Friday, August 06, 2004

Enron Trader Admits To Manipulating Mkt

SAN FRANCISCO, AUG 6: John Forney, 42, a former Enron Corp trading executive pleaded guilty to charges that he manipulated energy markets during California’s power crisis.

He is the third official to plead guilty to manipulating electricity prices from Enron’s trading office in Portland, Oregon. The crisis played a role in Pacific Gas & Electric Co’s bankruptcy and will leave California consumers paying very high electricity prices for years. He faces a maximum of five years. A sentencing date has not been set. "With the guilty plea of John Forney, we have now obtained convictions of the top three Enron executives most directly responsible for manipulating the energy markets in California at a time unique in our history, when the lights were going off and the grid was in danger of shutting down," US Attorney Kevin Ryan said.

... all little fish -- when is Ahnold's connection going to hit the fan?

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