2 Ex-Enron Traders Get Probation (CA F Grandma Millie)

[RamboLiberal]

http://www.cbsnews.com/stories/2007/02/14/business/main2479660.shtml

Two of three former Enron Corp. traders accused of driving up energy prices during California's power crisis were each sentenced Wednesday to two years of court-supervised release in federal court.

Timothy Belden, the former head of trading in Enron's Portland, Ore., office, was sentenced after pleading guilty in October 2002 to one count of conspiracy to commit wire fraud. Belden's plea was the first prosecution of anyone related to the West's energy crisis in 2000 and 2001. He had faced up to five years in prison, and must forfeit $2.1 million.

The second defendant, Jeffrey Richter, was a lower-level trading manager in charge of the so-called “short-term desk” who also pleaded guilty to two counts related to manipulating energy prices. He had faced up to five years and agreed to pay a $410,000 fine.

The alleged mastermind behind the scheme, John Forney, is expected to be sentenced next month for his role in the scam that fraudulently sent California energy prices soaring, causing energy shortages and rolling blackouts.

Internal company memos describe how Belden's trading unit took power out of California at a time of rolling blackouts and shortages and sold it out of state to elude price caps, according to documents obtained by investigators.

<snip>
...They also kidded about Enron's hefty political contributions — particularly to President Bush's campaign — and how that could translate into more opportunity for profit in California.

[tabasco]

1. Good thing they didn't get caught with a joint.

They'd be in real trouble.

[gratuitous]

2. Yeah, if only they'd knocked over a liquor store or something

Impoverish millions, steal millions more, panic the nation, and well, darn it, you're on court supervision for two years, mister!

[Decruiter]

3. OMG

Now THAT'S funny...

[havocmom]

4. And Martha got HOW LONG in the slammer?

:grr:

[Porcupine]

5. A $70 BILLION dollar fraud gets PROBATION!?!

There IS NO JUSTICE!!

This had to be the second largest heist in history with the backlash damaging the lives of 30 million people.

probation.
:wtf:

[tblue]

13. So the lesson is 'If you're gonna steal, steal REAL BIG. Rip off the whole state of California.'

[malaise]

15. Unbelievable

:puke: :puke:

[Hekate]

6. Excuse me? Where's the prison time?

Gods damn it. Probation? I am speechless.

Hekate

[w4rma]

7. Everyone see this? Hardly any penalties for huge white-collar crime. Now, go get rich. (nt)

[Doremus]

8. Pleaded guilty in --2002-- and just NOW sentenced -- to PROBATION?!!!

Let no one EVER say there aren't two justice systems in this country.

My God. This is so wrong on so many counts.

:mad: :mad: :mad: :mad: :mad: :mad: :mad: :mad: :mad: :mad:

[anitar1]

9. I think of these people every month as I

struggle to pay my electric bill. It is not fun to deal with these outrageous bills on a fixed income. I would have liked to see them spend many years in prison--say 20 or 30 yrs with no time off for good behaviour.

[pinniped]

10. These are two of the bastards responsible for the CA recall and the installation....

of Herr Gropenfüherer.

In these scum pulled fraud on this scale in China, the sentence would have been much different.

[Raine]

11. After sitting in the dark thanks to

those bastards I think they should be doing hard time busting rocks! :grr:

[Judi Lynn]

12. Hope they will feel the need to keep looking over their shoulder the rest of their filthy lives. n/t

[Doondoo]

14. K&R