Enron Tapes: Euphemistically Arbitraging California

Enron tapesThe Enron energy trading tapes have surfaced, shedding new light on a systemically corrupt company. What it doesn’t do is pin much blame on Ken Lay or Jeffrey Skilling, other than to show that their employees salute them in any effort to undermine the legality of energy brokering. The tapes, which were acquired by CBS News, speak volumes about the sinking level of principles in the company. Full story in “Enron Traders Caught On Tape”:

“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.

[…]

“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.”

If he would rephrase that, grandma would understand that they were only arbitraging her.

Enron Traders Caught On Tape [CBS News]

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