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Two US senators are demanding a criminal inquiry after evidence emerged which suggested that Enron manipulated the power market to make extra money out of California's energy crisis last year. The disgraced energy firm is now reshaping itself as an old-fashioned power company after its move into global energy trading ended in disaster. But in its heyday, confidential memos released by federal regulators suggest that the company abused the rules designed to protect consumers in California. The state's lawyers have long alleged that power companies were partially responsible for the critical shortage of electricity which triggered rolling blackouts and massive price increases during 2001.
California's two Democratic senators, Dianne Feinstein and Barbara Boxer, are now demanding a criminal investigation by the US Attorney General to see whether the company has committed fraud. The information released by the Federal Energy Regulatory Commission (FERC) consists of two December 2000 memos and an undated note from an Enron lawyer, apparently laying out strategies to make the most of California's shortages. The company provided the memos on Monday, and an Enron lawyer said their existence had been revealed to the FERC 10 days ago and could easily have been kept confidential, rather than being posted on the agency's website. The FERC is investigating Enron's behaviour during the crisis, which saw wholesale power prices rise by a factor of ten and almost bankrupted three major utilities.
The meltdown followed a deregulation of wholesale power which left price caps on consumer prices. The investigation is completely separate from other probes into Enron's collapse into bankruptcy at the end of last year after revelations of suspect accounting practices. In the memos, codenames such as "Death Star" and "Fat Boy" are linked to ways of shifting power around so as to maximise profits.
One strategy - put into effect on 5 December 2000 - had Enron buying power at capped rates of $250 a megawatt in California and selling it in the north-west for $1,200 a megawatt.
Lawyers warned of "a public relations risk arising from the fact that such exports may have contributed to California's declaration of a Stage 2 emergency", the state's name for a situation of critically low energy supplies. The memos also spell out techniques dubbed "ricochet" by Enron - but more widely known in the trade as "megawatt laundering". The strategy had Enron selling its electricity across state boundaries and then reselling it back into California at higher prices. And a third strategy - the one called "Death Star" within Enron - is eerily similar to the kind of allegation made by California state officials during the crisis. They had claimed companies including Enron had created phantom congestion on transmission lines, and entered into fake sales with one another to boost prices. In the largest such case in US history the Enron Corporation declared bankruptcy on December 2. The US ambassador to India has warned that the long-running dispute between Enron and Maharashtra state is deterring investment in India. Enron's $2.9bn (?2bn) investment in the Dabhol power plant is the country's biggest foreign investment, but it has become mired in arguments about the high price Enron charges for its power. In previous interviews, Enron has alluded to the possibility of sanctions being used against India, prompting fresh efforts by the Indian government to resolve the dispute.
Some optimism exists that a resolution could be reached shortly, with a leading Indian trade body forecasting a "win-win" solution to the row within weeks. Separately, a survey suggests that people in India would be willing to pay more for power if the service was reliable, pointing to a softening in public attitudes. Maharashtra officials say the cost of power supplied by Enron is nearly double the tariff charged by Indian power producers, and used it as an excuse to stop paying state debts to the plant. Enron maintains that its costs are higher because Dabhol is a state-of-the art facility, and because the regional electricity board is not utilising the plant's intended capacity.
Earlier this year, the Indian government announced that Enron had agreed to cut its tariffs. But the news did not defuse the dispute, which has developed into one of the bitterest rows in international business. From August 2000 to June 2001, while California's energy consumers were screaming about gas and electric bills that kept doubling and redoubling, Enron executives communicated with federal energy regulators in twenty-five meetings and telephone calls, doubtless counseling the feds to let the "free" market work its magic.
Investigators discovered that an unprecedented one-third of the state's generators had been closed "for maintenance" during the "crisis" thereby creating an artificial shortage.
Not surprisingly, the Bush II administration is loaded with former Enron officials and consultants, and Enron chairman Ken Lay has had close ties with the Bush family. Other good friends of Enron included lobbyist Wendy Gramm, serving simultaneously on the Chicago Board of Trade and Enron's board and audit committee, assisted by her husband, Senator Phil Gramm, who held out his bucket and received $97,350 in political contributions from the cornucopia. During the Clinton administration the Enron brigade successfully thwarted Clinton's attempts to regulate offshore tax havens. Security Exchange records show that by January 2001, Enron had incorporated subsidiaries in a number of offshore banks: 692 accounts in the Cayman Islands, 110 accounts in Turks and Caicos Islands, 43 accounts in Mauritius, 9 accounts in Bermuda, 5 accounts in Barbados, 4 accounts in Puerto Rico, 2 apiece in Hong Kong, and one each in Aruba, the British Virgin Islands, Guam, Gernsey, and Singapore. Using its offshore subsidiaries, Enron borrowed its own stock, traded with itself and reported the trades as income, hid debt and losses, paid extortionate sums to its executives, and moved its paper profits to avoid taxation for four of the previous five years. Enron's nimble accountant-auditor-consultant, Arthur Andersen, shredded reams of documents after the bankruptcy meltdown, but some paperwork survived, including a memo indicating Enron's intention to grease palms at the International Accounting Standards Board with a $500,000 donation. In the hyperactive atmosphere of the nineties, Enron was driving in stakes all over the map. Wisner, now an Enron consultant, used his influence in 1992 to help Enron secure a lucrative contract for the Dabhol power plant in India.


