Monday, June 14, 2004

Quote Of The Day

As reported on, "Previously unreleased audio tapes and accounting records indicate that Enron manipulated the western electricity market 88 percent of the days between Jan. 1, 2000, and June 20, 2001, according to the Snohomish County Public Utility District in Washington state."

"U.S. Sen. Maria Cantwell, D-Wash., and the Snohomish PUD said the tapes and documents show Enron 'illegally obtained at least $1.1 billion in profits from western ratepayers.

One audio clip from Enron's West Coast trading desk recorded a trader giving instructions on how to profit artificially from the power grid, utility officials said.

"If the line's not congested then I look to see if I can congest it," the unidentified Enron trader says on tape. "If you can congest it, that's a money maker no matter what because you're not losing any money to move it down the line. You're just making money." [emphasis added]

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