Thursday, May 25, 2006

Lay and Skilling Guilty

From CNN:

Enron former chief executive Jeffrey Skilling and founder Kenneth Lay were found guilty Thursday of conspiracy and fraud in the granddaddy of all corporate fraud cases.

On the sixth day of deliberations, a jury of eight women and four men convicted the former executives of misleading the public about the true financial health of Enron, whose collapse in late 2001 symbolized the wave of corporate fraud that swept the United States early this decade.

Skilling was found guilty on 20 counts of conspiracy, fraud, false statements and insider trading. He was found not guilty on eight counts of insider trading.

Lay was found guilty on all six counts of conspiracy and fraud.

How much you want to bet that the word from the White House will be that the president was barely acquainted with these unfortunate miscreants.

Lay and Skilling will probably spend time at Club Fed working on their tennis games. Meanwhile the people who lost all their pensions when Enron cratered will be pounding sand. Hey, that’s the American way.