron. With the US co-chairing the OECD's Forum on Harmful Tax Practices, Summers crusaded for a crackdown on money-laundering and tax havens. His proposal was opposed by the GOP Congress. When the Bush Administration took office, Treasury Secretary Paul O'Neill abandoned Summers' crusade, telling the Wall Street
Journal, "The government has not been respectful of the cost it imposes on society." The New York Times reported that Bush's top economic adviser, Lawrence Lindsey (a former economic adviser to Enron) also opposed efforts to crack down on tax havens.
5) Protecting 401(k)s
In 1997: Sen. Barbara Boxer (D-CA) proposed banning investment of more than 10 percent of the total 401(k) plan in the employer's stock--the maximum that investment experts recommend a person sink into any company. The GOP Senate watered down her bill so much it no longer applied to any corporation in America;
6) Protecting Investors and Shareholders
On December 20, 1995, President Clinton vetoed the Public Securities Litigation Reform Act, which would have restricted lawsuits against corporation accused of securities fraud. In his veto message, Clinton presciently noted that while he supported the notion of reducing frivolous lawsuits: "I am not, however, willing to sign legislation that will have the effect of closing the courthouse door on investors who have legitimate claims. Those who are the victims of fraud should have recourse in our courts. Our markets are as strong and effective as they are because they operate -- and are seen to operate -- with integrity. I believe that this bill, as modified in conference, could erode this crucial basis of our markets' strength." The GOP Congress overrode Clinton's veto.
Wendy Gramm, wife of Texas Republican Senator Phil Gramm also aided Enron's rise to power. As the lame-duck chairwoman of the Commodity Futures Trading Commission, she pushed through a key regulatory exemption on Jan. 14, 1993, six days before Clinton took office. Five weeks later, she joined Enron's board of directors.
The exemption was passed over the objection of the Clinton administration.
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