Enron tapes show 'gloating' traders

Enron traders openly discussed manipulating California’s power market during obscenity-laced telephone conversations in which they gloated about ripping off “those poor grandmothers” during the US energy crunch in 2000-01, according to transcripts of the calls.

The calls were obtained from the US government and transcribed by a public utility district near Seattle that wants the collapsed power giant to forfeit millions of dollars in ill-gotten gains over the energy trading scandal.

Investigators say the transcripts paint an even more sordid picture of the way Enron allegedly ruthlessly rigged the market at a time of widespread blackouts and soaring electricity rates in California.

Enron spokeswoman Karen Denne declined to comment on the transcripts, but said the company continued “to co-operate fully with all investigations”.