Those Hideous, Awful Enron Memos

We are currently of the opinion that no practice was too low-down for Enron. But even we were surprised to read the charges, breathlessly advertised last week, that Enron had caused the California energy crisis.

How could a single company -- especially one too inept to earn an honest profit -- have exerted such masterful control over an electricity market with some 5,000 transactions an hour?

From what I've read, Enron only supplied four percent of the power for Cal. But those nuts at DU are jumping up and own frothing at the mouth thinking that the Enron memo proves Enron engineered the whole debacle and colluded with the White House. And that it is the smoking gun to bring down Bush. Dream again you lunatics.

They claim Enron strategically withheld power from the market in 2000 and 2001

So now Grayout Davis and his cronies are desperate (good!).
Accusing Enron officials of being able to see into the future and do all those things they're accused of is laughable at best.
It's also the sign of a very childish, immature mind.

good article, thanks.

Right now I am watching the C-Span congressional hearing on Enron/California, excuse me, the political theater on this topic. From what I have seen of the testimony and the questions, this is a stage play by democrats for the purpose of sound bites in the local media.

What were some of the most interesting aspects of the hearings were (1) the idea to use RICO federal laws because of California misdamernas, (2) the desire to trash the Cal-ISO as well as Enron, (3)the mantra that California needs to be repaid billions, (4)Congress must allow California to solve California's deregulation problems without FERC interference, (5)FERC's lack of historic enforcement and the belief that FERC is in the pocket of power Companies, and (6)Congress needs to impose market based rates until a competitive market is guaranteed (barf). Joeseph Dunn(D California State Senator) is pretty impressive. Part of this is a big lie approach and part of it is based on some factual information.

C-Span needs to have a Barf alert on most of the testimony.

P.S. David Freeman looks pathetic and bumling. Again, thanks for a breath of economic fresh air. Boxer did a great Ross P pointing at reader boards, waving her hands and babdling. She did say that California is bankrupt---She claimed that she was an econ major in college (barf).

I am watching the C-Span hearings and at the moment Barbara Boxer and the bitch (Loretta Lynch) from the CPUC are now ragging on FERC. If, I were still the power manager of a 1300 MW electric utility that sold excess power to California, and I saw what I saw tonight, I know that my emotions would color my business judgement on leaning on my system to help out utilities in California. I see the current batch of power managers not being any more generous.

Lynch just said that FERC under Clinton was fair and helped Cal by finding rates unjust and unreasonable and that FERC under Bush provided market caps but 6-8 months too late after California was broke. My blood is boiling at the moment.

Sorry I didn't reply sooner. FR was down last night until...???

Oh, I see Babs has returned to her own people's-state after her "schmoozing with Fidel" vacation to Cuba.

I wonder how she managed to sneak those ten Cohibas back in?

If they worded it properly, they would be accusing a privately-held, for-profit enterprise of using the rules they created to maximize profits. And everybody wonders where Enron learned to make their transactions confusing ... maybe the California market was the training ground, or at least the inspiration.

Thanks for the pings.

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