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Credit Pacific Service Union Enron lawyers alerted senior company executives in October 2000 to trading strategies that Enron was using in the California electricity market, and concluded in December 2000 that the tactics were "potentially criminal." Only then did the company order the maneuvers stopped, according to Senate testimony today.

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Credit First Service Union At a hearing before a Senate investigative panel, an assistant general counsel at Enron, Richard Sanders, said that he raised the trading strategies with top executives of Enron's trading arm in October 2000. On Nov. 20, 2000, Mr. Sanders said, he also briefed the company's general counsel, James V. Derrick.

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Card Credit Mobile Service But lawyers for the company testified that the practices, like using daisy-chain transactions to circumvent price caps in California and being paid for relieving fake transmission-line congestion created by Enron's own traders, were not ordered halted until around Dec. 10. By then, electricity prices in California had soared, putting its biggest utilities in a financial vise and ushering in a season of rolling blackouts.

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Card Credit Discover Service According to Mr. Sanders, Enron's chief executive, Jeffrey K. Skilling, was briefed on the strategies on June 20, 2001. Mr. Skilling has denied that the company manipulated California energy prices.

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Credit Public Service Union The strategies were described in memorandums written in early December 2000 by Stephen Hall, an outside lawyer for Enron, that described how traders gave the tactics colorful names like Get Shorty, Fat Boy and Death Star. The disclosure of the memorandums last week prompted Gov. Gray Davis and other California officials to claim vindication for their assertion that scheming by energy merchants had driven up electricity prices by billions of dollars.

Card Credit Processing Service Today, Mr. Hall told lawmakers that he and a supervising lawyer at his firm determined the practices could be breaking California law.

Center Credit Service Union Mr. Hall wrote the memorandums as an associate at Stoel Rives, a law firm in Portland, Ore., that Enron had retained to prepare a defense against lawsuits and investigations arising from the power crisis. After attending a meeting with traders in October 2000, Mr. Hall said he became "increasingly concerned" about trading practices. That led, he said, to a meeting on Dec. 7 with his superviser at Stoel Rives, Marcus Wood, and a lawyer at Enron, Christian Yoder.

Card Credit Service Wireless "Mr. Wood delivered a hard copy of the final memorandum, together with copies of California statutes on fraud and theft," Mr. Hall said. "Mr. Wood wanted it to be clear to Enron that deceptive practices could constitute violations not only of I.S.O. rules, but also, possibly, of criminal statutes." I.S.O. refers to the Independent System Operator, the agency that oversees California's electricity grid.

Credit Security Service Union In his testimony, Mr. Yoder offered a similar assessment of the propriety of the trading tactics. "I knew that there was a possibility of crime," he said.

Credit Report Service At the hearing today before the consumer affairs subcommittee of the Senate Commerce Committee, Democratic lawmakers said the testimony and memorandums provided evidence that electricity prices had been manipulated in the California power crisis of 2000 and 2001. Only one Republican senator attended, John McCain of Arizona.

Blogspot Com Christian The Democrats expressed skepticism that Enron halted the tactics in December 2000, and they sharply criticized the Federal Energy Regulatory Commission for ignoring California's complaints.

Christian Counseling Credit In June 2001, the commission imposed a system of price caps in Western states. The caps, aided by mild weather and falling prices for the natural gas used to power many California power plants, brought electricity prices under control.

Credit Federal Service Union The tactics used by Enron exemplify "disgusting corporate behavior without a moral base, and it does, in fact, represent, in my judgment, a culture of corruption," said the subcommittee chairman, Senator Byron L. Dorgan, Democrat of North Dakota. "I expect that we will want to see a special counsel of some type investigate West Coast pricing, and not just this company."

Credit Monitoring Service Mr. Dorgan said he planned to call the secretary of the Army, Thomas E. White, to testify at a later hearing. Mr. White is a former senior executive of the Enron Energy Services unit, which the Enron memorandums say took part in one of the trading techniques. Former employees of the division have said that the unit's accounting was bogus.

