L.A. utility suspected of driving up price of power (CA Dem's eat their own)

The Los Angeles Department of Water and Power profited from a trading scheme that bounced energy across the state and ultimately forced taxpayers to pay a nearly fourfold increase in the cost of the power, according to a 40-page transcript of energy traders' conversations unveiled on Thursday.

Well there you have it! In the California witchhunt by California Senator Joe Dunn (d), the good senator wants or feels that a $1,250.00 item is a significant enough act of price gouging to warrant addtional follow-up! This is while Davis is screaming that the state was gouged out of about $9 billion (yes that is with a B)!

Some of the most flagrant "smoking guns" in this multi-billion dollar witch hunt (to screen the state's multi-billion dollar budget problem) are $1,250 sales?

Something is seriously wrong with the states claim of being gouged out of billions, and/or Dunn is engaging in a "hit" on Freeman.

Internal fights couldn't be happening to a more appropriate group. They do eat their own!

The investigation has cost more than that, I am sure!
But why is he hitting on Freeman?
Does Dunn have a problem with Freeman's philosophy about public owned power as many of us have?

Perhaps he knows something that has not yet been revealed!

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You are right the investigation has to do with much more than a hit on Freeman.

I am sure that it is a coordinated attempt to boost Dunn so he can run for a state-wide office or a national office at some point in the future. I am also sure that the investigation was started in an attempt to help divert attension away from the budget problems of the state.

Finally, I am sure that the investigation is hoping to come up with some anti-Bush/Cheney sound bites that can help democrats in their elections this November.

When the dust settles, I am sure that Ernon will be proven to have had lots and lots of crooks. I am sure that Cal ISO will look like crooks at worst and total incompetents at best. I am also sure that some other power companies will be labeled as having questionable practices.

I suspect that the real heavy lifting in the finger pointing area will be with the SEC, the Options Trading Board, and at FERC. Although, I must admit, I like the way Senator Dunn has followed leads and publicly chastised Democrats when evidence was found on their doorstep. I hope he comes down hard on Davis as we get closer to November, especially it Davis is down in the polls I think it could happen. Dunn might just be trying to be the next Governor after Simon!

This is old news to FReepers. From ten months ago:

California Just Hates ‘Gougers’ – So Who’s Its Top Energy Adviser?

BTW, out of poverty, I let my IBD subscription lapse. I hope some other FReeper will key in the appropriate editorials (yeah sure). Sorry, I'm just in a pissy mood today.

I suspect that the real heavy lifting in the finger pointing area will be with the SEC...

I have been wondering lately if the Taliban or Hamas has a cell in the SEC. Or maybe it's just the other terrorist group, the DNC.

Look at what the SEC did to Xerox over essentially nothing. Enron, Global Crossing, Tyco, Xerox...all destroyed over accounting rules which were probably legal (if not prudent or ethical).

These investigations have done more to drive down the stock market than the 9-11 attack. And the bottom line in the so-called minds of the American public is: "Big Business is Corrupt".

What the hell is going on? Preparation for outright fascism?

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