The Morgan Stanley episode.
Unfortunately, our process problems here – chasing a financial fad, foregoing the transparency essential for trust – had a prior incarnation.
Three years ago Concord purchased electricity by going to Wall Street and contracting with Morgan Stanley. The town's citizens wound up paying $2.3 million more than they might have, gauged against the endogenous benchmark.
Spreadsheet detail is here.
The fuller story is here. Therein you learn chapter and verse, re the process failures.
Even the latter piece, with 17 pages, is only current as of half-way through the episode. There is more – a good bit more. For instance, subsequently the price of natural gas collapsed. But now 'fracking,' central to a lower price, has become an environmental disaster.
Stay tuned.