Skip to comments.Jeff Skilling Sentenced to 24 Years (Enron CEO)
Posted on 10/23/2006 1:11:20 PM PDT by Lunatic Fringe
There's nothing to that argument. The trial ended this summer, there were lots of motions and then Lay's death postponed everything.
On many days the market loses $60 billion in equity value in seconds. I lost money invested in Enron stock.
The only people significantly harmed were the people who unintelligently overweighted Enron stock in their portfolios.
several thousand people lost their jobs
Thousands of people lose jobs every single day, often due to unintelligent or self-serving decisions made by executives. I've lost jobs myself.
What Americans do when they lose a job is find a new one, not cry about it. Employment is not guaranteed in a free society.
if you think that the only people affected by Enron were the ones who had all of their money in Enron, then you are extremely naive
Millions of people, indeed all Americans, were slightly affected by the failure of this large corporation.
The only people who experienced a severe impact were those who placed the bulk of their fortunes in Enron.
Murders usually destroy one life and the surrounding family. This guy conspired to destroy a hell of alot more.....lifetimes of savings by hard working people up in smoke.
He should be executed.
Skilling deserves the death penalty. Thanks to him, and his cronies at Enron, "Sarbanes-Oxley" was born.
The excessive time and financial burdens associated with compliance, have wrought an enormous cost on doing business in the U.S.
I agree with everything you are saying. But what is your point? Do you think that Skilling should have just gotten a slap on the wrist? Skilling could have gone to the prosecutors and worked out a deal just like Fastow did.
Show proof or admit that you're just making it up. Typical 401k plans at that time didn't allow pull outs or transfers while still employed.
Would that it were more common; we'd have better people in positions of power.
Who's starting the pool on when Skilling takes a "Lay" and "dies of natural causes" prior to turning himself in to start serving his sentence.
Bu ELF terrorists who torched part of the University of Washington are only facing 3-7 years.
Many people go through extremely stressful circumstances.
I've lost large sums of money and I've lost jobs, in both cases due to circumstances beyond my control.
It's quite stressful to be out of work with a baby on the way, I can well attest.
But I didn't kill myself or worry myself into a heart attack - I got out there and found a job.
If someone ate themselves into a situation where their health was at risk and put all their retirement eggs into one basket it seems really silly to blame anyone but themselves.
...do not pass Go. Do not collect 4.67 Billion dollars.
Federal law provides people with the ability to roll their 401(k) investments from one strategy to another.
Typical 401k plans at that time didn't allow pull outs or transfers while still employed
False. 401(k) rules allow you to transfer assets except for unvested matching shares - which are gravy and should never be the cornerstone of anyone's retirement strategy.
Enron employees, like anyone else, could have rolled their vested shares into a number of diversified mutual funds at any time.
The window closed when Enron opted to change administrators - a move that freezes assets for 60 days to allow the new administrator to audit the plan and adjust its books.
Their sentences were too light. Skilling's sentence seems about right to me.
My money has a fast helicopter landing in his yard tonight that transports him to Mexico where a private jet takes him to Brazil.
If the scenario unfolds as you describe, I will donate $50 to FR to be attested to by a third party such as a mod.
If you are incorrect, I will accept a complementary $50 donation to FR to settle the bet.
Sim Lake is the judge. He's a good judge. Reagan appointee.
Your friend should not have had all of his money in one stock. Big no no.
Key support broken below $65 in Mar 2001. Critical support broken below $40 in Sept 2001. The majority of employees were still above breakeven if they had sold at $40. But they didn't.
Many seem to think the sentence is harsh based on the fact that some murderers end up spending less time behind bars.
I'm not really sure what one is supposed to do with the other. However, there are many instances of murder which need not necessarily translate into a life sentence or death. What about when a man catches his wife cheating and kills the boyfriend in an act of passion? Should that guy get life in prison or death? Or what about vehicular homicide that was an accident? What about when you are waken up in the middle of night by a prowler and shoot them, only to find out later that it was a drunken neighbor who wandered in the wrong house?
Of course, in cases of cold-blooded, pre-meditated murder, especally that of innocent people, the murderer should get a death sentence or life in prison without parole. But there are many lesser murders that do not warrant such a sentence.
In the case of the Enron fraud, some high level executives, in a pre-meditated manner, falsified company records to hurt other people financially in order to benefit themselves at their expense. They are greedy, ruthless bastards. These are not nice people and they do not deserve our sympathy. They are criminals just like those who rob banks and knock over liquor stores. Lock them up and throw away the key.
