Re: Enron and CA

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Article #887

#887

From: Jim Bianchi
Date: Thu, 17 Jan 2002 03:04

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On Wed, 16 Jan 2002 15:36:53 -0800, Jeffrey Siegal <jbs@quiotix.com> wrote:
>Jim Bianchi wrote:
>> 	What I need to understand is, Enron took several BILLION dollars out
>> of California alone and suddenly it's bankrupt?
>
>Enron was a middleman.  They didn't produce the power in California, 
>they just bought and sold it. While they sold power at high prices, they 
>also bought power at high prices (ideally, from their point of view, 
>less high).  So it is really hard to say how much they netted out of 
>California.  

	I see. Thanks. This is the most complete 'splanation I've heard so
far. Most others tend to go wild assigning blame to one side or the other,
as opposed to answering the question.

>What's more, California was only a small part of their business.

	I was (peripherally) aware of this. I guess the financial bits went
something like: "We (Enron) are owed xxx by Calif, ergo our credit to buy
<something> is good?"

-- 
jimbo@sonic.net 
Eclectic Garbanzo BBS, (707) 539-1279 

"My parents just came back from a planet where the dominant lifeform 
had no bilateral symmetry, and all I got was this stupid F-Shirt."

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From: jimbo@sonic.net (Jim Bianchi)
Newsgroups: la.general,ba.general,ca.general,ca.politics
Subject: Re: Enron and CA
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