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Jury finds Enron CEOs Lay, Skilling guilty

Boss Hog

TRIBE Member
Jury finds Enron CEOs Lay, Skilling guilty


By Jasmina Kelemen & Jim Jelter, MarketWatch
Last Update: 12:52 PM ET May 25, 2006

HOUSTON (MarketWatch) - A jury of eight women and four men threw the book at former Enron founder and former Chief Executive Kenneth Lay Thursday, finding him guilty on all six counts of fraud and conspiracy.

The jury also found Lay's protégé, former Enron Chief Executive Jeffrey Skilling, guilty on 19 counts of fraud, but acquitted him on 9 counts of insider trading regarding shares he sold while the company unraveled.

The verdict is the culmination of a high-profile 108-day trial that took Enron's top executives to task for what federal prosecutors said was a deliberate effort to hide the company's foundering finances from investors.

Enron, once the world's biggest energy-trading house, collapsed in December 2001 amid a raft of accounting scandals. It was at the time the biggest corporate bankruptcy in U.S. history.

Lay, 64, sitting in the courtroom with his family, showed little emotion, shaking his head as the verdicts were read.

Skilling, 52, who served as Enron CEO from February to August 2001, rocked gently in his chair alongside lead defense lawyer Daniel Petrocelli.

Petrocelli said Skilling would appeal the verdict.

Judge Sim Lake, presiding over the trial, set sentencing for Sept. 11. He ordered that Lay surrender his passport before leaving the building.

http://www.marketwatch.com/News/Sto...5C-048C-4629-AA8B-06B69A12909E}&siteid=google
 
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Bernnie Federko

TRIBE Member
What's the max they can get behind bars right now? Is it still under 20?

I say they get pardoned during Dubya's last day in office.
 

Crazlegs

TRIBE Member
Bernnie Federko said:
What's the max they can get behind bars right now? Is it still under 20?

I say they get pardoned during Dubya's last day in office.

For some reason that wouldn't surprise me
 
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SlipperyPete

TRIBE Member
9F22_46.jpg
 
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Incrimin8

TRIBE Member
Boss Hog said:
Petrocelli said Skilling would appeal the verdict.

QUOTE]

i hate it when this happens....whats the sense of handing out a judgement. will he do jail time during the appeal process? or will he walk freely for the next several years while the appeal goes through court (minus a passport)???
 

Vincent Vega

TRIBE Member
Incrimin8 said:
Boss Hog said:
Petrocelli said Skilling would appeal the verdict.

QUOTE]

i hate it when this happens....whats the sense of handing out a judgement. will he do jail time during the appeal process? or will he walk freely for the next several years while the appeal goes through court (minus a passport)???

LOL....at the risk of sounding like I'm defending these guys, there is a system of justice to which all defendants are entitled, however unpleasant they may be. Part of that system includes the right to an appeal, the same right you would be afforded in the same situation.

As to whether they will be in jail pending appeal....they likely won't, as you wouldn't be either if you were a non-violent offender appealing your conviction and able to arrange bail (which would be massive in this case).

They were tried fairly, given a competent defence and were convicted. In other words, the system worked. Now they appeal their conviction, same as all offenders, and will ultimately spend many, many years in prison. I don't see what you're getting so upset about (your quote: what's the sense in handing out a judgement?").
 

Incrimin8

TRIBE Member
I'm not upset, I just think Skillings appeal plea is a joke. If a fair trial was had, and a jury of 12 people easily came to their verdict...whats to appeal?
 

Vincent Vega

TRIBE Member
Incrimin8 said:
I'm not upset, I just think Skillings appeal plea is a joke. If a fair trial was had, and a jury of 12 people easily came to their verdict...whats to appeal?[/QUOTE]

What's to appeal? Every defendant has a right to an appeal, plain and simple. It is part of the process. Whether for a 25 year old crack dealer, or a 60 year old white-collar criminal.

If, on the other hand, you mean the question literally: well for example, Skilling's lawyer could appeal on the grounds that holding the trial in Houston was prejudicial given that it was the epicentre of the Enron collapse. They argued it before and will likely raise it on appeal. It's a legal maneuvre aimed at exhausting all avenues of possibility for your client and ensuring that they have received fairness every step of the way (before they slam that large iron door shut for the next 20 years).

Make sense?
 
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Incrimin8

TRIBE Member
that's what I was getting at...what kind of loopholes are the lawyers looking for to start a re-trial. ;)

either way it is sad niether Skilling or Lay (if he chooses to appeal as well) will see jail time for several years
 
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Ditto Much

TRIBE Member
Incrimin8 said:
that's what I was getting at...what kind of loopholes are the lawyers looking for to start a re-trial. ;)

either way it is sad niether Skilling or Lay (if he chooses to appeal as well) will see jail time for several years


only around %10 of appeals in the US court system involve overturning a conviction. These guys will likely serve time for this however expect it to be in the 5 year range.

These men aren't a danger to anyone they aren't going to hurt anyone. They are as much a threat to society as Martha Stewart. So lets give out a token punishment sieze assets and let them go rather than paying 40k a year to keep the in jail. They aren't worth it.
 

Vincent Vega

TRIBE Member
Ditto Much said:
These guys will likely serve time for this however expect it to be in the 5 year range.

Not a chance. Let's consider some precedent in this area:

Tyco's Dennis Kozlowski - sentenced to 8.5 to 25 years
Tyco's Mark Swartz - also 8.5 to 25
Adelphia's John Rigas - 15 years (and he's 81 years old!!)
Adelphia's Tim Rigas - 20 years
Worldcom's Bernard Ebbers - 25 years (currently out pending appeal)
Imclone's Sam Waksal - 7 years
Enron's Andrew Fastow - 10 years (AFTER striking a deal)
Enron's Richard Causey - expected to receive 5 - 7 years

You get the idea. The U.S. Government is not fucking around with ANY of these guys, and certainly will not alter that stance for the poster boys of white collar crime in the last decade. They're going long.
 
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b3nji

TRIBE Member
kerouacdude said:
Ken Lay has died of a heart attack.

Talk about getting off easy.

I bet he faked his death and is now living on a remote island with tupac and biggie
 

Vote Quimby

TRIBE Member
kerouacdude said:
Ken Lay has died of a heart attack.

Talk about getting off easy.
Talk about saving taxpayers some money. No money wasted on a retrial and no money wasted keeping his sorry ass in jail.

Wonder if the heart attack was brought on by anything????
 

b3nji

TRIBE Member
Vote Quimby said:
Talk about saving taxpayers some money. No money wasted on a retrial and no money wasted keeping his sorry ass in jail.

Wonder if the heart attack was brought on by anything????

stress from fear of getting it in the ass?
 
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