Former Top Enron Energy Trader Funds 69% of Measure 90 Campaign (Top Two Primary)

Former Top Enron Energy Trader Funds 69% of Measure 90 Campaign (Top Two Primary)

FOR RELEASE: 10/8/2014

Manipulating energy markets was not enough
Now the agenda is manipulating Oregon’s elections

Former top-level Enron energy trader John Arnold has now contributed $1,500,000 to a new political committee, the “Open Primaries Committee.” Arnold doubled his previous $500,000 contribution two weeks before with another $1,000,000 contribution just filed today. The Committee’s only mission is to support Measure 90, the “top two” primary plan backed by corporations and the wealthy.

John Arnold made his mark on society as one of the top managers of the Enron energy trading operation. That was the bunch who caused the phony “West Coast Energy Crisis” of 2000-2002 with fraudulent trades, resulting in rolling blackouts and huge electricity rate increases. Later studies showed that it cost the California economy alone over $42 billion. For its impact on Oregon, see Enron Corruption: The Special Oregon Connection.

John Arnold is Measure 90′s biggest financial backer, by far. Of the total raised to support Measure 90 between its two committees ($2,189,719 so far), John Arnold personally has contributed 69% of it.

“Burn, baby, burn. That’s a beautiful thing.” That is what Enron traders were recorded as saying as a fire approached a major transmission line, because it caused the line to be “derated” or shut off, thus drastically increasing electricity prices. See this New York Times article: Word for Word? Energy Hogs: Enron Traders on Grandama Millie and Making Out Like Bandits for more information. Or remember this from the Enron energy traders:

“They’re f——g taking all the money back from you guys?” complains an Enron employee on the tapes. “All the money you guys stole from those poor grandmothers in California?”

“Yeah, grandma Millie, man”

“Yeah, now she wants her f——g money back for all the power you’ve charged right up, jammed right up her ass for f——g $250 a megawatt hour.” [emphasis added]

See the CBS News article Enron Traders Caught on Tape.

John Arnold received a $8 million bonus in 2001, one day before Enron declared bankruptcy. In his 2005 deposition, he took the 5th Amendment and refused to answer any questions, except basically his name. He formed a hedge fund, Centaurus Advisors LLC, and hired, among others, John Forney, who had pled guilty to manipulating electricity prices from Enron’s now-defunct trading office in Portland, Oregon. See the CBS News piece Enron Energy Trader Pleads Guilty.

For more information on why Measure 90 is bad for Oregon (but somehow apparently good for former Enron energy traders) see:

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