Ken Lay, Jeffrey Skilling and California's Energy Crisis

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Today's stunning guilty verdicts against former Enron executives are a reminder of blackouts and soaring prices during California's energy crisis. Ken Lay and Jeff Skilling face lifetimes in prison after today's conviction for fraud and conspiracy. Because of its bankruptcy, Enron will only pay $225 million of the $1.5 billion it agreed to pay to the state. During the energy crisis five years ago, Enron's energy traders joked about California as if they were bilking a little old lady. We examine what the collapse of Enron meant to California with an energy economist and a former chairwoman of the State Senate Energy, Utilities and Communications Committee.
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Host:
Warren Olney

Producer:
Frances Anderton