Ungodly Politics

"Announcing your plans is a good way to hear god laugh." - Al Swearingen

Wednesday, June 16, 2004  

Words fail me....

California ordered to refund $270 million to Enron, others: "As California struggled through the 2000-01 energy crisis, Enron traders gloated about gouging the state. Now state Attorney General Bill Lockyer says federal regulators are heaping insult upon injury by demanding California pay Enron and other energy companies almost $270 million in refunds.

In a motion filed with the Federal Energy Regulatory Commission, Lockyer said the refunds would reward 'the sellers a second time for their market manipulation activities and predatory pricing.'

The order was particularly unfair considering recent evidence of market manipulation by energy generators, Lockyer said in an interview Tuesday."
But they didn't fail a friend of mine, who summed it up nicedly:

-Enron takes over electricity distribution for California

-California bankrolls their startup

-Enron quickly begin to manipulate the system to artificially increase prices

-Enron collapses because of massive violations of ethics and accountability

and therefore,

-California is held liable for extra costs

Thanks for the help, Arnold. Let's not forget that the head of FERC was appointed by Bush, and is Ken Lay's boy.

posted by lazarus | 12:07 | |
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