ICE UNCOVERED: Loeffler’s Company Enabled “An Enron-Like Scandal” That Cost Georgians Millions

December 17, 2020

After lack of regulation led to “stunning crash” and “an extra $18 million” in gas bills for Georgians, ICE walked away without “hurt[ing] its own prospects”

ATLANTA — The Democratic Party of Georgia is today once again diving into the shady record of unelected “political mega-donor” Senator Kelly Loeffler’s company ICE with a reminder of how her firm previously provided a platform for ‘excessive speculation’ that cost Georgians millions of dollars” and ultimately led to “an Enron-like scandal.”

Georgia families ended up having to cover the bill for “an extra $18 million in the winter of 2006 and 2007” as a result of ICE taking advantage of the so-called “Enron loophole” allowing hedge funds to trade on ICE’s exchange with “no routine government oversight.” When one of those hedge funds “experienced a stunning crash,” Georgians were stuck with the bill.

ICE, however, “publicly said this debacle wouldn’t hurt its own prospects” — in keeping with their ongoing efforts today to “profit off the pandemic” while Loeffler stalls aid in the Senate.

“Even before arriving in Washington, Senator Kelly Loeffler was already putting her interests ahead of Georgia families,” said Alex Floyd, spokesman for the Democratic Party of Georgia. “Today, she’s still stalling coronavirus relief as her company is poised to ‘profit off the pandemic’ at a time when Georgians are waiting on desperately needed aid.”


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