licentious radio

Friday, May 17, 2002
[3:15:49 PM]

From the "where there's smoke there's fire" department....

Enron caused California Blackouts [marketwatch.com]. This is beautiful. Skilling demands blood. White shows up as the ultimate profiteer. Everybody was in on it, not just Enron. ("The Enron traders said their competitors at other rival energy companies learned of their tricks through word of mouth at local bars in Houston and soon everyone was buying power in California for $250 and selling to Nevada or Washington for $1,200.")

While this was going on, Cheney talks privately with Lay, and then immediately gives an interview about how the crisis is all California's fault, and FERC shouldn't do anything. And then eventually FERC *does* step in, and the crisis goes away. Except that the profiteers now have those long-term contracts at protection-racket prices.