Enron weasels caught on tape

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doublelongdaddy
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"Enron weasels caught on tape"
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Enron weasels caught on tape
Los Angeles Times |
"Enron Corp. employees spoke of 'stealing' up to $2 million a day from California during the 2000-01 energy crisis and suggested that their market-gaming ploys would be presented to top management, possibly including Jeffrey K. Skilling and Kenneth L. Lay, according to documents released Monday... Enron's West Coast trading chief, Timothy N. Belden, discusses the profitability of the company's strategies in California, particularly those executed by the trading desk led by Jeffrey S. Richter: 'Well he makes ... between one and two (million) a day, which never shows up on any curve shift. ... He steals money from California to the tune of about a million...' At this point the other speaker interrupts, asking Belden to rephrase what he just said. 'OK,' Belden says. 'He, um, he arbitrages the California market to the tune of a million bucks or two a day.'"




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