[The Old Hoosier]

Yes, you're right. All of the divisions and "associated" companies/utilities etc. have to be accounted for with the FERC. Fascinating.

But the question is whether the FERC had good info. The whole problem with ENRON was this fishy accounting stuff. Would it have been clear from the finance reports that ENROn was in trouble?

[vmatt]

Would it have been clear from the finance reports that ENROn was in trouble?

That's what the regulations governing the reporting of facts are designed for. FERC needs to hire Andersen LLP to do an audit for them.