They've always been crooks. Now they're guilty crooks.
A U.S. jury convicted Kenneth Lay and Jeffrey Skilling of orchestrating the fraud that destroyed Enron Corp., giving prosecutors a victory a case that came to symbolize corporate crime sparked by the stock market bust in 2000.
Lay, 64, and Skilling, 52, face at least 25 years each in prison after being convicted of using off-the-books partnerships to manipulate Enron's finances. Skilling faces additional jail time over his conviction for using inside information to sell Enron stock. Lay was also convicted on bank fraud charges after a trial that U.S. District Judge Sim Lake held without a jury while the panel in the main case deliberated.
Enron, once the world's largest energy trading firm, had more than $68 billion in market value before its December 2001 bankruptcy filing wiped out thousands of jobs and at least $1 billion in retirement funds virtually overnight. Investors suing over the company's collapse claim accounting fraud at the Houston-based firm caused at least $25 billion in losses.
This situation is sort of similar to what the Bush administration is doing to the country. Anyone care to bring a lawsuit against them?
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