But is it illegal?

This week, the media aired tapes of conversations with Enron energy traders. The traders bragged about how they were manipulating and profiteering from the energy market in California. They swore like drunken sailors about how Grandma Millie was going to get raped by high prices. Wicked, shameful, and unethical? Absolutely. But is it illegal? Though I am not a lawyer (IANAL), I have my doubts. It really depends on whether Enron violated rules of the energy market. If they violated the market rules, then they should be punished to the fullest extent of the law. If the market was flawed, then we should blame the hoards of overpaid consultants who designed the market.

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One Comment on “But is it illegal?”

  1. NS Says:

    Didn’t Enron also design the market? Doesn’t mean that exploiting the loopholes was illegal, just unethical.

    I believe the specific accusation is fraudulent behavior — i.e. shutting down functioning power plants to force CA to pay the premium …

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