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Kenneth Lay

We don't break the law.

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Every market is in transition.

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Investors don't like uncertainty.

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I don't think I'm a criminal, number one.

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The transmission systems are still regulated.

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I have faith in the market when we get the rules right.

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But indeed a market like California is not good for Enron.

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We've tried to get as much supply into California as we can.

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In the case of Enron, we balance our positions all the time.

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You'd rather have a surplus versus a shortage in your position.

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