"Burn, baby, burn”

I was thinking about posting this myself, when i heard about it, but forgot later. The phrase will probably become the sounbyte of this whole affair. Simply disgusting.

 

Definitely disgusting. But that mentality isn't at all isolated to Enron traders. Commodity traders love droughts and other natural disasters that may make them money.

It's sad, but this is more an indictment of our culture overall than simply an indictment of Enron in particular.

 

Oh, I agree.

And we wonder why other cultures say we are too materialistic, and that money is our God.

 

You know, this is something kind of creepy I've noticed recently. Not that it's new at all.

While suffering some late night TV a few months ago, I saw some televangelist telling the audience that prayer and belief could translate into money and material wealth on earth (followed, of course, by eternal life in heaven).

I thought that was completely fringe-like and atypical, but three days ago I received an email from a cousin of mine. She, like many of my relatives in Texas, now closes any email, letter, or conversation with some invocation of God or Jesus. Most of these people are pretty normal, but they've all been changing. And that's fine, in an of itself. But her latest email (sent to a broad band of relatives) announced a new job promotion. Great news! But what she really went on about was the undeniable positive effect of prayer on her career.

I was really sickened, and I've thought about further branding myself as the freak liberal cousin. I really want to ask her to reevaluate what prayer means to her. We have soldiers losing their lives right now, we have giddyup's daughter undergoing hearts surgery, we have a world full of people who can't even get a palmfull of clean water, and so forth and so on... And my flesh and blood relative thinks God gives a flying crap about how much money she makes? It just makes me sick, and I don't think it's isolated at all.

If I wanted to be political, I might quip that this is the logical outcome of the successful merger of fiscally-motivated conservatives with socially-motivated conservatives, but I don't really believe that. I think it's much deeper, and I would hope some powerful church leaders address this sort of thing. But I won't hold my breath.

 

The more I read about Enron, the more disgusted I became

 

Posted on Wed, Jun. 02, 2004





Enron trader tapes show power market manipulation was sport

KRISTEN HAYS

Associated Press


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.

The calls were obtained from the government and transcribed by a public utility district near Seattle that wants Enron to forfeit millions of dollars in ill-gotten gains over the energy trading scandal.

Investigators say the transcripts paint an even more sordid picture of the way Enron allegedly ruthlessly rigged the market at a time of widespread blackouts and soaring electricity rates in California. The transcripts also shed light on discussions that are central to the Justice Department's investigation of Enron's trading practices.

"It shows unbridled drive for profit," said San Diego attorney Michael Aguirre, who first sued Enron for unfair business practices on behalf of California consumers in November 2000. "Everything about the conversations is excessive. The language is excessive and the whole mindset is excessive."

The transcripts prompted outrage among West Coast politicians who are demanding that the Federal Energy Regulatory Commission compensate ratepayers billions of dollars for years of price-gouging by Enron.

"Now, you can see into the heart and soul of the scandal," Sens. Barbara Boxer and Dianne Feinstein of California said in a letter to FERC Chairman Pat Wood.

On the calls, traders openly and gleefully discussed creating congestion on transmission lines, taking generating units offline to pump up electricity prices and overall manipulation of the California power market.

They also kidded about Enron's hefty political contributions - particularly to President Bush's campaign - and how that could translate into more opportunity for profit in California.

"I'd love to see Ken Lay be Secretary of Energy," one trader said, referring to the disgraced former Enron CEO whose ties to the Bush administration have drawn criticism from Democrats.

In one transcript a trader asks about "all the money you guys stole from those poor grandmothers of California."

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

"Yeah, now she wants her (expletive) money back for all the power you've charged right up - jammed right up her (expletive) for (expletive) 250 dollars a megawatt hour," the first trader says.

Energy merchants regularly tape trader conversations to keep a record of transactions.

Enron spokeswoman Karen Denne declined comment on the transcripts, but said the company continues "to cooperate fully with all investigations."

FERC spokesman Bryan Lee said Wednesday that a FERC administrative law judge's finding that Enron should forfeit $32.5 million in unjust profits is pending before the commission.

