May 25, 2006

Verdict on Enron's Lay and Skilling: GUILTY

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Left: Ken Lay and Jeff Skilling in happier times

(Houston, TX) The jury in the fraud and conspiracy trial of former Enron chief executives Ken Lay and Jeffrey Skilling has reached a verdict. Skilling was found guilty oon 19 counts of conspiracy, fraud, bank fraud, and wire fraud charges, and Lay was found guilty on all six counts with which he was charged.

In a separate trial Lay was found guilty guilty of four bank fraud charges for illegally using money from $75 million in personal loans to buy stock.

Lay, 64, faces up to 45 years in prison, while the convictions against Skilling carry maximum sentences of 185 years.

The panel of eight women and four men reached their decision one day after making their a request for additional materials from US District Judge Sim Lake, notifying him that they needed trial transcripts and a list of exhibits.

Skilling is free on a $5 million bond, while Lake said Lay must post a $5 million bond and give up his passport to stay out of jail until sentencing, which is set for September 11.

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10 comments:

McCaskey said...

Damn right they're guilty...of helping to ruin thousands of lives of former employees and investors. Corporate greed at its worst. It's a great day.

-Sepp said...

I agree 101%. Hope they have some soap on a rope.

historymike said...

It was hard to see how a jury could avoid at least some convictions, unless it were made up of CEOs and stockbrokers.

Anonymous said...

YAYYYY!

liberal_dem said...

So now, how do they divide up their estates? Each state should get a portion of their net worth and send it directly to the social studies department of each high school in the state to teach a course on business ethics.

Kate said...

Sad day for their families. I wonder if they'll get jail time? Have to pay anything back?

Tough decision for the judge.

My neighbor's wife was a teacher and most of their retirement money was lost in this meltdown.

Hooda Thunkit said...

Although this will take a toll on their family...

:-) SATISFACTION :-)

But nothing to GLOAT about, IMO.

Kate said...

Well I'm glad to see it. Don't think I'm gloating, but many teachers retirement funds were heavily invested in this co' based on their representations of the companies well being. And course now we know - they lied.

I would like to see them punished. Not like beheaded :-) but jail certainly and pay back the money.

Peahippo said...

I just watched the DVD "Enron: The Smartest Guys in the Room", which was basically an exercise of sitting there for over an hour and watching Lay, Skilling, Fastow and the rest lie, Lie, and LIE through their perfect teeth in their natty suits.

The facts of the case speak for themselves. Lay and Skilling are only the latest to deserve decades in prison, which considering their ages, basically means they'll be imprisoned until they die. C'est la Vie.

Anyone who thinks Lay and Skilling -- among others who architected Enron -- are innocent, are complete liars or cretins. The liars we cannot help, but the cretins should crack open a few books not normally on the Republican reading list. I don't see any of them posting here yet, but rest assured, the free-market crusaders will show up eventually.

The bad news is the next Enron is probably hard at work right now, running some ill-examined scam involving public funds, all under the blind eye of the SEC. The near-religious mantra of deregulation is still being chanted like war drums have come to America. In fact, war HAS come to America, in that the "free market" is just the major weapon in the arsenal of the elite as they assault us Middle Class daily, if not hourly.

The next Enron already exists. More to the point, there is more than one, and the terrible costs of "extreme commoditization" under free-market ideology is going to strike us Middle Class like our own personal WMD. Whatever we need, will be gobbled up FIRST by speculators who will soak us for as much as Humanly possible. We've clearly watched this happen to gasoline. Similar forces of uncontrolled commodity-block ownership are also attacking other items like gold, silver, and natural gas.

.. and we wanted it this way, too, since largely most of us saw ourselves illuminated in the glow of the dancing dollars signs in our various funds and accounts. The elite bribed the Middle Class with bullshit 401Ks and now extremely overpriced homes, so we -- in all our own level of greed -- let them introduce the "free market" to America. It's ugly, now. But it's going to get worse. It's going to get BRUTAL.

Brian said...

Liberal Dem,

Should not the fortunes of mssrs Lay and Skillings be distributed among the Enron employees who got buggered by these two?

Peahippo:

You might try just a little less dogma in you arguments.