Transcripts: Market Manipulation Was Sport (Enron)

[maggrwaggr]

Give it a "5"

Many of us in California knew at the time we were getting played, finally the evidence is coming out. :eyes: Thanks, Friends of George!!

http://story.news.yahoo.com/news?tmpl=story&u=/ap/enron_transcripts

Transcripts: Market Manipulation Was Sport

By KRISTEN HAYS, AP Business Writer

HOUSTON - Enron traders openly discussed manipulating California's power market during profanity-laced telephone conversations in which they merrily gloated about ripping off "those poor grandmothers" during the state's energy crunch in 2000-01, according to transcripts of the calls.

[still_one]

1. Not only that when Davis asked bush to cap prices

bush told us to go to hell...

[HysteryDiagnosis]

2. "Not only that when Davis asked bush to cap prices"

bush told us to go to hell...

What does he have against Caleeeeefornyaaaa?? Or does he just have problems with democrats?? Curious.

[Trillo]

3. It's the same as saying, "help, my position's going against me."

Wouldn't it be nice if when any average person has a market position, such as a commodity or futures contract, that if the trade and position equity started going against them, they could call up the commodity producer and say, "hey, why don't you shut production down!"

This would sure level the playing field for the little guy versus the big corporate machine.

[Pachamama]

4. Yeah, Little Grandma's had power turned off on them endangering their...

...lives! Maybe America forgot what California was going through at the time, but we Californians remember all too well...Imagine that these people were "joking" about "Grandma Millie" and laughing about it, when meanwhile there were actual people in Nursing homes and at home with nursing care that had medical equipment that risked their health by the power shutting down.

We Californians knew all too well what was happening and now the proof is coming out...This was also one of the reasons Gray Davis was "voted out of office" and Bush basically told California and Gray Davis to F*ck off...

I just hope that the truth starts to show the links to this White House....

[Whoa_Nelly]

5. People died as a result of the blackouts

If you do a google search using the words:

california rolling blackouts deaths 2000

OR

california rolling blackouts deaths

there are many links to deaths that occured as a direct result of the blackouts.

An interesting story re: Enron
http://home1.gte.net/deleyd/bush/enronca2.htm

Flakes vs. Cowboys
How Enron Fabricated a Fake Energy Crisis in California

<snip>
Timothy Belden was another Enron star. When he graduated from college in 1990, he joined the Lawrence Berkeley National Laboratory, a research institution supported by the Department of Energy. He was a wonk who wrote policy reports on topics like "Theory and Practice of Decoupling." From Berkeley he moved to Portland General, where he continued to ponder the state of the electricity market: "It is doubtful that state PUCs will have time and expertise to reconstruct and dissect hedging decisions made by distribution utilities," he noted presciently in one report. He also stated that PUCs should act to "guard against speculation on the part of distribution utilities, even though it can be difficult to establish simple rules that can prevent speculative transactions."

But then, in 1999, Belden went to work on Enron's trading desk, where he came to run the western electricity-trading operations. Whatever contemplative life he may have envisioned for himself fell away under the pressures and rewards of his new employer. Before long, the committed environmentalist became a company man, swaggering across the trading floor, making millions for himself and the company.

Hence the events of May 24, 1999: Belden tried to send an enormous amount of power over some aged transmission lines—2,900 megawatts of power over a 15-megawatt path. Such a plan was destined to cause congestion on the line. California had an automated response to overloaded lines. Immediate electronic requests went to all the state's suppliers—Do you have Power coming across this line? Can you remove it? We will pay you to take it away! But on this day, there also happened to be a human watching the wires for California's Independent System Operator, who couldn't imagine why someone would send so much power over such a small line. "That's what you wanted to do?" the dubious operator from the ISO asked when she called to check to be sure that the transaction had not been requested in error.

<snip>
From Enron's perspective, the trade wasn't pointless. Belden's move caused congestion that, in turn, drove the price of electricity up 70 percent that afternoon. The compliance unit of the state's power exchange investigated the trade and a year later fined Belden $25,000, but that was a small price to pay—Enron cleared S10 million that day, while California's electricity customers overpaid by around $55 million.

[maggrwaggr]

7. Yes! I was just about to post that!

for one thing people were killed sailing through intersections in their cars because the streetlights would go out suddenly

These people need to be charged with manslaughter at the very least!

I've been saying that for years now!

It's nice to finally see something that the media (such as it is) can grab onto.

[prolesunited]

9. I think lawsuits and perhaps

criminal charges are in order for those who can be linked to those deaths. What kind of sickos would take joy in hurting grandmas? What a twisted life one must lead that money is more important than other people's live.

[priller]

6. DailyKos has the transcript with the profanity filled in

These are some nasty people.

[rumguy]

8. this company and its leaders were friends of the good "Christian" Bush

What a joke!

[Ratty]

11. Grandma Millie

"Yeah, Grandma Millie, man. But she's the one who couldn't figure out how to (expletive) vote on the butterfly ballot."

Says it all right there. This here's Bush country.

[GregW]

10. I was at a conference where Skilling gave the closing address

He was a 'guest' of my company.

He finished his speech with Q&A ... someone asked, "What about California".

He smirked.

Then he asked, "You know the difference between California and the Titanic?"

And answered, "At least the lights were on in the Titanic when it went down."

Fucker :mad:

[Pachamama]

12. That is a sick joke...I hope Skilling and Lay go "down" like the Titanic..

...Its so telling about what kind of people they are and that they intentionally did these deliberate and malicious (and illegal) acts of manipulating the energy market to profit and fill their coffers. I called Sen. Boxer and Feinstein today to tell them to pursue this all the way...

Thank you Snohomish County (Washington State) for releasing these tapes! I'm sure that like the torture scandal of Abu Ghraib, there is more to come!

:grr:

[Pachamama]

13. Anyone got links to the case filed from WA State and the names of these...

...Enron slime that they have the tapes of them talking about their intentional actions?

[donhakman]

14. Its time to recall Schwarzenegger for forgiving Enon's debt.

He is nothing but an old school hollywood war monger.

[Pachamama]

15. Whoa - he forgave Enron's debt??? Where was I when that happened??

Is this possible? What about Schwarzeneggers refusal to answer questions about his meetings with Enron's Ken Lay several years ago??

This all doesn't sound right.....or legal....