Eric Christensen, a lawyer for the Snohomish County Public Utility District, said the utility is seeking to convince the judge that Enron should be ordered to surrender as much as $2 billion in unjust profits. Boxer and Feinstein want California to receive at least $8.9 billion in refunds and an order that long-term contracts made under manipulated prices be re-negotiated.

Enron filed for bankruptcy in 2001 amid devastating revelations of hidden debt, inflated profits and shady accounting. A wave of corporate scandals followed the Enron debacle.

John Forney, a former top trader in Enron's defunct Western trading operation based in Portland, Ore., is slated to stand trial in October on charges of wire fraud and conspiracy. Two other former Portland, Timothy Belden and Jeffrey Richter, have pleaded guilty to one count of wire fraud and are helping prosecutors.

Conversations involving all three are among those in the transcripts. In one conversation, Belden notes how traders are "trying to find that right level."

Forney talks about trying to be an "honest camper" and expresses concern about getting caught. "I'm a little ... nobody else seems to be concerned anymore about it, except for me," he said.

Forney's lawyer in San Francisco, Edwin Prater, declined comment on the transcripts because he has yet to receive them. Prosecutor Matt Jacobs also declined comment on whether the transcripts would figure into Forney's case.

 

What's sad isn;t that this reflects Enron's values. This reflects the values of many people who hold considerable power in our nation today. This is the single greatest thing I feel is wrong with our society. Thankfully it is going head to head with one of the single greatest things I feel is right about our society, in theory, equal justice. More sad still, though, is that the former; materialism as all powerfull, gets in the way of the latter in practice, as those who have the money get a much more favourabler version of justice than those who don't. Enron getting caught is the aberration, not doing this kind of thing in the first place.

 

this isn't a new phenomena. my mom's been doin' the "god mumble" (instant bilingualism!) for at least 15-20 years. she's given a ton of money to the 700 club, and i've heard her many times talk about praying for financial success, not that it's done her any good.

hadn't heard about giddy's daughter- does anyone know where they live?

 

This really ticks me off... what kind of sick f***s wish for a forest fire to burn stuff up and expose firefighters to danger so they can make a crooked dollar? "Burn. baby, burn" is now what I wish all those Enron losers end up doing after their life here ends. Despicable.

 

funny thing is. . while they made some coin
these traders probably got screwed by Ken Lay
along with the other Enron Workers

Hell I beleive more and more we will never see
a cure for another disease . . .. too much money
in pharmaceuticals. . .

so this is no different


Rocket River

 

2 of the people on the tape have already been found guilty of fraud and third is set to be tried soon. I can't remember the exact date. That is at least somewhat comforting.

 

My daughter lives in Durham, NC-- just a mile or so from DU Hospital. I'm outside of Winston-Salem.

I hereby transfer all immediate prayers on my or my family's behalf to the family we met in Pediatric Intensive Care who had been around there for 10 days struggling through the partial removal of a brain tumor on a 2 1/2 year old. They could not get all of the tumor because it was also growing in the brain stem.

I know they had been praying and soliciting prayers, too. What a mystery.

We had a walk in the park comparatively-speaking.

 

can i infer from your post that things are better for your daughter now? i hope that's the case- i asked because we have a good friend who's a pediatric cardiologist at children's hospital in dc. i would be glad to reach out to him if you have questions about your daughter's care.

 

What Enron shows is that some things should just not be "regulated" by the market. Saying everything should be subjected to market forces without regulation flies in the face of history and morality.

The econ fundies want education and prisons and utilities and almost everything to be market driven. The whole privitization of government functions and deregulation goes beyond common sense and historical experience, yet it sort of a religious belief among the econ fundies.

The United States has thrived for decades with government regulation and a mixed economy, yet due to their ideologically rigid assumptions the cons and their kissing cousins the libertarians just want to do whole scale social experimentation. As we have just seen with the deregulation and lax enforement in the energy industry and stock market. this can lead to great abuse.

Interestingly at times the cons use the charge of "social engineering" against liberals.