Patricia:
California has been the vanguard of conservation since the first gas crunch in 72, and then the drought in 77. Followed by the other gas crunch of 78 and then that other drought in 90, was it? They weren't underestimating, they were just plain dumb. I do know that PGE had their contractors sealing gas wells before the Enron takeover. I have heard that Enron was taking bank loans intended to pay contractors and diverting those funds into CA real estate, paying contractors piecemeal instead of lumpsum upon completion of each phase of their projects. Based on this, Ihave a theory...on a large scale, Enron had been diverting loans into buying up CA property. When the real estate market headed south Enron had property worth a lot less than their purchase price. They couldn't pay people, they still owed the banks, work wasn't getting done, deals failed, and it would cost them to sell off property they bought. The Enron house of cards collapsed and Californians triumphed again because, I think, God loves CA best.
However, there is no doubt in my mind that those evil Enron evildoers will reorganize and return unless they are stopped NOW. They actually have 18.6 billion in assets; divvy those up among investors. They grasp at every straw ~ suing Dynegy for backing out of a deal. HA! because Dynegy's investigation showed what a disaster Enron is. Enron admits they've been cooking their books for four years and one of the Big Six (Four?) Accounting firms ArthurAnderson aided and abetted them in their scam. For shame. These are the people who should be brought before a military tribunal. But instead our tax dollars will probably go to bailing out everyone involved except of course, the individuals and investors. |
