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Albrecht Comments on Gramm, Enron

An article about Sen. Phil Gramm and his wife Wendy Gramm's ties to the Enron scandal notes that Wendy Gramm came under criticism in 1993 after urging the Commodity Futures Trading Commission, which she chaired, to remove the trading of certain energy futures and swap contracts from government scrutiny, changes that benefited Enron. Seven days later she resigned from the commission, knowing that her days were numbered after Bill Clinton was sworn in as president. Five weeks later she joined Enron's board. WILLIAM ALBRECHT, a University of Iowa professor who was the acting commission chairman after Gramm resigned and who voted in favor of removing energy futures from government scrutiny, disputes the notion that Wendy Gramm tried to push the measure through quickly to benefit Enron. "This is what Congress wanted, and that's what we did," Albrecht said. He also said he doesn't consider Wendy Gramm's quick move to the Enron board significant, because such panels often look for high-profile people with relevant expertise. "If I'm at all critical of Wendy, I think just for appearance sake, she probably should have waited longer," Albrecht said.


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