Ex-Enron trader pleads guilty to manipulating market (Forney this time)

[Robbien]

Friday, August 06, 2004
By David Kravets, The Associated Press

SAN FRANCISCO -- A former Enron Corp. trading executive pleaded guilty yesterday to charges that he manipulated energy markets during California's power crisis.

John Forney, 42, of Ohio is the third Enron official to plead guilty to manipulating electricity prices from Enron's now-defunct trading office in Portland, Ore. The crisis played a role in Pacific Gas & Electric Co.'s bankruptcy and will leave California consumers paying abnormally high electricity prices for years.

. . .

"With the guilty plea of John Forney, we have now obtained convictions of the top three Enron executives most directly responsible for manipulating the energy markets in California at a time unique in our history, when the lights were going off and the grid was in danger of shutting down," U.S. Attorney Kevin Ryan said.

As part of the guilty plea, Ryan said Forney is expected to cooperate with the ongoing investigation into Texas-based Enron, as well as reveal details about how other energy firms may have played a role. Four employees of Reliant Corp. have already been charged with deliberately shutting down power plants to increase the price of California electricity.

. . .

A federal grand jury in San Francisco had charged him with 11 counts, and through a plea agreement, Forney admitted to one count in exchange for the government dropping the others.

http://www.post-gazette.com/pg/04219/357360.stm

[0007]

1. Will Kenny Boy own up and accept responsibility?

You can bet he won't and you can bet he will be pardoned by junior.

"Forney's attorney, Edwin Prater, said his client admitted guilt in order "to accept responsibility for his actions."

"It was a good opportunity for John and his family at this time to, certainly, right the wrong he had a part in and for them to move on with their lives," Prater said.

A federal grand jury in San Francisco had charged him with 11 counts, and through a plea agreement, Forney admitted to one count in exchange for the government dropping the others."