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Enron Schemes Caught On Tape
Key Excerpts from Article on Website of CBS News
Posted: November 24th, 2006
http://www.cbsnews.com/stories/2005/02/03/eveningnews/main67...
During the West Coast Power crisis homes went dark and streetlights were out ... causing injuries and accidents. But the danger didn't stop Enron's energy traders from having a good laugh. CBS ... reports on the Enron scheme, as caught on new audio tape. The traders and plant operator laugh and plot in a display that seems to prove the theory that years before the energy crisis, Enron manipulated markets. "They had to do a rolling blackout through the town and there was a red light there he didn't see," one Enron trader says on tape. "That's beautiful," a second voice responds. Enron secretly shut power plants down so they could cause, and then cash in on, the crisis. Enron also pulled power out of states like California, causing emergency conditions to worsen. "Sorry California," an Enron trader says. "I'm bringing all our power out of state today." Plant operators were coached on how to lie to officials. "We want you guys to get a little creative..." one voice says on the tape, "and come up with a reason to go down. Just call 'em, Hey guyswe're coming down." The plant operator replies, "OK, so we're just comin' down for some maintenance?" "Right," the trader says. "And that's cool?" the plant operator asks. "Hopefully," the trader responds, to which the men are heard laughing. Enron also pulled power out of states like California, causing emergency conditions to worsen. The "shut downs" and "pull outs" triggered sky high power prices. "We're just making money hand over fist!" one voice is heard saying on the tape. And when states complained, the guys at Enron seemed to have a response. "Get a f****** clue," one says. "Yeah," another chimes in. "Leave us alone. Let us make a little bit of money."
Note: For an eye-opening two-minute video clip on CBS, watch "Enron Schemers on Tape" at this link. MSNBC also published a revealing article on this. And a New York Times article states "Company officials had long denied that they illegally shut down plants to create artificial shortages. Two months after the recording showed how the Nevada plant was shut down, [Enron CEO Kenneth] Lay called any claims of market manipulation 'conspiracy theories.'" For lots more reliable information on the energy cover-up, click here.
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