I don't mind Skilling getting 24 years or more, but I think murders should get more than Skilling.
So is fraud.
I corrected my error in a subsequent post.
"27 months! Oh the humanity!"
RE: Your post #27:
My, don't we have our perfectly diversified noses in the air, hmmm?
I agree it was primarily their own damn fault that so many lost so much in the Enron scandal. But why must you feel the need to take that opportunity boast? It's bad form.
(By the way, I have no stake in the situation, never having bought in to Enron in the first place. And hey, you have the right to brag all you want about your good fortune, if that's what makes you feel superior, and if that is a need you have...congrats on the schadenfreude buzz it gave you!)
There is no parole in the federal system. He will do almost 87% of the full sentence. His sentence length precludes him from serving in a minimum-security facility; no club fed for him. He has only three chances for a sentence reduction. One is to win his appeal. Two is if he provides 'substantial assistance' to the government, then the feds can file a 'Rule 35b' requesting a downward departure from his original sentence. Third is a presidential pardon. He will most definitely be surrounded by violent criminals. Although he will not be sentenced to a supermax or probably not even a penitentiary, he will be confined in a medium-security facility filled with gang members serving 20 or 30 years. It is those medium-security places where the gangsters make a name for themselves. In maximum-security, you have already earned the respect of the other convicts, unless you are a pedophile, terrorist, or ex-law enforcement. I've been where he is going, and the next time he posts to Free Republic, he should have eight digits after his name (like me). I hope he uses his time to get straight with the man.
Those who lost most of their life savings might have considered a bullet in the head a more humane act by this corporate criminal and the others whose names we don't yet know. Trust me; they're still out there!
I wish I could make it a requirement to have a VERY LARGE poster of Skillings -- in his cell in his prison jump suit or fatigues -- placed on the wall of EVERY corporate board room and accounting firm conference room in America JUST to give any Lay/Skillings wannabes some food for thought.
Chronicle article here - http://www.freerepublic.com/focus/f-news/1724512/posts
On that basis, 24-30 is more than 15-25.
(2) You wrote: "some high level executives, in a pre-meditated manner, falsified company records to hurt other people financially in order to benefit themselves at their expense."
That's not the case - the people they defrauded were stockholders - yet they themselves were wealthy insofar as they owned options in company stock. The absolute last thing they wanted to happen was for the company stock to collapse. They were certainly not premeditating a destruction of Enron's share price.
Those who lost most of their life savings loaded the gun themselves and asked Skilling to point it at their heads.
Sounds like a list of Hillarys accomplishments.
The BIG guy goes to the Big House! :^D
I can't help but wonder what (he or she) thinks about all those Enron folks who lost their savings, stocks, and retirement.
I don't expect them to be consoled by the fact that most of the crooks involved (Skilling, Fastow, Causey) will actually get theirs too.
Ken Lay, of course, has faced a different, and hopefully, merciful judgment.
It's absolutely ridiculous that Skilling gets 24 years and Lynn Stewart gets 28 months.
An ignorant inner city kid with no future who hits a bank to support his habit has more of a rational for criminal activity.
In a comparison of wrongs, the white collar criminal is worse in my book.
Diversification isn't some kind of extraordinary achievement: it's extremely simple to do and a basic responsibility.
There is no Schadenfreude here - I'm not happy these people ruined their retirements, but I'm not going to pretend that what they did was wise.
And I did have a personal stake in Enron - I lost a chunk of cash in those shares I wouldn't mind having back.
"Thou shall not steal" and "Thou shall not kill" are both commandments. The bible does not weight either one of these above the other.
Yet it prescribes death for one and restitution for the other.
It amazes me the false blanket statements people routinely make about the Scriptures when anyone can check the Scriptures themselves to verify.
This is not correct. 401(k) participants at Enron did not have to purchase Enron stock as a precondition of participating in the plan.
Aha! The justice system has wised up to Ken's old trick.....the "uh, yeah, uh, he died in Colorado, mmmkay! Pay no attention to the fact that his swim trunks and sunglasses and sunscreen and suitcase are missing...." trick!
I simply believe that the punishment should fit the crime. I believe that theft is a less severe offense than treason, for example.
If LynnStewart can commit treason and receive 28 months while Skilling can get ten times that for fraud then either her sentence needs to be harshened or his needs to be lightened.
Otherwise, our legal system is completely arbitrary and meaningless.