Russ Feingold: “the recent release of audiotapes of Enron traders gloating about their ability to manipulate energy markets should jolt…”

“the recent release of audiotapes of Enron traders gloating about their ability to manipulate energy markets should jolt the Senate into passing S. 2015, the Energy Needs Regulatory Oversight Now or ENRON Act. A public utility near Seattle, which is trying to get back the money it lost to Enron's unscrupulous energy trading practices, received the tapes from the Justice Department. These tapes confirm what we all suspected: Enron manipulated energy markets and gouged consumers. According to these tapes, Enron traders celebrated when a forest fire shut down a major transmission line into California in 2000. This shut down cut power supplies and raised energy prices. An energy trader sang: "Burn, baby, burn. That's a beautiful thing." These taped conversations also provide evidence that Enron made secret pacts with power producers and Enron traders deliberately drove up prices by ordering power plants to shut down. The traders also brag about their ability to manipulate markets and steal money from the "grandmothers of California," who one trader called "Grandma Millie." The arrogance of these traders shocks the conscience. It also demonstrates the need for Congress to protect consumers from energy market manipulation. We cannot let the market abuses that took place during the Western energy crisis of 2000 happen again.”