A Human Rights Watch report recounted incidents of farmers' land stolen, water sources damaged, officials bribed and opponents of the project arrested on trumped-up charges. The state forces accused of abuses provided security to the Dabhol Power Corporation (DPC), a joint venture of Enron, the Bechtel Corp.
Thanks in part to Wisner's positive rights review, Washington extended some $300 million in loan guarantees to Enron for its investment in Dabhol -- even though the World Bank had refused to finance the project, calling it unviable. A recent Indian investigative committee report exposed an 'utter failure of governance' -- bribery, lack of competitive bidding, secrecy, etc. By June 2001, the Maharashtra state government had already broken off its agreement with DPC because its power cost too much. According to Reuters, Enron's $2.9 billion gas-fired power plant and adjacent liquefied natural gas facility at Dabhol, about 155 miles south of Bombay, has been idle since June 2001 due to a tariff dispute with the government. After Enron-favored candidate Bush Senior lost his re-election bid in 1992, the pragmatic corporation poured money into the treasury of the Democratic National Committee. Palast said that an interview with former World Bank official Joseph Stiglitz and a gift of documents from other sources at the World Bank and the International Monetary Fund detailed the sordid secret practices of international banking. Palast said the Argentinian plan, signed by Jim Wolfensohn, the president of the World Bank, forced Argentina to sell all publicly owned assets, including the water system. Jones summarizes after a break in the interview: "They come in, pay off politicians to transfer the water systems, the railways, the telephone companies, the nationalized oil companies, gas stations--they then hand it over to them for nothing. Palast describes Enron's dealings in the Texas and California energy markets as a three-card Monty game. Palast says that former World Bank official Joseph Stiglitz calls the process "briberization," where "you sell off the water company and that's worth, over ten years, let's say that that's worth about 5 billion bucks, ten percent of that is 500 million, you can figure out how it works.
Palast describes the influence of Enron campaign donations: "In fact, we saw some interesting documents, a month before Bush took office, Bill Clinton, I think to get even with Bush's big donor, cut Enron out of the California power market.
Returning to the globalization theme, Jones asks what happens after the foreign banks have collected 21% to 70% interest and destroyed the economy of the debtor nations. Jones: "And so, drive the whole world down, blow out their economies and then buy the rest of it up for pennies on the dollar.
Palast: "What they said was here you've got an elected president of the government and the IMF has announced, listen to this, that they would support a transition government if the president were removed. Jones observes that the Bush administration set up a shadow government without advising Congress. On March 22, 2002 The Institute for Policy Studies released an exhaustive study exposing public financing of Enron's overseas expansion. Marc Edelman, a professor of anthropology at Hunter College and the CUNY Graduate Center, and author of Peasants Against Globalization, describes the Central American famine resulting from these policies. So there it is--deregulation, briberization, hidden speculation, and globalization, a recipe for disaster. In his testimony before the Senate Banking Committee March 21, 2000 SEC Chairman Harvey Pitt advised the committee against banning accounting firms from providing consulting services to companies whose books they audit, admitting, though, that auditing and consulting for the same corporate clients "can, and in a number of situations clearly does, create conflicts." So, what's your problem, Harvey? Let's hope that when President Bush visits El Salvador he won't convince his audience that the Central American Free Trade Agreement will make them rich and prosperous.
Enron has had to keep shredding files; otherwise they could have fallen into Arthur Andersen's hands. Imagine how much sooner Enron would have gone broke had the corporation paid ANY TAXES in the last five years. Clayton Vernon was fired from Enron when he wrote on an internet bulletin board, "Ken Lay is the sorriest sack of garbage I have ever been associated with, a truly evil and satanic figure." Enron apparently dismissed Vernon for disclosing company secrets.
Connecticut Senator Joe Lieberman, who received campaign and PAC contributions from Enron, has promised a thorough inquiry that will not become "a witch hunt. The biggest challenge facing the Bush administration during its second year will be to find a way to link Enron's victims to the al Qaeda network. Little did we know that when Bush promised to return ethics to Washington, it was because he wanted them rounded up and destroyed. Chiplun situated on the Mumbai-Goa highway is an ancient city on the banks of Vashisthi river.
According to Hindu mythology Shri Parshuram was the sixth incarnation of lord Vishnu, and he created Konkan by driving back the sea with his arrow. Shri Vyadeshwar is an ancient temple of Shankar and Vyadeshwar is the 'Kuldevata' of many Chitpawan Brahmin families.
