After saddling California with huge power bills in its heyday, Enron is causing the state more anguish as it crumbles. Six of California´s largest public pension funds lost a combined 250 million dollars when Enron´s stock crashed. After peaking at 90 dollars and 75 cents at the outset of California´s energy crisis in 2000, Enron´s shares have plunged below 25 cents amid allegations of fraud and insider dealing.
The University of California´s pension and endowment funds lost 145 million dollars on Enron stock. That´s the most in the state and the second largest reported by public investment funds nationwide. The losses of other major California public pension funds surveyed by The Associated Press ranged from 1.6 million dollars to 49 million dollars.