Jurors reach verdict in trial of Enron executives Kenneth Lay & Jeffrey Skilling(Read at 12:00EST)

CNN.com ^ | 5-25-06 | CNN

[CharlesWayneCT]

But I always found it funny when the employees would complain that the company should have told them the bad news when the stock was still high so they could sell it all before it crashed.

They didn't seem to care that their sale would just stick somebody ELSE with the loss. So long as they got THEIR money.

[Allegra]

Seems to me the BIGGEST ERROR {by the defense} was to try this case in Houston, Texas, the home of Enron.

And home of most of the people who lost their jobs and their retirement savings in the same month in 2000.

I think every Houstonian must know at least one person impacted by Enron's crimes.

[Rte66]

In this day and age, and with the cost of changes of venue, more and more aren't asking for one and more are not being given, because of the omnipresence of instantaneous news media.

There is very little "local" news coverage any more, so high profile cases can't use it as an excuse or reason - there is no place *else* they can move the trial to.

[Allegra]

Sorry...I meant 2002.

[Dog Gone]

Seems to me the BIGGEST ERROR {by the defense} was to try this case in Houston, Texas, the home of Enron.

That's not a fair criticism. They tried desperately to get the trial moved, but were denied.

[Rte66]

They had to surrender their original bond - just figured that out. Each was out on $5 million, which they just surrendered, due to the guilty verdicts.

[Allegra]

Oh, my - Kenlay's children are now there in the courthouse to sign over all their houses for the $5 million bond. Guess they have *new* bail to make.

I wish those houses could be sold and the money distributed to the former employees who had their retirement plans wiped out.

[ErnBatavia]

Good find. I just copied that around to my buds for when (not "if) the media begins spouting about Lay's relationships with the current White House...

[Allegra]

Thanks for the link. That brought back memories. In fact, I remember reading that (with glee) in the Chronicle back then.

2002 was just a rotten year for Houston overall.

[Rte66]

BTW, the judge picked that date on purpose!

[I Drive Too Fast]

Okay, well then the second biggest error was what they did.

[Rte66]

One of the jurors right now is saying she knew absolutely nothing about the case or Enron, at all. Knew no one who worked there or lost money with them.

[rockthecasbah]

I agree with you concerning SOX. It's regulatory overkill and is choking our capital markets. It's discouraging domestic companies from going public and discouraging foreign issuers from listing in the US. Furthermore, the high costs of compliance are making US small cap issuers less competitive with foreign companies. The compliance burden and the time it demands also diverts management from focusing on growing their business.

Whats more, Enron wouldn't have happened if the SEC watchdogs had been doing their job using existing regulations and enforcement provisions that were already on the books when these accounting scandals took root in the 90s. Problem was the SEC placed too much enforcement resources on snuffing out penny stock companies and meanwhile ignored the quarterly and annual filings of large issuers. Unfortunately, some unscrupulous executives recognized this and took advantage.

[Allegra]

One of the jurors right now is saying she knew absolutely nothing about the case or Enron, at all. Knew no one who worked there or lost money with them.

She must be new to town. LOL

[Rte66]

We're still waiting for Kenlay to come out and perhaps talk to the media. *Assuming* he won't be all bouncy and happy like he has been for 4 months.

Mike Ramsey, Lay's chief lawyer, came and went without comment. He is heartsick. He doesn't lose often. Everyone is feeling sorry for him because he had a heart procedure during the trial and missed being the one to question Lay for the defense. (Can we say "appeal material" - because trial didn't recess for Ramsey's absence? Sounds like it's being set up for that.)

FWIW, the jurors are saying how sorry they feel for the families of the perps. One former "E" employee from the large group that had convened for the verdict said she knew those families are all being taken care of, financially - but she and her family are struggling.

[spectre]

So I wonder if the Executives who cashed in their stock and bailed out before the Doo-doo hit the fan, are off the hook?

sw

[Dog Gone]

Okay, well then the second biggest error was what they did.

I think their biggest error was allowing both Skilling and Lay to testify.

Both lost their cool on the stand.

It was a calculated move, I suppose. The defense probably thought they were going to lose and perhaps a stellar performance on the stand could save their bacon.

Both defendants actually did pretty well under direct examination by the defense at first. But neither one could stand up to cross-examination by the prosecution. They came across as bitter jerks, not something the jury could show much sympathy for.

The fact of the matter is that neither defendant had much chance of securing a not guilty verdict. Houston juries tend to be extremely tough, and this city was hurt deeply by the Enron collapse. Lay's and Skilling's only hope was a change of venue to a place where they could get an OJ jury. When that motion was denied, it was pretty much a foregone conclusion that both would serve hard time.

Ken Lay is 64 years old. His prison sentence has a strong possibility of being a life sentence in practical terms. Skilling is much younger, but he'll be released as an old man. Together they spent over $38 million in their joint defense. To say they are ruined is an understatement.

[OldFriend]

When O'Neil left, I actually heard some talking heads (but of course, MSM) saying that Bush should choose Rubin.

What a disgrace how they protected him.

[Rte66]

Don't know who all that is. Only a few *knew* it *could* happen. Not even Sherron Watkins actually thought it *would* happen the way it did.

[digger48]

How Enron Worked the President ... (This is an interesting bit of
information that you don't hear much about.)

A. Enron's chairman did meet with the president and the vice president
in the Oval Office.
B.. Enron gave $420,000 to the president's party over three years.

C.. It donated $100,000 to the president's inauguration festivities.

D.. The Enron chairman stayed at the White House 11 times.

E.. The corporation had access to the administration at its highest
level and even enlisted the Commerce and State Departments to grease deals
for it.

F.. The taxpayer-supported Export-Import Bank subsidized Enron for
more than $600 million in just one transaction

Scandalous!!


(look below ....... )




G.. BUT...the president under whom all this happened WASN'T George W.
Bush.

SURPRISE It was Bill Clinton!

Pass this on so the whole Country will know. The Media Won't!

ARE WE READY FOR MRS. CLINTON ??