The Enron Company plant is located at Veldur near Guhagar, You can see the plant from the outside as the plant is current shut down, the hugeness of the plant will surprise you and it worth seeing it from around, also you can proceed further to Anjanvel from here. His attempts to reach the ears of those who had enjoyed his patronage were unavailing, and by December 2, 2001 it was all over. At the center of Enron's grand strategy was what American journalist Greg Palast referred to as "briberization." Enron ran a candy store for government officials, media figures, and influence peddlers. When Cheney was CEO of Halliburton, his Houston-based Brown & Root subsidiary built Enron's new baseball park in Houston.
Treasury Secretary Paul O'Neill, speaking for the new Bush II administration, endorsed total banking secrecy everywhere in the world. Enron worked hand in hand with corrupt Indian politicians and bureaucrats in rushing the project through.


In 1997, the state police attacked a fishing village where many residents opposed the plant.
Spring water has become undrinkable, the mango crop is blighted and the fish catch is dwindling.
During the 1998 World Economic Summit in Davos, Enron received Clinton administration help in the marketing of Russian gas in Europe.
We found inside these documents that basically they required nations to sign secret agreements, in which they agreed to sell off their key assets, in which they agreed to take economic steps which are really devastating to the nations involved and if they didn't agree to these steps, there was an average for each nation that signed one-hundred and eleven items that they are required to sign on to.
And once you have destroyed an economy that can't produce anything, one of the terrible things is that they are forcing nations to pay horrendous amounts for things like drugs--legal drugs." After that, the ruined country can only survive by trafficking in illegal drugs. They are not saying that they are going to get involved in politics--they would just support a transition government. Responding to calls for Lieberman to recuse himself over the Take the Money Enron scandal, an indignant Lieberman sputtered, "To say Enron owns me is absurd.
How could he have called himself a politician and not gotten at least a few thousand from Enron?
The specialty of this temple of parshuram is that it was first built by Adilshah and later after 300 years renovated by the siddhi's of janjira. Ambassador to the Philippines in 1991, helped Enron win the contract to manage the two power plants in Subic Bay. Charges filed by an Indian public interest group allege Enron and the Indian company Reliance bribed the Indian petroleum minister in 1992-93 to secure the contract to produce and sell oil and gas from the nearby Panna and Mukta fields to supply the plant. The pregnant wife of one protest leader was dragged naked from her home and beaten with batons. Ken Lay and Boris Brevnov of Unified Electricity Systems of Russia signed a 10-year strategic alliance.
What that effectively is is saying we will pay for the coup d'etat, if the military overthrows the current president, because the current president of Venezuela has said no to the IMF.
The study also reveals that the company was infamous for predatory policies in the developing world. There is an ancient Shiv temple of Vyadeshwar here, Guhagar is a small place and people who want a quiet peaceful holiday prefer coming to guhagar. The Temple complex has three four different temples and the secluded beach behind the temple is very beautiful and clean. Ambassador Frank Wisner, who had also helped Enron get a contract to manage a power plant in Subic Bay in the Philippines in 1993.
Of course, Enron, as we told you was a dummy corporation for money laundering, drug money, you name it, from the other reporters we have had on. Bolstered by taxpayer financing from agencies like the Overseas Private Investment Corporation and the World Bank, Enron began privatizing national energy sectors during the Reagan Administration, promising to supply reliable energy at a low price.
Near the beach there is a place locally known as 'Baman Ghal', at this place the rocks are cut by the sea water and a george has formed. You can drive up to the fort walls, but care should be taken while driving as it has very steep climbs. Shortly after leaving his post in India in 1997, Wisner took up an appointment to the board of directors of Enron Oil and Gas, a subsidiary of Enron.
Indian newspapers reported that Vice President Dick Cheney, Treasury Secretary Paul O'Neill and Commerce Secretary Don Evans tried to twist the Indian government's arm into coughing up the money. No one can survive without borrowing, whether you are people or corporations or countries . Bush in 1988 saying give the gas pipeline in Argentina to Enron, that's our current president. So Ken Lay personally wrote a note to Dick Cheney saying get rid of Clinton's cap on prices. Roaming through the remnants of the fort is a nostalgic experience which you will definitely like. By the time the company declared bankruptcy much of its actions seemed no different then an updated ponzi scheme. He said that what he found was really creepy was that Enron was going to pay one-fifth of the world's price for their gas and he said how can you make such an offer?
Its chief financial officer, his wife, other employees and the chairman of the board Ken Lay were all charged with crimes for their actions that they took at Enron.
He said what I'm going to do is, I'm going to double the taxes on oil corporations because we have a whole lot of oil in Venezuela. And I'm going to double the taxes on oil corporations and then I will have all the money I need for social programs and the government--and we will be a very rich nation.
Well, as soon as they did that, they started fomenting trouble with the military and I'm telling you watch this space: the President of Venezuela will be out of office in three months or shot dead.



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