Electricity Scam - 1999
Posted in the San Diego Forum
#1 Jul 30, 2013
A comment from the resident CRWM Economist:
-- Why are our electric costs three time the national average?
This Sacramento Bee news report gives us a hint:
"California officials say they 'got every penny' they demanded from JPMorgan for manipulative energy trades."
The article tells us that California ratepayers will get $124 million,($3 per person) back from the 1999-2001 scam when Democrat Governor Davis signed long-term contracts worth over $50 billion in unarned profit to the major energy companies.
The present Democrat Governor can be really proud of his success in protecting the Barclays/JPM Chase bank chairmen and board members from prosecution for their biggest single robbery of the public through banks in history. Mr Brown's crew demanded only enough to make him look good, and the criminals paid willingly, of course. That tiny penalty, plus the millions they provide to Democrat candidates, is just a cost of doing business in this state where too few voters inform themselves well enough to avoid the death spiral of our economy.
It's not likely we'll ever know who will get the other $19,991 each customer will lose on the long-term contracts at exorbitant prices due to that brilliantly executed raid. Our news media feeds us a steady dose of trash politics to keep us distracted from the daily pain of losing our wealth.
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