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Enron traders gloated over rigging market Original Source Link: (May no longer be active)    http://www.reuters.com/financeNewsArticle.jhtml?type=bondsNews&storyID=5328064 http://www.reuters.com/financeNewsArticle.jhtml?type=bondsNews&storyID=5328064 Enron traders gloated over rigging - transcripts Wed Jun 2, 2004 09:06 PM ET SAN FRANCISCO, June 2 (Reuters) - Enron Corp. (ENRNQ.PK: Quote, Profile, Research) traders gloated about manipulating West Coast energy markets during the California electricity crisis in 2000-2001, according to telephone transcripts filed with federal energy regulators by a small public utility district in Washington state. The Snohomish County Public Utility District near Seattle filed the transcripts at the Federal Energy Regulatory Commission in connection with efforts to recover millions of dollars for rigged electricity costs. Utility officials said on Wednesday the transcripts, which are spiked with profanities, "provide definitive evidence" that Houston-based Enron artificially congested West Coast transmission lines to reap profits in the electricity market. They also suggest that Enron's top executives, including Ken Lay and Jeff Skilling, were aware of illegal gaming of the power market, the utility district said. The Snohomish PUD said that in one conversation, Enron traders gloated about how much money they took from "Grandma Millie" in California. Another transcript showed Tim Belden, a top manager in Enron's Portland office, stating the firm's trading practices "just (expletive deleted) California ... to the tune of a million bucks or two a day." Belden has pleaded guilty to a criminal fraud count and is cooperating with federal prosecutors. Responding to the transcripts, California's U.S. Senators Diane Feinstein and Barbara Boxer urged FERC to immediately refund at least $8.9 billion of power costs to California. "Now you can see into the heart and the soul of the scandal," Feinstein and Boxer wrote in a letter to FERC Chairman Pat Wood. Eric Christensen, a lawyer for the Snohomish PUD, said "Federal regulators have largely turned their back on Northwest customers, despite overwhelming evidence of market manipulation." Washington Gov. Gary Locke, traveling in Europe, issued a statement that said, "If true, these tapes are proof of what many of us have been saying all along -- that energy interests deliberately manipulated prices." One of the transcripts includes a conversation between two Enron traders: One trader asks, "...all the money you guys stole from those poor grandmothers of California?" The second trader replies: "Yeah, Grandma Millie, man. But she's the one who couldn't figure out how to (expletive deleted) vote on the butterfly ballot." © Reuters 2004. All Rights Reserved.

Anderson convicted { June 15 2002 } Bankers charged in enrol scandal { September 18 2003 } Banks enron deals Banks hide loans { July 24 2002 } Bush signs bill to keep california power flowing Chase financied enron borrowed gold Cheney energy { January 27 2002 } Citigroup enron Citigroup skirt rules { July 23 2002 } Clinton ties Enron accounting chief pleads not guilty { January 22 2004 } Enron auditor crime { May 14 2002 } Enron baxter dead { January 26 2002 } Enron california prices { May 7 2002 } Enron california wp { May 7 2002 } Enron ceo ken lay to face criminal charges { July 7 2004 } Enron citi Enron employees discussing state of economy { June 8 2004 } Enron employees joke about stealing from grandma { June 2 2004 } Enron employees praise bush and ken lay { June 1 2004 } Enron fake floor { February 22 2002 } Enron frank wisner cia { October 28 1997 } Enron funds restitution impossible after lays death { October 18 2006 } Enron gouged customers over billion dollars Enron lies Enron linked securities sparked citibank lawsuit Enron must pat california one and half billion { July 16 2005 } Enron policy Enron southamerc { May 6 2002 } Enron taxes Enron timeline { July 8 2004 } Enron traders gloated over rigging market Enron traders joked about theft Enron witness says he plundered reserves Enrons skilling ex ceo surrenders to fbi Ex enron execs arrested { May 2 2003 } Execs arrested { August 1 2002 } Fastow 78 counts Fastow and wife plea bargain Fastow charged { October 3 2002 } First criminal trial involving enron executives Former enron official changes plea to guilty Goa whitehouse Investigate bankers { June 26 2002 } Judge approves lea fastow enron plea deal { January 8 2004 } Ken lay hooks bush with uzbekistan [jpg] Ken lay likely to walk { July 9 2004 } Ken lay major 2000 bush fundraiser { June 26 2004 } Ken lay suddenly dies of heart attack { July 5 2006 } Ken lay victim of wave of terror by prosecutors Kennedy lay and skilling going to trial Kennedy lay surrenders to FBI Lawsuit cheney Lay and skilling convicted securities fraud Lay gone Lay no direct wrongdoings { November 25 2003 } Lieberman enron Merrill reaches deal with enron affair { September 18 2003 } No indication that ken lay suffered bad health { July 5 2006 } Plead guilty { August 21 2002 } Prosecutors seek ken lay indictment { June 20 2004 } Sec wants documents from ken lay { September 29 2003 } Senate deadlline enron Senator tax report disturbing { February 12 2003 } Skilling accusing people being fbi agents Whitehouse enron { May 23 2002 } Whitehouse papers enron Whitehouse subpoenaed { May 22 2002 } Witness says execs heavily involved in enron Files Listed: 69

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