Bush's mother-in-law lost nearly $8,100 in Enron

AP Wire

CHARLESTON, W.Va. - President Bush said he is outraged that Enron workers were kept in the dark about the energy firm's financial problems, and he disclosed that his mother-in-law was one of Enron's losing stockholders - to the tune of $8,100.

"What I'm outraged about is that employees didn't know all the facts about Enron,” Bush said. “My own mother-in-law bought stock last summer, and it's not worth anything now.”

Bush did not say how much stock his mother-in-law, Jenna Welch, purchased, but said "she did not know all the facts" about Enron's financial situation. "A lot of the stockholders didn't know all of the facts. And that's wrong," he said.

White House aides said later that Welch bought 200 shares of Enron stock at $40.90 per share on Sept. 21, 1999. She sold the lot on Dec. 4, two days after Enron declared bankruptcy and its stock price plunged to 42 cents per share. She lost just under $8,100.

Bush said again he had no intention of releasing details of Enron contacts with White House aides who developed his energy plan, saying if "somebody has an accusation of wrongdoing, let me know."

Thousands of Enron employees who bought company stock for their retirement accounts saw their savings evaporate as Enron tumbled toward bankruptcy. Shareholders suffered heavy losses as Enron stock, valued at nearly $90 a share in the fall of 2000, fell far below $1.