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President Bush's links to Enron were back in the spotlight yesterday following the indictment of former chairman Ken Lay on 11 criminal charges.
The White House found itself on the defensive as it sought to play down the friendship between Mr Bush and his biggest donor.
Ken Lay leaving the Federal Courthouse in Houston
Mr Bush walked away from a media briefing, refusing to answer questions about Mr Lay, a close adviser dubbed "Kenny Boy" by the president.
White House press secretary Scott McClellan said it has been "quite some time" since the pair talked, describing Mr Lay as "a supporter in the past".
Mr Bush started distancing himself from Mr Lay in November 2001 when the company crumbled into bankruptcy in a fraud that still angers Americans.
Scores of letters exchanged by the two men when Mr Bush was governor of Texas suggest a far closer relationship than the White House claims, however.
The letters, which can be found at thesmokinggun.com, an investigative website, range from the formal to the chatty, covering everything from knee surgery to energy legislation.
Some are handwritten, some typed, and more than a few see Mr Lay praising Mr Bush's brilliance before requesting a new law.
"Your focus on opportunity and responsibility was one that I believe resonates around the country as well as in Texas. As one of those opportunities, we hope that you will again actively support efforts to pass a bill restructuring the electric industry," Mr Lay wrote in November 1998.
A note to George and Laura after the 2000 election reads: "Linda and I are so proud of both of you and look forward to seeing both of you in the White House."
Mr Lay spent much of his life working to deregulate the power industry. He was undoubtedly successful, although critics say this deregulation allowed Enron to fix the California electricity market, costing consumers billions of dollars.
"We have already glimpsed this energy future, and it works," he wrote to Mr Bush.
The White House has again refused to release documents concerning how US energy policy was written, though it is known that Mr Lay was heavily consulted.
Mr Lay and his wife gave $139,500 to Mr Bush's political campaigns, part of more than $600,000 that came from Enron overall. Enron employees were Mr Bush's biggest patrons until the company went bust.
The White House argues that the indictment of Mr Lay shows how intolerant the administration is of "dishonesty in the boardroom".
A spokesman for John Kerry, the Democrat who is running for president, said the indictment came "three years too late".
Mr Kerry also had financial ties to Enron, it emerged yesterday. A family trust controlled by his wife, Teresa Heinz Kerry, bought between $250,000 and $500,000 of Enron shares in 1995, paying thousands of dollars in dividends.
The Kerry campaign received a $1,000 cheque from an Enron executive who was later accused of fraud. His spokesman said: "We received one cheque from an employee that was accused of wrongdoing and we returned the cheque. That speaks volumes."
Mr Lay, after more than two years of silence, launched a spirited defence of his conduct on Thursday, calling for a speedy trial so he can clear his name. His legal team is attempting to separate his case from that of co-defendants Richard Causey and Jeff Skilling
