Official misconduct in gas markets gouging consumers i.e #RegulatoryCapture at the #CaPUC: Spot market #transactions in #NaturalGas are shielded from #PublicScrutiny. Comparable #electricity #transactions, by contrast, were made #public after #Enron traders took advantage of #deregulation to loot California. Now every electricity trade on the spot market is published, deterring such #misconduct.

https://www.latimes.com/opinion/story/2023-03-13/natural-gas-price-socalgas

#FTX and the #Enron connection. There are too many nodes to this #crypto saga for it all to be a coincidence.
https://moneycircus.substack.com/p/crisis-update-new-ftx-ceo-oversaw

Exclusive: At least $1 billion of client funds missing at #FTX
On Friday, FTX said it had turned over control of the company to John J. Ray III, the restructuring specialist who handled the liquidation of #Enron— one of the largest #bankruptcies in history https://reut.rs/3USvxE0

The developing story around #ftx is equivalent in significance if not in size of funds to #Enron.

When and not if #binance and #tether collapse this can turn into a market event.

For developments and backgrounds follow some of these:

https://sigmoid.social/@Ryder/109330014189526398

RT @HiFiDeFi
#Crypto is having an #Enron moment thanks to infamous dealings of @SBF_FTX, @ftx_app, and @AlamedaResearch. Unfortunately, they cast a wide network of concern. We can expect contagion and longer term consequences for the actions of these companies inside #web3 and #defi.

Mir gruselts, wenn ich an die #WienEnergie denke und mir dabei #Enron einfällt: ein US-Stromliefer und - Handelsunternehmen, das Regulatoren und seine Aktionäre so lange getäuscht hat, bis es (2001) bankrott ging. Auch die Pensionskasse wurde für Spekulationen verwendet. Crash.

🐦🔗: https://nitter.eu/EugenAFreund/status/1564290985575825409

Just finished watching #Enron
Here's my fresh reaction:
It's now added to my personal "everyone should watch this" list.

A large corporation straight up calling utilities to manipulate electricity prices is something that while I would have expected...definitely not on that scale. Accounting shenanigans were things I had already heard about, I hadn't actively thought that "buying ratings" would be as easy then as it is today.

Unfortunately it's quite clear that nothing has improved. In fact despite fraud and corruption being no less common we really don't hear about large corporations going under anymore...they're being actively enabled.
A great deal of parallels to the [redacted] industry. The documentary has a great segment devoted to referencing the milgram experiments which encompasses the problem a great deal.

Why is accountability so hard?
Is this all just part of the human condition?
Are we simply doomed to continue an unending cycle of tyranny and abuse from those with too much power and little-to-no accountability?

Why do we culturally accept corruption, waste and fraud?
Everyone is worse off from allowing this and the spoils for ending it are immense.
I'll admit I'm really a lot less opinionated these days when it comes to specific policies if we can simply hold the fraudsters and their enablers accountable.
I'd love to see some grassroots cooperation (across the entire political spectrum) on this front.
Nobody wins by enabling this.
What can be done to make this a reality?

Sounds familiar?
#BillGates #news #melinda #Amazon #Bezos #Enron #money