Jeff Skilling Sentenced to 24 Years (Enron CEO)

WCHS Portland ^ | October 23, 2006

[Lunatic Fringe]

Breaking

[wideawake]

Indeed.

Fastow worked Lay and Skilling expertly, and then he worked the Feds expertly.

He'll be living well surrounded by his grandkids while Skilling is rotting in rpison and Lay is rotting in the ground.

[Rockitz]

20 years on average for a murder

24 years for financial fraud.

... sounds to me like there was more than just a little bit of emotion in the sentencing.

The stress that he cause many employees and shareholders has undoubtedly led to early death for many of these people. That's makes it a multiple murder in my book.

[wagglebee]

$60 billion in equity disappeared when Enron collapsed, several thousand people lost their jobs, if you think that the only people affected by Enron were the ones who had all of their money in Enron, then you are extremely naive.

[the_Watchman]

Am I the only one on this forum that is suspicious about this sentence being delivered two weeks before a major election? Who is the judge?

[wideawake]

Most of the Enron employees didn't have any say in where their money was invested

They absolutely had a say in where their money was invested. They voluntarily chose Enron stock, because it was available to them at a discount to market value.

and when the company was collapsing they were prohibited from pulling their money out

During the time when Enron stock fell from $85 to $15 they were fully able to pull out. They held on until the stock fell below $15 and the plan administrator froze the plan assets for 60 days.

Again, that was their decision and theyn were informed well ahead of time that the plan would be frozen if the administrator saw fit.

[wagglebee]

They are taking most if not all of his money.

[Rockitz]

Wrong. See my post# 42.

[Alberta's Child]

Enron could not require its employees from investing their money in company stock. Companies are prohibited by law from doing that kind of thing.

It's possible that one exception may involve mandatory investment of matching company contributions to an employee's 401(k) plan -- in which case the money never really belonged to the employees anyway.

[A Texan]

I remember pretty much the same thing, their 401K account we basically company pensions in the form of company stock.

[tomnbeverly]

Wow and just think if only he had aided an abetted a terrorist he would have got 24 months... Jeez this country really has its priorities straight.

[A Texan]

we=was

[shuckmaster]

Until the rules were changed beginning in 2006 most company matches in the 401k were for the company stock only and were not transferable while still employed. I agree that people who still haven't taken advantage of the new rule change and keep their match in one company stock are dumb but the folks at Enron had no choice if they wanted to take advantage of the companies retirement package at all. Skilling is going to prison for deliberately cheating them out of their retirements. I'd prefer to see him hanged.

[wagglebee]

There's nothing to that argument. The trial ended this summer, there were lots of motions and then Lay's death postponed everything.

[wideawake]

$60 billion in equity disappeared when Enron collapsed

On many days the market loses $60 billion in equity value in seconds. I lost money invested in Enron stock.

The only people significantly harmed were the people who unintelligently overweighted Enron stock in their portfolios.

several thousand people lost their jobs

Thousands of people lose jobs every single day, often due to unintelligent or self-serving decisions made by executives. I've lost jobs myself.

What Americans do when they lose a job is find a new one, not cry about it. Employment is not guaranteed in a free society.

if you think that the only people affected by Enron were the ones who had all of their money in Enron, then you are extremely naive

Millions of people, indeed all Americans, were slightly affected by the failure of this large corporation.

The only people who experienced a severe impact were those who placed the bulk of their fortunes in Enron.

[zarf]

Most murderers get off in less.

Murders usually destroy one life and the surrounding family. This guy conspired to destroy a hell of alot more.....lifetimes of savings by hard working people up in smoke.

He should be executed.

[Night Hides Not]

Skilling deserves the death penalty. Thanks to him, and his cronies at Enron, "Sarbanes-Oxley" was born.

The excessive time and financial burdens associated with compliance, have wrought an enormous cost on doing business in the U.S.

[wagglebee]

I agree with everything you are saying. But what is your point? Do you think that Skilling should have just gotten a slap on the wrist? Skilling could have gone to the prosecutors and worked out a deal just like Fastow did.

[shuckmaster]

During the time when Enron stock fell from $85 to $15 they were fully able to pull out.

Show proof or admit that you're just making it up. Typical 401k plans at that time didn't allow pull outs or transfers while still employed.

[Carry_Okie]

Report directly to jail.

Would that it were more common; we'd have better people in positions of power.

[VRWCTexan]

Truly sorry for your friend and so many others - however those ENRON employees that maintained a more diversified 401K (i.e. other than investing all or most of their retirment funds into Enron stock )did not suffer meltdown There is a lesson to be learned here for others