"Four years after California's disastrous experiment with energy deregulation, Enron energy traders can be heard – on audiotapes obtained by CBS News – gloating and praising each other as they helped bring on, and cash-in on, the Western power crisis.

"'He just f---s California,' says one Enron employee. 'He steals money from California to the tune of about a million.'

"'Will you rephrase that?' asks a second employee.

"'OK, he, um, he arbitrages the California market to the tune of a million bucks or two a day,' replies the first.