Remora

In a previous post, Limited Inc had speculated about the triangle between point a, the provision of a bill passed in December, 2000, that exempted energy trading from oversite by the commodity futures commission, b., the Gramms (Mr. and Mrs.) support for the bill, and c., Senator Gramm's retirement.

Limited Inc. stands corrected by an article in the Times this morning. Doing the calculus of sleeziness in the Clinton era, one should always include the Clinton variable: that if something looks reactionary, pandering, against the public interest, and connected to big money, Clinton will probably be behind it. And so it turns out on this bill, which set in motion the events that blacked out California while the bandits made out like energy companies... uh, I mean, while the energy companies made out like bandits. Two explicatory grafs:


"...in the latter months of 2000, both Gramms were frustrating the company's Washington lobbyists. Senator Gramm, for reasons unrelated to Enron, was single- handedly blocking a futures trading bill the company had dearly prized. And Dr. Gramm had complicated the bill's prospects with a scathing critique of some rules being prepared by her former agency.

The issue was eventually resolved in the company's favor; Senator Gramm lifted his objections to the bill after calls from Clinton administration officials and industry executives, including Kenneth L. Lay, Enron's chief executive, according to company officials and people involved in the bill. Once the bill became law the rules that Dr. Gramm opposed became unnecessary and were dropped."