Tuesday, September 02, 2003
Bush administration legalizes Enron looting after the fact
On the Friday before Labor Day. What a coincidence!
From Krugman:
Laughing all the way to the bank. Funny thing, the $250 ate up most of the "average" Californian's tax cut. Say, is Blotchy's good friend, "Kenny Boy" Lay, in jail yet? I didn't think so.
From Krugman:
Last Friday the Federal Energy Regulatory Commission, known as FERC, announced settlements with energy companies accused of manipulating markets during the California energy crisis.
Most independent experts now believe that during 2000-2001, price manipulation by energy companies, mainly taking the form of "economic withholding" — keeping capacity offline to drive up prices — added billions of dollars to California's electricity bills. A March FERC report concluded that there had been extensive manipulation of prices in both the natural gas and electricity markets.
Yet the charges energy companies agreed to added up to only a bit more than $1 million. That is, the average Californian was bilked of more than $250, but the state will receive compensation of about 3 cents.
Laughing all the way to the bank. Funny thing, the $250 ate up most of the "average" Californian's tax cut. Say, is Blotchy's good friend, "Kenny Boy" Lay, in jail yet? I didn't think so.
