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View Full Version : Greedy ENRON Bastards, Lay and Skilling, Guilty


Mr. Kotter
05-25-2006, 10:27 AM
http://money.cnn.com/2006/05/25/new...dex.htm?cnn=yes (http://money.cnn.com/2006/05/25/news/newsmakers/enron_verdict/index.htm?cnn=yes)

:clap:

Lay and Skilling Guilty
Ex-CEO and founder convicted on fraud and conspiracy charges in Enron case.

May 25, 2006: 11:46 AM EDT

HOUSTON (CNNMoney.com) - Enron former chief executive Jeffrey Skilling and founder Kenneth Lay were found guilty Thursday of conspiracy and fraud in the granddaddy of all corporate fraud cases. On the sixth day of deliberations, a jury of eight women and four men convicted the former executives of misleading the public about the true financial health of Enron, whose collapse in late 2001 symbolized the wave of corporate fraud that swept the United States early this decade.

Skilling was found guilty on 20 counts of conspiracy, fraud, false statements and insider trading. He was found not guilty on eight counts of insider trading.

Lay was found guilty on all six counts of conspiracy and fraud.
In a separate bench trial, Judge Sim Lake ruled Lay was guilty of four counts of fraud and false statements.

Both Lay and Skilling could face 20 to 30 years in prison, legal experts say.

The verdict is a major victory for the government and marks the end of one of the most scandalous chapters in the history of corporate America.

Houston-based Enron, once one of the hottest companies on Wall Street, imploded in a matter of months after Skilling abruptly resigned as CEO in August 2001. Lay, who was chairman at the time, postponed his retirement plans to return to the helm.

Enron's collapse marked the first of the high-profile corporate scandals that rocked the nation, followed by WorldCom, Global Crossing, Adelphia and Tyco. The wave of fraud led to passage of the Sarbanes-Oxley law that tightened oversight of how American companies are audited.


After a government investigation that took 4-1/2 years, prosecutors presented evidence that Lay and Skilling orchestrated a conspiracy to artificially inflate profits, hide millions in losses and misrepresent the true nature of the company's finances.

The long-awaited trial began Jan. 31 in Houston, despite repeated protests from defense attorneys calling for a change in venue.

The defense argued that it was impossible to get a fair trial in Houston - the epicenter of Enron's collapse. Enron's bankruptcy, the biggest in U.S. history when it was filed in December 2001, cost 4,000 employees their jobs and many of them their life savings. Investors lost billions.

Over 16 weeks, the government presented 22 witnesses, including former top executives, who testified that Skilling and Lay fostered a culture that put the company's image and stock price above everything else, at any cost.

Sixteen people pleaded guilty for crimes committed at the company, and five others, including four former Merrill Lynch employees, were found guilty at trial. Eight former Enron executives testified against Lay and Skilling, their former bosses.

But it was Enron's former finance chief, Andrew Fastow, who was the star witness for the government.

Fastow, who pleaded guilty to wire and securities fraud in 2004 in exchange for an expected 10-year sentence, testified that special partnerships were created to help the company hide millions of dollars in losses.

But defense lawyers dismissed the testimony of Fastow and other witnesses, saying that not only were Lay and Skilling innocent, but that no crimes were committed at Enron, except for the shady deals that enriched Fastow.

As for those other than Fastow who testified against Lay and Skilling, defense attorneys said they were strong-armed by the government and compelled to lie on the stand out of fear for themselves and their families.

In an attempt to explain away the company's aggressive accounting and the optimistic comments executives made to Wall Street, both Skilling and Lay testified during the trial.

But that yielded decidedly mixed results.

Skilling, known for his harsh attitude, came off in a mostly positive light, though he did lose his temper on the stand. But Lay's congenial reputation took a blow as he appeared confrontational and irritable at several points during his testimony.

:clap:

Bootlegged
05-25-2006, 10:41 AM
I'm pretty sure these guys (Enron Execs) were involved in writing our current energy policy (and quite possibly or Iraq foreign policy). Though we won't know until the list is declassified. I'm sure that's not necessary, these folks are quite trustworthy.


HA.. Took all of one post for JiZ to sneak in here and make this a Bush bash. Off to DC..

Mr. Kotter
05-25-2006, 10:43 AM
I'm pretty sure these guys (Enron Execs) were involved in writing our current energy policy (and quite possibly or Iraq foreign policy). Though we won't know until the list is declassified. I'm sure that's not necessary, these folks are quite trustworthy.

First post. And you already want to make this about Bush. :rolleyes:

banyon
05-25-2006, 10:43 AM
HA.. Took all of one post for JiZ to sneak in here and make this a Bush bash. Off to DC..

Clearly, Ken Lay has nothing to do with Bush. I don't think they've ever even met.

jAZ
05-25-2006, 10:44 AM
HA.. Took all of one post for JiZ to sneak in here and make this a Bush bash. Off to DC..
I didn't see that Kotter double posted this in the DC. I'll delete and move my post there. No need to move on my account.

jAZ
05-25-2006, 10:46 AM
First post. And you already want to make this about Bush. :rolleyes:
Yeah, you double posted this in the DC because you know it's entirely unrelated to politics.

Let's see if I can do this smiley thing right... :rolleyes:

Mr. Kotter
05-25-2006, 10:48 AM
Clearly, Ken Lay has nothing to do with Bush. I don't think they've ever even met.

