Thursday, May 25, 2006

Two more corporate giants fall. Worse than common thieves.

It is finally in. The verdict on the Enron prosecution. Kenneth Lay, founder of Enron, is guilty of all six charges against him. Jeffrey Skilling, former Enron CEO, is guilty of 19 of 28 counts against him.

Both these former paragons of corporate enterprize are now looking at 25 years in prison.

Lay, 64, and Skilling, 52, face at least 25 years each in prison after being convicted of using off-the-books partnerships to disguise Enron's debts. Skilling faces additional jail time over his conviction for using inside information to sell Enron stock. Lay was also convicted on bank fraud charges after a trial that U.S. District Judge Sim Lake held without a jury while the panel in the main case deliberated.
These guys were considered to be the corporate shining lights in their time. Huge remuneration, obscene stock options and bonuses didn't prevent them from looting the shareholders' investments.

Hopefully this pair will be sent someplace uncomfortable.

Keep your dance cards empty, boys!

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