It was a long time coming, but today's Enron verdict -- Ken Lay guilty on all six counts, Jeff Skilling guilty on 19 of the 28 counts he faced -- is a victory for all shareholders. Now it looks like these bozos are going to jail for a long, long time and they deserve it.
The thing is, I really thought they might get off. Lay in particular seemed to be doing a good job acting like he wasn't party to the financial fraud. But now they are convicted felons and we see real proof that top executives can't get off while their lieutenants (many of whom have already pled guilty and served time) take all the heat.
The U.S. legal system doesn't always work and it takes a long time for the wheels of justice to turn. But in this case, at long last, the system worked.
The damage to the financial markets that was done back in late 2001 when Enron imploded still hasn't healed. There are other corporate scandals still simmering and more, no doubt, will surface.
But at least for today, investors can digest news of justice being done, breathe a sign of relief, and return to the markets with renewed confidence.











Reader Comments (Page 1 of 1)
5-25-2006 @ 1:48PM
Jim Forney said...
Having lived in Houston for 25 years and
watched the Enron situation unfold, I am
pleased with the decision to send the two
off for a very long time. I hope part of
the guilty verdit is to strip them of their assets, and let them really feel
what its like to lose everything as did
so many of their employees with Enron in
Houston and elsewhere. JWF
5-25-2006 @ 1:57PM
Victor Malozi said...
Now that these two RATS have been found guilty there is a few details that are not covered by the verdict. The lives that were destroyed cannot be revived and the money is gone. Jail is one thing for these two but ultimate repayment is gone. We are just too nice. EXECUTION WOULD HAVE GIVEN MOST SOME SOLICE !!
5-25-2006 @ 4:50PM
Charles Welch said...
I think they should forfeit all their assets, including possible Swiss bank accounts, then the government sell them off and divide the money between the stockholders.
5-25-2006 @ 4:55PM
Robert Brooks said...
Very glad, took a while but it is going to happen. He cost me a few thousand bucks.
5-25-2006 @ 5:14PM
Robert Solis said...
For us retirees that invested in Enron, the loss of our money hurts because we can't just "go back to work" and rebuild our assets. The money is gone and our lives are negatively impacted till we die. I'll always know that Lay owes me thousands of dollars, just like Omniplan that also took me for several thousand dollars. You can imagine how I feel about most businesses, even if they are necessary.
5-25-2006 @ 5:26PM
Tamela Shosey said...
It is great they are guilty, but what about restitution? I saw the Hummer or whatever Ole Lay was driving on the AOL Clip, like the earlier blog, the government (if they are willing to do the most important part) should seize everything these two men own or purchased for anyone (children/grandchildren included) and sell, then start paying the workers back their future retirements. Just putting these two in jail doesn't fix what they did to those who lost their life savings. The government seizes anything someone caught with drugs has, what's worse. Both of these men not only ruint their lives and their families lives, but billions of dollars in retirement funds ruint people who didn't get to enjoy some of the luxuries while these men were "getting by with it all." These people who lost their retirement deserve some of what was taken back. Come on USA, don't drop the ball now, pay those people back the best you can.
5-25-2006 @ 5:44PM
Pat Corpora said...
They should pay for all the harm they have done. With money as well as jail time. People were striped of money and jobs.Now it should be giving back ,the pensions and stock money. Why are they free until Sept? Is it so they again can steal and hide the funds they already have stolen. Also dont send them to a white collor jail,let them do real time in a federal prision.
5-25-2006 @ 6:05PM
ron harman said...
These two criminals ought to die in prison a nice long slow degrading death
5-25-2006 @ 7:12PM
robert reese said...
Is there anyone who believes Lay will not be pardoned in about 2 1/2 years? Kenny Boy was almost as close to George Bush as Chalabi, the Iranian spy.
5-26-2006 @ 6:35PM
James W. Reed said...
The judge will probably allow them to be free until their appeal is over, which may take years and years!