Ken Lay and Jeffrey Skilling: guilty

Posted by: ST on May 25, 2006 at 12:35 pm

The Associated Press is reporting:

HOUSTON — Former Enron Corp. chiefs Kenneth Lay and Jeffrey Skilling were convicted Thursday of conspiracy to commit securities and wire fraud in a case born from one of the biggest business scandals in U.S. history.

The verdict put the blame for the demise of what was once the nation’s seventh-largest company squarely on its top two executives. It came in the sixth day of deliberations following a trial that lasted nearly four months.

Lay was also convicted of bank fraud and making false statements to banks in a separate trial related to his personal banking.

The former corporate titans are now convicted felons facing years in prison when the panel found them guilty of running an elaborate fraud that gave the nation’s onetime seventh-largest company a glamorous illusion of success.

Jurors declared through their verdict that both men repeatedly lied to cover a vast web of unsustainable accounting tricks and failing ventures that shoved Enron into bankruptcy protection in December 2001.

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  • 8 Responses to “Ken Lay and Jeffrey Skilling: guilty”

    Comments

    1. Baklava says:

      Can the hyperventalating liberals who made repeated false allegations about “Republicans” and “Bush” (pre 9/11 when this all started) apologize?

      I wrote numerous times back then on other blogs that the justice system has to do it’s job and that Enron campaign contributions went to Democrats and Republicans and it has no bearing on whether or not someone who committed a felony would be held accountable.

      It is what made conservatives bring up Terry McAuliffe and Global Crossings at the time. Hypocrasy is not a way to lead. It’s only a way to attack and make false allegations and the Democrats need to reflect on why it is they feel the need to treat conservatives as “evil”.

      Rank and file liberals may be “well-intentioned” and want utopia as I did when I was a liberal but all I ask liberals on a daily basis is to look at the results of what your solutoins would bring. The results would be the opposite of your desired goal. That is why it is important to learn the lesson that it is better to teach a man to fish than give him fish. Then the liberal will move to non-able-bodied people as if that is what we are talking about. A safety net for non-able-bodied people is DILUTED by lazy and able-bodied people staying dependant on the government. The average program administered by the government only gives less than 50 cents to the dollar (taken from the taxpayer) in benefits.

    2. G Monster says:

      Enron was probably able to stay in business longer due to the fact that they contributed to political campaigns. It kept the light off of them, so they were able to operate in the dark.

      The 2 at the top are obviously corrupt, but anyone that believes these are the only 2 guilty parties at this company is a total idiot. I am sure there are hundreds of employess just as guilty.

    3. Baklava says:

      Could be. What kept people in the dark was the booming stock market which collapsed in April 200 and October 2000 (prior to Bush being elected). At that moment Enron collapsed without repair.

      As to politicians having a part in helping them stay in business longer… I’d say that there is no evidence for that and would be a reckless charge with no specifics of which politician did so and how.

    4. G-Monster says:

      Baklava,

      I agree the charge is somewhat reckless. But, but, Enron gave large campaign contributions to both sides of the aisle. Large campaign contributions typically equate to access and political favors. It would be really hard to pin down what favors were done by who and for who. There is always so much rumor inuendo and fingerpointing, you really never know who to believe.

      Alot of time the biggest fingerpointers are the ones where the fault rests, and they are trying to deflect the blame elsewhere. My political affiliation is actually independent, but I rarely have anything good to say about the democratic party.

    5. andrew says:

      “Enron was probably able to stay in business longer due to the fact that they contributed to political campaigns.”

      Maybe it was the money they swindled from CA.

    6. Baklava says:

      “so much rumor inuendo and fingerpointing

      continued! :)