Prosecuting traders won't fix California's energy market

Newly disclosed practices by energy traders in California look fishy indeed. But they didn't cause the state's power crisis of 2000-01, as Gov. Gray Davis and assorted congresspersons want everyone to believe.Memos released by Enron Corp. this month document the company's now-infamous tendency to innovate first and check legality later."Now, after billions of dollars of damage to California's economy, the truth is out," Davis declares. "These memos amount to a confession by Enron of its efforts to exploit the system."Davis wants compensation. But there's more to this story than misbehavior by overly ambitious traders.The shenanigans wouldn't have been possible in a...

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