[Congressional Record Volume 150, Number 85 (Friday, June 18, 2004)]
[Extensions of Remarks]
[Page E1158]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                        CALIFORNIA ENRON REFUNDS

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                          HON. DIANE E. WATSON

                             of california

                    in the house of representatives

                        Thursday, June 17, 2004

  Ms. WATSON. Mr. Speaker, I rise today to speak on the recent order 
for my home state of California to repay over $270 million to Enron and 
other energy corporations amidst growing evidence of Enron and other 
energy companies market manipulation.
  The recent release of Enron tapes where traders openly discuss the 
manipulation of California power markets to the tune of one to two 
million dollars a day is unfair to all residents of California. 
Providing refunds to a company that used deceptive business practices 
is just plain backwards.
  The United States has fallen victim to gas prices that are at a 23 
year high. It has had a drastic effect on all consumers whether they 
are automobile drivers or not. Despite this, the Administration 
continues to give billions of dollars in tax breaks to special interest 
oil, gas, and coal companies that are doing nothing to help lower fuel 
prices.
  Mr. Speaker, I am appalled and disgusted with the Administration's 
coddling of special interests while leaving taxpayers the task of 
having to foot the bill for years of wrongdoing by Enron and other 
corporate scoff laws. The refunds my home state are forced to pay 
reward market manipulators for predatory pricing activities. As 
legislators we should punish, not reward, companies who have deceived 
our citizens.

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