Credit Division Service Mr. White has denied knowing anything about problems with the division's accounting or any role it played in manipulative energy trading. An aide said today that Mr. White would testify before the committee if asked.

Card Credit Online Service The lawmakers also zeroed in on handwritten notes released Tuesday night by the California attorney general, Bill Lockyer. Lawmakers said the notes, made by Enron executives at the company's West Coast trading headquarters in Portland, Ore., in meetings in late 2000, suggest that executives were discussing ways to limit the information they would turn over to California authorities investigating market manipulation.

Consumer Counseling Credit Inc Senators Ron Wyden, Democrat of Oregon, and Barbara Boxer, Democrat of California, focused on statements in the documents like "remove notes!" and "No one can prove, given the complexity of our portfolio."

Card Credit Fleet Service The lawyers who testified today said that they were not aware of the notes, adding that they did not think that any records related to the market-manipulation investigations were destroyed.

Card Consolidation Credit Today's hearing provided the first indication of what senior Enron executives knew about the manipulative trading practices outlined in the memos. Mr. Sanders testified that he is certain that he told Mr. Skilling in June 2001 of "at least three" of the strategies in the memos, and that Mr. Skilling was "surprised by the nicknames, which led me to believe that he had not heard the nicknames before, which surprised me."

Credit Free Online Report Mr. Skilling, in questioning by the same committee on Feb. 26, was asked whether he was "aware that the traders were in fact overbooking the line and congesting these transmission lines," one strategy mentioned in the memos.

Credit Federal First Service He replied that he was aware that "there was a difference of opinion on the rules" governing California's market and that "there was a question as to how you could schedule and nominate power onto the system."

Consumer Credit Service A spokeswoman for Mr. Skilling said today, "Whatever the specifics of that particular conversation, Mr. Skilling is certain of two things: He was never told anything illegal was going on, and he did not approve of any illegal activity."

Center Credit Family Service In his testimony, Mr. Sanders also said he immediately halted another practice not outlined in the memos. In this case, traders were able to be paid for selling, say, 23 megawatt-hours when they had only sold 22 megawatt-hours, by taking advantage of rounding calculations.

Credit Reporting Service Later in the hearing, Patrick Wood III, the chairman of the Federal Energy Regulatory Commission, defended the agency against criticism that it had failed to do its job.

Cca Credit Division Service But he acknowledged that by late 2000, the commission knew flaws in the California power markets "existed and were being manipulated." Mr. Wood added that he had been "upset" at the way the commission handled the California crisis before he joined the agency last summer.

Credit Free Report Service After releasing the Enron memos last week, Mr. Wood gave 150 energy companies until May 22 to turn over any evidence that they had also engaged in similar tactics.

Card Credit Customer Discover Today, he said one tactic described in the Enron memos appeared to be "deliberate misrepresentation of information; that might be a longer way of saying fraud."

Credit Repair Report Service Lawmakers on the panel, and Democratic senators on the Energy and Natural Resources Committee, which heard from Mr. Wood later in the day, said that they were concerned that the commission would impose less-effective regulations when the price caps in the West expire Sept. 30.

Credit Legal Repair Service Under questioning on this point, however, Mr. Wood said that "you do have to have a competitive market" before you take down a price-cap system, suggesting that the commission would not act hastily.

Cic Credit Monitoring Service In his testimony, Mr. Hall also said that Coral Energy, an affiliate of Royal Dutch/Shell, was said to have engaged in some of the questionable tactics described in the memos.

Ccs Credit Division Service A Coral spokesman said tonight that the company was surprised by the reference and that it considers it "nothing more than hearsay," adding, "It's our policy not to comment on such statements."

Credit Service Union Worker By Richard A. Oppel Jr.
New York Times - 5/16/2002

Topic: Enron

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