Jeffrey Skilling gets 24 years in prison

shemp

a flimsy character...perfidious and despised
shemp
Joined
Nov 5, 2002
Messages
69,822
Location
The U.S., a wretched hive of scum and villainy.
link

(CBS/AP) Former Enron CEO Jeffrey Skilling, the most vilified figure from the most notorious financial scandal of the decade, was sentenced Monday to 24 years, four months in prison, the harshest sentence yet in the case that came to symbolize corporate fraud in America.

He was the last top former official to be punished for the accounting tricks and shady business deals that led to the loss of thousands of jobs, more than $60 billion in Enron stock and more than $2 billion in employee pension plans when Enron collapsed.

Skilling's term is the longest received by any Enron defendant; former chief financial officer Andrew Fastow was given a six-year term after cooperating with prosecutors and helping them secure Skilling's conviction.
Click to expand...

Awwww, too bad. With luck, maybe he won't live long enough to get out.
 
Great news.

Now, what, if anything, has been put into effect, to stop something similar happening?
 
Don't be shy. Just mention the top 1-2 preventive measures you know off the top of your head.
 
shemp said:
Well, they added a filing requirement for public companies. Now the CEO and CFO have to sign a statement saying they didn't ◊◊◊◊ the shareholders. Yeah, that'll solve everything!
Click to expand...

What do you think they should do shemp?
 
shemp said:
Well, they added a filing requirement for public companies. Now the CEO and CFO have to sign a statement saying they didn't ◊◊◊◊ the shareholders. Yeah, that'll solve everything!
Click to expand...

Don't forget the dreadful Sarbanes-Oxley Act. This piece of legislative feces was foisted upon publicly-traded companies shortly after the Enron fiasco, and has made life absolutely miserable for IT workers.

What is it, you ask? Well, you remember the ISO-9000 craze? Think of ISO-9000 on crack, drafter by congresscritters who knew full well they were going to retire before they had to suffer the backlash from it.
 
It's sad. Jeff's brother Tom is (was?) Chicago's most trusted weather man. I watched him for years. His family claims they have not profited from the mess.;)
 

Attachments

  • skillinglogo.jpg
    skillinglogo.jpg
    5.8 KB · Views: 112
shemp said:
link



Awwww, too bad. With luck, maybe he won't live long enough to get out.
Click to expand...

All he did was cause tens of thousands of people to lose their life savings and retirement savings. Come on, now. Isn't 24 years a bit much? :mad:
 
My on perception of this is that in addition to being a lying, theiving scumbag, Skilling suffered from a problem in public perception.

Looking at the media treatment and the reactions of individuals here in Houston, it appears that Ken Lay was much less hated than Skilling because he was a "nice guy" who always posed for photo-ops and was visable in charitable events. In my mind, that makes Lay even worse because you can add hypocrisy to his other shortcomings. Skilling, by comparison, was a hard ass all along. "To thine own self be true," doesn't seem to apply in this situation.
 
steverino said:
It's sad. Jeff's brother Tom is (was?) Chicago's most trusted weather man. I watched him for years. His family claims they have not profited from the mess.
Click to expand...

The only accusation that I heard of anyone other than Skilling benefitting from his dealings was Skilling's ex-wife. Allegedly Skilling told her to sell while Enron was riding high in the stock market. I thought that was one of the insider trading charges he didn't get convicted for.

The weather is certainly more easily verifiable than Enron finances. I doubt Tom Skilling's credibility as a weatherman is threatened.

Although, I might not trust him to hold my wallet.
 
You must log in or register to reply here.

Back
Top Bottom