Pete Hoekstra: “A few months ago we were all exposed to the fiasco at Enron, and then I could not help but to take a look, just with…”

“A few months ago we were all exposed to the fiasco at Enron, and then I could not help but to take a look, just with amazement, taking a look at the front page of the business section of The Washington Post on Tuesday. Here is what is happening in our business community today. We have a large energy company in Michigan that was doing round-tripping. What is round-tripping? You sell energy to somebody and you buy it back immediately for the same price that you sold it to them for, and all it basically does is it allows you to escalate your trading activity. The comment was, no harm, no foul. It is kind of like no harm, no foul; no harm no foul, but no benefit, so if there is no benefit and it did not hurt anyone, why would you even do it? But they did it, and for one of their trading units, it was almost 80 percent of their business. I think that is very questionable.”