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"Railroads can't maintain pace of coal demand"

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[quote user="YoHo1975"] Well, you've just killed your credibility with me. Institutionalized, systematic, and creatively planned accounting fraud is now aggressive but overly greedy marketing mistakes?There are audio tapes of Enron chief executives discribing how they were going to "screw" California residents. Ken Lay has said the following:"In the final analysis, it doesn't matter what you crazy people in California do, because I got smart guys who can always figure out how to make money." And finally, the Federal Energy Regulatory Commission in 2003 released a report saying:"Electricity prices in California’s spot markets were affected by economic withholding and inflated price bidding, in violation of tariff anti-gaming provisions." In other words, Enron and Reliant and others broke the law. [/quote]What you left out is the fact that the California ISO set up the bidding rules, including forcing all wholesale electricity buyers to accept the highest bid, not the more usual low bid wins.  Traders, who are logically directed by their employers to garner the most profit they can, took the bait.  Now, most reasonable folks would call that entrapment, but then again this is California we're talking about.  After this self-induced debacle, those California politicos needed a scapegoat or two, and the FERC capitulated on that one.You see, Yo, it was the California ISO that set up the rules for energy trading that apparently were in violation of those "anti-gaming" provisions.  And do you know who one of the major players in setting up those ostensibly illegal rules?You guessed it.  Lockyer himself.Yeah, it's too bad the FERC lacked the testicular fortitude to bring to justice the primary culprits in the 2000 energy debacle, but really now - did anyone expect that to happen?
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