In what was one of the most anticipated trial outcomes, Enron executives Jeff Skilling and Kenneth Lay were both found guilty today.
This was a trial and a story I followed relatively closely. The Eichenwald book Conspiracy of Fools got me hooked with a novelistic approach to what happened leading up to the company crashing.
I, for one, am pleased to see that multimillion dollar earning execs don’t have free reign to lie to the public and cheat their shareholders. (which in this case was pretty much every employee due to the stock option plans).
Ken Lay was found guilty of all six charges and Skilling 19 of the 28 charges, albeit not insider trading. Lay, who is getting on in years will likely see the inside of a jail cell for the rest of his days. Skilling could potentially see 185 years behind bars.
Both men were released on $5 Million dollar bonds until their sentencing dates and appeals will be pending. From what Jeff Toobin of CNN says, chances are slim the appeals will get them off the hook, meaning they can expect to be clanging their water cups against the bars for years to come. I wonder if the lifestyle they have lived for 30 or 40 years will be worth the last few getting buggered by some 300 lb cellmate named Cletus.
After screwing Enron shareholders out of their life savings, Skilling and Lay are both officially screwed for life now. Good riddance.