Yeah. He'd be the first and only President to have "ties" to shady business execs and corporations......:rolleyes:

:shake:

Mr. Kotter
05-25-2006, 10:49 AM
Yeah, you double posted this in the DC because you know it's entirely unrelated to politics.

Let's see if I can do this smiley thing right... :rolleyes:

I knew assclowns like you would make it that.....I figured we might get a decent discussion over here, before the idiots took over. Guess I was wrong....

jAZ
05-25-2006, 10:51 AM
I knew assclowns like you would make it that.....I figured we might get a decent discussion over here, before the idiots took over. Guess I was wrong....
But, but, but!

ROFL

banyon
05-25-2006, 11:01 AM
Yeah. He'd be the first and only President to have "ties" to shady business execs and corporations......:rolleyes:

:shake:

No disagreement there, but to act like jAZ's post was irrelevant is disingenuous IMO.

BigMeatballDave
05-25-2006, 11:11 AM
Clearly, Ken Lay has nothing to do with Bush. I don't think they've ever even met.Politician is synonymous with underhanded...

Hydrae
05-25-2006, 11:54 AM
You know, putting them in jail for the rest of their natural life is all fine and dandy but I am sure there are a lot of people who would rather have a chance at some of those ill-gotten gains. There were so many people who lost everything and these guys may go to jail but the money will stay in their accounts.

Duck Dog
05-25-2006, 12:24 PM
You know, putting them in jail for the rest of their natural life is all fine and dandy but I am sure there are a lot of people who would rather have a chance at some of those ill-gotten gains. There were so many people who lost everything and these guys may go to jail but the money will stay in their accounts.


What about civil suits?

Mr. Kotter
05-25-2006, 12:28 PM
What about civil suits?

Their estates will be ravaged. And should be.

Pitt Gorilla
05-25-2006, 02:23 PM
Yeah. He'd be the first and only President to have "ties" to shady business execs and corporations......:rolleyes:

:shake:You do realize that YOU are the only person to say or imply "first and only." Was the rolleyes smilie directed at yourself?

StcChief
05-25-2006, 02:26 PM
All the folks that lost pensions etc. won't help them.
or Heavily invested in Enron

Baby Lee
05-25-2006, 02:29 PM
Clearly, Ken Lay has nothing to do with Bush. I don't think they've ever even met.
http://mensnewsdaily.com/blog/powers/uploaded_images/gacycarter-740272.jpg

Pitt Gorilla
05-25-2006, 02:39 PM
http://mensnewsdaily.com/blog/powers/uploaded_images/gacycarter-740272.jpgThat's Ken Lay and Bush?!?

Brock
05-25-2006, 04:16 PM
That's Ken Lay and Bush?!?

:drool:

Sybil
05-25-2006, 06:16 PM
http://mensnewsdaily.com/blog/powers/uploaded_images/gacycarter-740272.jpg

Plenty of graft to go around, ain't there?

The Mad Crapper
04-21-2010, 04:40 PM
HA.. Took all of one post for JiZ to sneak in here and make this a Bush bash. Off to DC..

Clearly, Ken Lay has nothing to do with Bush. I don't think they've ever even met.

Yeah. He'd be the first and only President to have "ties" to shady business execs and corporations......:rolleyes:

:shake:

I knew assclowns like you would make it that.....I figured we might get a decent discussion over here, before the idiots took over. Guess I was wrong....


ROFL at Bunyon.
No disagreement there, but to act like jAZ's post was irrelevant is disingenuous IMO.

KC native
04-21-2010, 04:51 PM
ROFL at Bunyon.

wow, spamming the lounge now?

The Mad Crapper
04-21-2010, 04:53 PM
wow, spamming the lounge now?

I thought it was in DC.

Can somebody move it, there?

ROFL

Bacon Cheeseburger
04-21-2010, 04:54 PM
http://i203.photobucket.com/albums/aa96/shotbydalonewolf/1177313659911.jpg

Bi_polar
04-21-2010, 04:57 PM
http://i203.photobucket.com/albums/aa96/shotbydalonewolf/1177313659911.jpg






http://tinyurl.com/29r7w3g

jAZ
04-21-2010, 04:57 PM
The Mad Crapper strikes again!
Indeed.

jAZ
04-21-2010, 04:58 PM
I didn't see that Kotter double posted this in the DC. I'll delete and move my post there. No need to move on my account.

I thought it was in DC.

Can somebody move it, there?

ROFL

Indeed.

Mr. Laz
04-21-2010, 05:05 PM
I thought it was in DC.

Can somebody move it, there?

ROFL
so i take it that Mad Crapper is the reincarnation of shitsprayer?

Saulbadguy
04-21-2010, 05:52 PM
He had to find a political post in the lounge to satisfy the "post once a month in the lounge" rule. Or unwritten rule. Whatever.

The Mad Crapper
04-21-2010, 06:02 PM
He had to find a political post in the lounge to satisfy the "post once a month in the lounge" rule. Or unwritten rule. Whatever.

Shyeaaaaaaah, that was it.

:rolleyes:

Saulbadguy
04-21-2010, 06:05 PM
Shyeaaaaaaah, that was it.

:rolleyes:

Considering today was the first day you've left DC in over a month, it seems pretty accurate.

The Mad Crapper
04-21-2010, 06:06 PM
Considering today was the first day you've left DC in over a month, it seems pretty accurate.

I'll have to get up earlier, next time.

:rolleyes:

Fairplay
04-21-2010, 06:14 PM
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