On Power Outages and Privatisation. Remember Enron?

Back in 2011, the risk of fire at substations such as Penrose was identified as possibly leading to a “high-impact failure”. New Zealand Herald Bomber Bradbury asks on his blog the Daily Blog why Aucklanders have to pay for their powergrid upgrades? He does so because John Key promised us that privatisation would make for […]

Barclays traders are damned by their own emails which reveal how they bragged about rigging energy prices to make profits

Echo’s of Enron! Emails and phone messages between foul-mouthed Barclays traders in New York reveal how they bragged about rigging energy prices in America to make huge profits. Critics yesterday said the expletive-ridden correspondence provides further evidence of the ‘rotten culture of casino banking’ that built up under disgraced former boss Bob Diamond. The bank […]

Sub-prime crisis is ‘Enron all over again’

The sub-prime mortgage crisis shows the lessons of Enron’s collapse have not been heeded, says Bethany McLean, the Fortune magazine reporter famous for breaking the story that the energy giant was an emperor with no clothes. A lack of transparency, the use of off-balance sheet vehicles and the dodging of responsibility underlie the carnage on […]