Enron Traders Discussed Market Manipulation

SEATTLE -- Enron Corp. traders openly discussed manipulating the California power market and joked about stealing from grandmothers during the Western energy crisis in 2000-2001, according to transcripts of telephone calls filed with the Federal Energy Regulatory Commission, The Associated Press reported Wednesday.

The transcripts, some littered with profanity, were filed by a public utility district near Seattle. Energy merchants regularly tape trader conversations to keep a record of transactions.

The calls on the transcripts are central to the Justice Department's investigation of Enron's trading practices.

John Forney, a former top trader in Enron's defunct Western trading operation based in Portland, Ore., is slated to stand trial on charges of wire fraud and conspiracy. Two other former Portland traders, Timothy Belden and Jeffrey Richter, have pleaded guilty to one count of wire fraud and are helping prosecutors.

-- NYSCPA.org News Staff

Posted on 6/2/04