Enron tapes released, bastard traders caught celebrating

Hamel · Post by **Hamel** » 2004-06-01 07:45pm

Enron Traders Caught On Tape
LOS ANGELES, June 1, 2004

When a forest fire shut down a major transmission line into California, cutting power supplies and raising prices, Enron energy traders celebrated, CBS News Correspondent Vince Gonzales reports.

"Burn, baby, burn," the traders sang.

Four years after California's disastrous experiment with energy deregulation, Enron energy traders can be heard – on audiotapes obtained by CBS News – gloating and praising each other as they helped bring on, and cash-in on, the Western power crisis.

"He just f---s California," says one Enron employee. "He steals money from California to the tune of about a million."

"Will you rephrase that?" asks a second employee.

"OK, he, um, he arbitrages the California market to the tune of a million bucks or two a day," replies the first.

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.

"If you took down the steamer, how long would it take to get it back up?" an Enron worker is heard saying.

"Oh, it's not something you want to just be turning on and off every hour. Let's put it that way," another says.

"Well, why don't you just go ahead and shut her down."

Officials with the Snohomish Public Utility District near Seattle received the tapes from the Justice Department.

A spokesman for the utility said "This is the evidence we've all been waiting for. This proves they manipulated the market."

That utility, like many others, is trying to get its money back from Enron.

"They're f------g taking all the money back from you guys?" complains an Enron employee on the tapes. "All the money you guys stole from those poor grandmothers in California?"

"Yeah, grandma Millie, man"

"Yeah, now she wants her f------g money back for all the power you've charged right up, jammed right up her a------ for f------g $250 a megawatt hour."

And the tapes appear to link top Enron officials Ken Lay and Jeffrey Skilling to schemes that fueled the crisis.

"Government Affairs has to prove how valuable it is to Ken Lay and Jeff Skilling," says one trader.

"Ok."

"Do you know when you started over-scheduling load and making buckets of money on that?

Before the 2000 election, Enron employees pondered the possibilities of a Bush win.

"It'd be great. I'd love to see Ken Lay Secretary of Energy," says one Enron worker.

That didn't happen, but they were sure President Bush would fight any limits on sky-high energy prices.

"When this election comes Bush will f------g whack this s--t, man. He won't play this price-cap b------t."

Crude, but true.

"We will not take any action that makes California's problems worse and that's why I oppose price caps," said Mr. Bush on May 29, 2001.

Both the Justice Department and Enron tried to prevent the release of these tapes. Enron's lawyers argued they merely prove "that people at Enron sometimes talked like Barnacle Bill the Sailor."

Post by **Darth Wong** » 2004-06-01 08:07pm

What? You're accusing laissez-faire economists of playing into the hands of greedy corporate robber-barons? How DARE you, you leftist traitor to the American way!

Howedar · Post by **Howedar** » 2004-06-01 09:11pm

Whoa. I am constantly amazed not by how evil people are, but by how fucking stupid you have to be to TAPE such a thing!

Christ, if you're that stupid then you deserve everything you get.

Stormbringer · Post by **Stormbringer** » 2004-06-01 09:18pm

Darth Wong wrote:What? You're accusing laissez-faire economists of playing into the hands of greedy corporate robber-barons? How DARE you, you leftist traitor to the American way!

Bah, if you want a real Robber-baron look at the later 19th, earyl 20th century tycoons. Those were robber-barons, in comparison these guys are fucking amatuers.

MKSheppard · Post by **MKSheppard** » 2004-06-01 09:21pm

Stormbringer wrote:Bah, if you want a real Robber-baron look at the later 19th, earyl 20th century tycoons. Those were robber-barons, in comparison these guys are fucking amatuers.

It took the Erie railroad until the late 20th century to pay off all
it's debts incurred by the Baron Gould using it to Robber Barron
his way through Wall Street

mauldooku · Post by **mauldooku** » 2004-06-01 10:16pm

Fuckers. And they honestly thought they wouldn't get caught? For people with a fairly decent education, they have about as much common sense as Average Joe Criminal.

Post by **Darth Wong** » 2004-06-01 10:18pm

Badme wrote:Fuckers. And they honestly thought they wouldn't get caught? For people with a fairly decent education, they have about as much common sense as Average Joe Criminal.

It's not a lack of common sense; it's arrogance. It's like a Greek tragedy; the same trait which brought them to glory also hastened their downfall.

The Kernel · Post by **The Kernel** » 2004-06-01 10:39pm

Darth Wong wrote:
Badme wrote:Fuckers. And they honestly thought they wouldn't get caught? For people with a fairly decent education, they have about as much common sense as Average Joe Criminal.
It's not a lack of common sense; it's arrogance. It's like a Greek tragedy; the same trait which brought them to glory also hastened their downfall.

What downfall? The vast majority of them are still walking the streets, and are loaded as fuck thanks to their quick bailout.

Joe · Post by **Joe** » 2004-06-01 10:40pm

Who bailed out Enron?

The Kernel · Post by **The Kernel** » 2004-06-01 10:41pm

Joe wrote:Who bailed out Enron?

Excuse me, I meant their quick dumping of their stock while it was still at inflated levels.

Post by **Darth Wong** » 2004-06-01 10:43pm

Forgive me, I was labouring under the assumption that there's an actual criminal justice system in place.

Crown · Post by **Crown** » 2004-06-02 12:38am

Darth Wong wrote:Forgive me, I was labouring under the assumption that there's an actual criminal justice system in place.

At the risk of opening a can of worms we could all do without ... I agree with Michael Moore, we need a 'White Collar' COPS show on TV. Chasing these fuckers down in the public light.

Joe · Post by **Joe** » 2004-06-02 12:38am

Darth Wong wrote:Forgive me, I was labouring under the assumption that there's an actual criminal justice system in place.

There wasn't much at the time unfortunately, but there has been reform.

SyntaxVorlon · Post by **SyntaxVorlon** » 2004-06-02 01:03am

Makes me want to go back to being an evil commie out to destroy the american way of life.

LordShaithis · Post by **LordShaithis** » 2004-06-02 09:11am

MUST... CRUSH... CAPITALISM!

"They're f------g taking all the money back from you guys?" complains an Enron employee on the tapes. "All the money you guys stole from those poor grandmothers in California?"

Ahahahaha! He said that on TAPE!

SirNitram · Post by **SirNitram** » 2004-06-02 05:49pm

Crown wrote:
Darth Wong wrote:Forgive me, I was labouring under the assumption that there's an actual criminal justice system in place.
At the risk of opening a can of worms we could all do without ... I agree with Michael Moore, we need a 'White Collar' COPS show on TV. Chasing these fuckers down in the public light.

I would so laugh my ass off at that. Even if it was a parody.