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Credit Pacific Service Union The nation's top energy regulator promised yesterday to investigate whether Enron Corp. manipulated long-term energy prices in western states until the day it declared bankruptcy last month.

California is wise to ask whether its recent energy crisis was real or partly the effect of one of Enron's shell games. In this light, the Bush administration's exploitation of the California energy crisis to promote its views on U.S. energy policy deserves some attention by the Senate probe. Given the access and influence that Enron executives had in the Texas and Washington Bush administrations, more questions remain, and there is not enough room on the editorial page to list them all.

Credit First Service Union Pat Wood III, chairman of the Federal Energy Regulatory Commission, made the pledge during a congressional hearing in which several senators voiced concern about Enron's dominance of electronic trading of financial instruments tied to energy. Such trading is unregulated.

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Card Credit Mobile Service This would be the second time FERC has looked at Enron's role in setting western energy prices. During the year-long California energy crisis that ended last summer, the agency found no evidence that energy companies, including Enron, had manipulated the short-term market for electricity, although it found serious flaws in the market structure.

The Consumer Credit Counselling Service (CCCS) has commented on personal loans and the process of personal pricing in the financial industry.

Card Credit Discover Service "There are issues about whether Enron was manipulating the West Coast energy markets," said Sen. Ron Wyden (D-Ore.). "It's important not just to ratepayers on the West Coast, but it goes to the issue of the confidence Americans need to have in the energy market. We need to lift the veil of secrecy about how energy is bought and sold in this country."

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Credit Public Service Union The hearing by the Senate Energy and Natural Resources Committee was meant to explore the impact that Enron's collapse in December had on energy markets.

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Card Credit Processing Service Robert McCullough, an energy consultant whose clients include utilities in the Northwest, testified that the price of unregulated financial energycontracts on the West Coast dropped 30 percent on Dec. 3, the day after Enron filed for bankruptcy. This suggests, he said, that "Enron may have been using its market dominance" to set long-term energy prices.

Center Credit Service Union Wood, a former Texas utility commissioner backed by longtime Enron chairman Kenneth L. Lay for the federal job, told lawmakers that Enron's demise didn't damage the nation's energy-trading industry or disrupt the supply of energy.

Card Credit Service Wireless Enron, meanwhile, named Stephen F. Cooper, a corporate turnaround expert, as its interim chief executive, replacing Lay, who resigned last week.

Credit Security Service Union In other Enron-related news:

Credit Report Service A House subcommittee leading the investigation of document shredding by Enron's outside auditor, Arthur Andersen LLP, announced it will turn its focus to Enron at hearings next week. Merrill Lynch & Co. confirmed that some of its senior executives invested in one of the controversial Enron partnerships involved in the company's unraveling last fall.

Blogspot Com Christian More than 400 past and present Enron workers asked the bankruptcy judge to appoint an official panel to give them greater say in the case, saying one worker representative on the 15-member creditors' committee was inadequate.

Christian Counseling Credit Enron said its investigation of papers shredded at the company's Houston headquarters after it received subpoenas from federal investigators had turned up no evidence that any relevant materials were destroyed. "Based on our investigation so far, we are unaware of any improper shredding of documents," Enron attorney Robert Bennett said last night. The FBI is continuing to interview everyone at Enron headquarters who had a role in shredding documents. An Enron spokesman confirmed that the company continued shredding documents until recently but maintained that they were payroll and other personnel records unrelated to the investigation.

Credit Federal Service Union Police in Sugar Land, Tex., said they could not disclose the contents of the suicide note written by J. Clifford Baxter, a former senior Enron executive, without the permission of the Texas attorney general.

Credit Monitoring Service At the Senate hearing, Sen. Dianne Feinstein (D-Calif.) and others said the danger that Enron posed occurred before it collapsed, from its success in lobbying state and federal regulators against disclosure of energy prices and supplies.

Credit Division Service That secrecy has allowed companies to dominate markets and "price-gouge" consumers, Feinstein said. Enron's large role in trading financial energy contracts coupled with the company's control over "50 percent to 70 percent" of natural gas going into California gave the company the tools it needed to set prices unfairly, she said.

Card Credit Online Service In December 2000, Congress exempted such "derivatives" contracts -- which are used to hedge against price swings but also to speculate on price changes -- from regulation by the Commodity Futures Trading Commission. Sen. Jeff Bingaman (D-N.M.), chairman of the committee, said the Enron fiasco shows the need for greater public disclosure about energy derivatives and how they are traded.

Consumer Counseling Credit Inc James E. Newsome, chairman of the Commodity Futures Trading Commission, said that if Congress decides that energy derivatives need more oversight, his commission should provide that oversight.

Card Credit Fleet Service In announcing new hearings next Tuesday and Wednesday, the House Commerce subcommittee on oversight and investigations sent out a new round of letters requesting documents. Among them was one to Enron seeking copies of a report a New York law firm prepared last summer on problems with partnerships then headed by Enron's chief financial officer, Andrew Fastow. Fastow sold those interests last July 31.

Card Consolidation Credit The Internet magazine Salon reported last week that Jordan Mintz, an Enron attorney, had asked the Fried Frank Harris Shriver & Jacobson law firm for an opinion on the partnerships. Enron sources confirmed that an opinion was prepared but would not provide details of its contents.

Credit Free Online Report A Merrill Lynch spokesman said, in response to a report by Bloomberg News, that executives at the brokerage firm invested in the LJM2 partnership, one of the private entities run by Fastow.

Credit Federal First Service "The investment partnership was reviewed and deemed appropriate by parties on all sides of the transaction," the spokesman said. "Consistent with common industry practice, it was offered to qualified external as well as internal investors, and this is not a conflict of interest."

Consumer Credit Service The partnership was one of many that helped Enron keep debt off its books -- debt that investors, including those following the Merrill Lynch analysts' recommendations on Enron, were not aware of. The spokesman said the Merrill Lynch investors in the partnership didn't tell the analysts about their investment.

Center Credit Family Service Meanwhile, the Federal Election Commission said it was unclear what would become of the $430,000 remaining in Enron's political action committee coffers at the end of 2001. The PAC made donations last fall to several members of Congress who are now investigating the company. "We have never had to address anything like this before," said Kelly Huff, a spokeswoman for the election panel.

Credit Reporting Service By Kathleen Day and Susan Schmidt
Washington Post - 1/30/2002

Topic: Enron

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