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California Reacts to Enron Verdict

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At a glance:

Enron executives Lay and Skilling may have been convicted of fraud and conspiracy, but those charges were not directly related to their role in the California energy crisis.
 
Still, those affected are pleased with the verdict.
 
Enron did settle with California for $1.5 billion, but since they are bankrupt it's unclear how much compensation Californians will actually receive.
 
California residents still pay significantly higher electric rates than they did before the "energy crisis" in 2000-2001 and the debacle is blamed by some for ruining the career of former California Governor Gray Davis.

Not Many Lay, Skilling Sympathizers Out Here

Los Angeles Times - 5/26/2006 1:05 AM

SACRAMENTO — The electricity crisis left a trail of casualties across California. Gov. Gray Davis lost his job. Pacific Gas & Electric Co., the state's largest electricity utility, filed for bankruptcy protection. Millions of residents and businesses wound up paying billions more for electricity, and many blamed Enron Corp.
 
From San Diego to Sacramento, Californians exulted Thursday over the convictions of Enron chieftains Kenneth L. Lay and Jeffrey K. Skilling. Some called it justice; others said the verdicts were merely symbolic, noting that Californians continue to pay exorbitant rates for electricity thanks to Enron.
 
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