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Friday, May 26, 2006

Rejiggering Enron execs' balance sheet

Now that Enron chief executives Kenneth Lay and Jeffrey Skilling have been found guilty of multiple counts of fraud and conspiracy, it will be interesting to see how the appeals process plays out.
Most experts believe the 64-year-old Lay, who faces a maximum penalty of 165 years in prison, and the 52-year-old Skilling, who faces up to 185 years, will spend the rest of their days behind bars - after the appeals process plays itself out. They are free on bail until their scheduled Sept. 11 sentencing, and who knows how long their battery of lawyers will be able to keep them out of orange jumpsuits.
One thing's for sure: Whatever their ultimate punishment, it won't be equal to the crimes they committed against thousands of investors and former employees whose life savings evaporated.
"...We need to think of more creative punishment for these two men, like liquidating their assets and dividing that up among everyone who lost money from Enron," said one former employee of a company controlled by Enron.
Great idea, but denying them their freedom and stripping them of their assets isn't enough. We hope the sentencing judge will be as creative as Lay and Skilling were in perpetrating perhaps the greatest corporate fraud of all time.

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