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Quote of the Day - The law is not so much carved in stone as it is written in water, flowing in and out with the tide. - Jeff Melvoin
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Enron, The Trevor Law Firm, Bill Lockyer and 17200

Remember Enron? Well, it turns out that the Federal Energy Regulatory Commission has ordered the State of California to repay nearly $270 million in refunds to various energy companies, including Enron.

Seems like we haven't outlived Gray Davis' legacy yet.

The FERC is heaping insult to injury, claims California Attorney General Bill Lockyer. As if we didn't already pay through the nose for all that energy already. Plus another $15 billion to boot.

Ouch.

So, what are we doing about it? Well, for one, Lockyer challenged the FERC's order. So far, so good. How about one better?

Like suing Enron for price manipulation. One day after FERC's order. If FERC denies us, at least we can get the money back from Enron. Here's the Complaint. But before you get too carried away, go to the end of the Complaint.

He's seeking a whopping $2,500 per day against the defendants. Sure, he's also asking for disgorgement (I'm presuming here something in the range of $270 million or so) and $25,000 per day in other fines, but the twist is that he's seeking it under Business and Professions Code 17200.

The twist is that he sought to debar an entire law firm for overusing 17200. Claims the use of the statute is an unfair business practice.

Not that I don't disagree with him in certain circumstances, such as the Trevor Law Firm.

But really. What's not fair for someone else is fair for you, Bill? And all of us Californians?

Seems to me that you ought to be careful where you throw stones.

Printer friendly page Permalink Email to a friend Posted by J. Craig Williams on Saturday, June 19, 2004 at 23:26 Comments Closed (0) |
 
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