Congress...Enron gouged Californians
Enron Corp. drove up electricity prices during California's energy crisis by swapping large amounts of power among companies it controlled and intentionally tying up the power grid, state officials told Congress today.
Five companies under Enron's control traded more than 10 million megawatt hours of electricity among themselves in the last three months of 2000, when power prices in the states were spiraling out of control, said the president of the California Public Utilities Commission.
"These were sham transactions, causing the price to rise with each supposed sale," Loretta Lynch said. "The same individuals were managing these companies. They had the same employees, trading with themselves." [Huston Chronicle]
Are we surprised? The answer sadly to say is no. The idea that people will rip each other off to their own benefit is nothing new. The scale of this is huge. The economic impact is incredible. Enron is turning into the biggest scam in history. It simply numbs the mind to ponder the impact.
Think about the fact that the Bush Administration opposed any intervention into the California Power Crisis because GW's friends at Enron felt that the 'market' should decide. The only problem was that the 'market' was controlled by Enron...mj
9:20:09 AM 
|
