Enron manipulated energy prices in California

Post #35,156 by marlowe 4/11/02 3:23:03 PM Reply	Enron manipulated energy prices in California [link\|http://www.bayarea.com/mld/cctimes/news/breaking_news/3043963.htm\|Playing sock puppets with the economy] WASHINGTON (AP) - Companies controlled by Enron Corp. sold each other large amounts of electricity in California, artificially driving up the price of power, the head of the state's Public Utilities Commission told Congress Thursday. Five Enron affiliates traded more than 10 million megawatt hours of electricity among themselves in the last three months of 2000, the same time that power prices in California were spiraling out of control, CPUC President Loretta Lynch said. ``These were sham transactions, causing the price to rise with each supposed sale,'' Lynch said. ``The same individuals were managing these companies. They had the same employees, trading with themselves.'' I say: This is an antitrust violation if there ever was one. Free enterprise is wonderful, but free enterprise can be faked. We need laws and enforcement to make competition happen. [link\|http://www.angelfire.com/ca3/marlowe/index.html\|http://www.angelfir...e/index.html] Truth is that which is the case. Accept no substitutes. If competence is considered "hubris" then may I and my country always be as "arrogant" as we can possibly manage.
Post #35,163 by boxley 4/11/02 4:12:12 PM Reply	Straight foward S&L sham transactions by many of the same players. Making a practice that goes back to the 1830's still happening. 4 guys and a banker sit around a table selling the same stock/energy quota/real estate loan over and over again for larger and larger amounts with the payoff when the bill is presented to the banker. The banker pockets some under the table cash and the players fade leaving the bank stockholders and the treasury holding the paper on worthless assets. Old game, thanx, bill TAM ARIS QUAM ARMIPOTENS
Post #35,202 by Ashton 4/11/02 8:03:46 PM Reply	In your example - the crooks would be held responsible as individuals engaged in a conspiracy. In Corp-Am (now Corp-Worldwide, after our successful money-concentrating demonstration, to the terminally-Greedy everywhere) - it's exceeding difficult to get a criminal conviction, or for that matter - any penalty at all. Guess who can afford infinite lawyering / delay / ennui.. ... forgetting. (The DOJ cannot, 'least under an admin like This admin - we see) No M$-lackey shall ever go to jail. Still, Ed Curry is dead, probably not the only one offed early? were one to Google enough. Wanna bet re the Lay-Suits? All will wait for the public attention span to .. span. A.
Post #35,218 by a6l6e6x 4/11/02 9:41:00 PM 4/11/02 9:41:38 PM Reply	No, not antitrust violation. It's just a fraud. Alex "Never express yourself more clearly than you think." -- Neils Bohr (1885-1962) Edited by a6l6e6x April 11, 2002, 09:41:38 PM EDT Expand All History

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