CBS News: Enron Traders Caught On Tape<\/a><\/p>\nFour years after California’s disastrous experiment with energy deregulation, Enron energy traders can be heard \u2013 on audiotapes obtained by CBS News \u2013 gloating and praising each other as they helped bring on, and cash-in on, the Western power crisis. <\/p>\n
“He just f—s California,” says one Enron employee. “He steals money from California to the tune of about a million.” <\/p>\n
“Will you rephrase that?” asks a second employee. <\/p>\n
“OK, he, um, he arbitrages the California market to the tune of a million bucks or two a day,” replies the first. <\/p>\n
The tapes, from Enron’s West Coast trading desk, also confirm what CBS reported years ago: that in secret deals with power producers, traders deliberately drove up prices by ordering power plants shut down. <\/p>\n
“If you took down the steamer, how long would it take to get it back up?” an Enron worker is heard saying. <\/p>\n
“Oh, it’s not something you want to just be turning on and off every hour. Let’s put it that way,” another says. <\/p>\n
“Well, why don’t you just go ahead and shut her down.” <\/p>\n
Officials with the Snohomish Public Utility District near Seattle received the tapes from the Justice Department. <\/p>\n
“This is the evidence we’ve all been waiting for. This proves they manipulated the market,” said Eric Christensen, a spokesman for the utility.<\/p><\/div>\n
I wonder how many Californians still blame Davis for the energy crisis.<\/p>\n","protected":false},"excerpt":{"rendered":"
CBS News has the story. CBS News: Enron Traders Caught On Tape Four years after California’s disastrous experiment with energy deregulation, Enron energy traders can be heard \u2013 on audiotapes obtained by CBS News \u2013 gloating and praising each other as they helped bring on, and cash-in on, the Western power crisis. “He just f—s […]<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[6],"tags":[],"class_list":["post-371","post","type-post","status-publish","format-standard","hentry","category-news"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/psIKy-5Z","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.studioglyphic.com\/blog\/wp-json\/wp\/v2\/posts\/371","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.studioglyphic.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.studioglyphic.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.studioglyphic.com\/blog\/wp-json\/wp\/v2\/comments?post=371"}],"version-history":[{"count":0,"href":"https:\/\/www.studioglyphic.com\/blog\/wp-json\/wp\/v2\/posts\/371\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.studioglyphic.com\/blog\/wp-json\/wp\/v2\/media?parent=371"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.studioglyphic.com\/blog\/wp-json\/wp\/v2\/categories?post=371"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.studioglyphic.com\/blog\/wp-json\/wp\/v2\/tags?post=371"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}