the CAMP ENRON Report


CAMP ENRON:
... gateway to the next Progressive Era?

Some say it's nothing but a train wreck ... roll in the big cranes, clear the track, see what the crew's been smoking. If I thought so, I'd not be writing this ... and if they thought so, they'd not be drumming so hard.


For a brief orientation, see this
Welcome to Camp Enron

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Camp Enron Archives
01/01/2002 - 02/01/2002 02/01/2002 - 03/01/2002 03/01/2002 - 04/01/2002 04/01/2002 - 05/01/2002 05/01/2002 - 06/01/2002 06/01/2002 - 07/01/2002 07/01/2002 - 08/01/2002 08/01/2002 - 09/01/2002 06/01/2003 - 07/01/2003

NOTE to READERS:
(2) All "major" articles of older material have now been imported, some with updates worth perusing. We'll keep it all on the main page for a while, will add a few loose pieces of history, will trim the main page and index the archives for convenience later.


OUR DEPARTMENTS:

the COGENT PROVOCATEUR:
free agent, loose cannon, pointy stick ... taking an imposing analytic toolkit out of the box, over the wall and into the street ... with callous disregard for accepted wisdom and standard English

reading the tea leaves from original angles, we've led with uncannily prescient takes on the federal surplus, the dotcom crash, the "Energy Crisis", the Afghan campaign, the federal deficit.

More where those came from ... stay tuned.


For brief orientation, see this
Welcome to CP


CAMP ENRON:
... gateway to the next Progressive Era?

For a brief orientation, see this
Welcome to Camp Enron

OTHER GOOD STUFF:
Many thanks to Tony Adragna and Will Vehrs, still shouting 'cross the Potomac at QuasiPundit. Early Camp Enron material can be found in QP's Dispatches department.
Tuesday, January 15, 2002

 
--- Enron, FERC and California ---

[cross-blog compilation]

QP's Tony Adragna notes "We also haven't heard the last on whether the California crisis was the result of an actual shortage, or a market manipulation".

True, we haven't heard the last, but we've heard the first ... the prima facie presentment, the rebuttals, and the finding of market manipulation at the close of July 2001 proceedings by FERC Chief Administrative Law Judge Curtis L Wagner, Jr. -- at least in passive voice ("prices were manipulated", as opposed to "you, Enron, manipulated prices").

[This result from a decidedly neocon FERC. WJC's appointments leaned pro-market (if not libertarian, then at least strongly 'deregulatarian'); previous Chairman Curt Hebert was hand-picked by Lott and Tauzin (a bit of appointment process horsetrading); current Chairman Pat Wood was hand-picked by Ken Lay (a bit of scandal). Wood is regarded as having higher ambitions, and now must bend over backwards to avoid the appearance of bending over for Enron.]

With that stake in the ground, the parties are engaged in what could become 20 years of evidentiary proceedings to formulate the amount and allocation of refunds due (suspended as of Dec 6, 2001 pending review of "contextual issues" -- wonder what those could be?), and all manner of subsidiary litigation and appeals. [CONTEXT: ENE went Chapter 11 on Dec. 2]

California asks $9B, the betting line is more like $1B, and claims by other injured parties are still proceeding. The status of the "market vs manipulation" issue is basically "we've already determined what kind of a woman you are, Ms. Enron, now we're simply haggling over the price". [UPDATE 2002-01-30: Wood says he's concluded ENE did not manipulate prices. A career-limiting move if any of several ongoing investigations pan out.]
-- RonK

P.S. A jog down memory lane: FWIW, this writer correctly predicted FERC imposition of price caps and consequent evaporation of "shortages" (providing detailed market-theoretic explanations) directly following the Jeffords flip.
-- RK