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To: Oblomov who wrote (54835)	1/5/2001 6:23:29 PM
From: flatsville	Respond to of 436258

Ob- flats, I understand that there may have been actions taken by certain traders that may not have been in the public interest, but the use of the term (not your language, I realize) "laundering" implies a diversion to cover up criminal activity. If there was a "loophole", then the action was not a diversion and was legal, right? Technically legal, yes. And when the ISO moved to smack them down they switched m.o. and bid up off-peak hours to make a buck. The whole purpose of the trading has been to "not trade in the public interest." That's what my East Coast industry insider was trying to tell me. I bought a couple of utes based on the promise of dereg. My industry insider thought that was pretty damn funny. He told me I should be buying because it wouldn't work (and to buy more. I did later.) As it turns out DUK has done pretty well (largely due to CA) up until a few days ago (also largely due to CA.) I'm not worried though, as this will not get solved anytime soon short of dismantling the entire dereg agreement and legislation based on this out of one of the articles. "Entrepreneurs are smarter than bureaucrats," said McCullough, the Portland, Ore.-based economist. At a hearing of the Public Utilities Commission held in San Diego in August, an advocate of deregulation told California to start over. "You are caught in a cycle of causing problems that lead to new rules; that cause new problems that lead to new rules," said William Hogan, a Harvard economist who is perhaps the nation's leading intellectual behind the movement to deregulate the electricity industry. More recently, Hogan was asked in an interview whether the California's experience this year could mean that electricity must always be regulated, as it was for at least 80 years. "I am perfectly willing to admit that I was surprised by the high prices this summer," he said. "We don't know exactly what happened yet. If that's the answer, then David Freeman (a prominent opponent of deregulation) will turn out to be right." Ooops... (Note: There are some innuendos in the two articles which lead me to believe the ISO might have been complicit in some of the manipulations...so screw them too.)