Yes, Belden's trading is what I'm referring to. That's why they bought that Portland outfit. I don't think they knew anything about it, since Lou Pai lost a fortune stupidly gambling that energy prices would go down after the regulatuions came into effect.
And they had some damn good traders too (most of whom weren't crooks and had nothing to do with California). Pretty much everyone who's running the energy trading shops for the large I-Banks, every energy fund in Houston, and a decent amount of the traders for T. Boone, among other places, are Enron alums.