Wednesday :: Jun 16, 2004

Business In-Justice, Texas Style

by Duckman GR

Well, not justice exactly. In what I can only describe as a middle finger in the eye, the FERC has ordered that California, that's right, California, owes those Grandma hating, Apple pie loathing, Freedom of Information fearing, avarice loving, gluttony reveling, lust worshipping, bastards at Enron $270 million dollars.

How is such a thing possible, you ask?

Because we live in bizarro world, where a mean spirited Chauncy Gardner becomes President, and decent people get screwed. These Enron traders should be serving jail time, never mind the lawsuits and price gouging, those particular pricks and prickettes need some prison time purely as retribution, as a start.

Yet the FERC, led by Pat Wood, G Bush's hand picked puppet, and I quote, Wood is the longest-serving appointee of George W. Bush, having been named by him to the Public Utility Commission of Texas in February 1995 to regulate the state's telecommunications and power industries. Wood served as Chairman of that Commission until joining the FERC in June 2001, tells the Left Coast to pound sand.

And why, I wonder, is it up to the Snohomish County Public Utility District to get the dope on the tapes (always with the tapes, these Rethuglicans) that show the nasty and un-American side of Corporate America. But I digress. But I wonder.

And that's the corporate America that loves GWb, Mr. CEO President. People died during our blackouts here in California, people lost their businesses because of those energy costs, yet the FERC wants to reward those bastards with more taxpayer money?

In case you need reminding, here's a Frontline treatment that thoroughly reviews the whole ugly mess. Here's a nice quote from the Roots of the Crisis section that sums up what was happening on the regulatory front:

[Frontline] The president of the United States couldn't have influenced FERC by appointment, or by just in bully pulpit, concerning what was going on?

[Severin Borenstein-Director of the University of California Energy Institute and a professor of business at the Haas School of Business]
There was a lot of pressure towards the end of the administration to do exactly that, and it wasn't very successful.

[F] So FERC took it upon themselves to stay out of the fray?

[S] They went further than staying out of the fray. They stayed out of the fray and they blocked attempts by the California Independent System Operator to control prices and to take actions that would have helped.

[F] What's the rationale behind that?

[S] I'm not a political scientist, and I'm not sure why these people act the way they do. The chairman of the FERC now is somebody who doesn't really understand economics and doesn't really understand how businesses operate. In many speeches very recently, he's said, "You have to just let the market work," which is of more religion than understanding of economics. In any market in the United States, we don't just "let the market work." Every market is regulated to some extent by antitrust laws, by health and safety laws, etc. The question is, how much intervention should there be? And that, when done right, is a careful policy question, and not one that can be addressed by campaign slogans.

But that's what we get from Bushco, now isn't it. On everything, from War, to Stem Cells, to Energy, Gobal Warming, you name it, those $&%*%$(#$^%^$#* 's want to let the market work. Well, Don Vito believed in that, and that's what we have now, except we got Fredo running the show, not Michael.

Tonight, you and your bottle, read this interview of Big Time Dick from the Frontline site. Here's a taste:

[F] When people see that the companies are making 500 percent profit last year, the generators, when you have $2000 a megawatt-hour prices and prices almost that high constantly, couldn't it be manipulation? Couldn't there be some kind of cartel like behavior going on?

[BTDick] No.

[F] You discount that completely?

[BTDick] Remember, my problem is I'm not in a position, nor should I spend a lot of time worrying about individual specific examples of transactions and what goes on in those transactions. There are other people--the state utility commission, the government of California, the FERC--that have authority to deal with those kinds of issues to the extent their problems are. ... They've got to solve those problems. They've got to deal with them. I'm confident they're on their way now to try to do that. But to suggest that somehow we ought to be spending our time trying to intervene in individual transactions out there, I don't think that's the proper role for our energy [task force]... My bolds throughout.

Pure evil he is, pure evil. Lies built upon denials filtered by obfuscations and self-delusion.

When those energy meeting secrets get out, there's gonna be hell to pay, so maybe you can drop a line to your favorite Congresscritter, and Mr. Waxman, in encouragement. It's the right thing to do.

Duckman GR :: 4:11 PM :: Comments (2) :: Digg It!