Posted on 10/23/2006 2:15:07 PM PDT by Ready4Freddy
Former Enron CEO Jeff Skilling was sentenced today to 24 years in prison for his role in the energy company's 2001 collapse in what become one of the nation's biggest corporate scandals.
U.S. District Judge Sim Lake ordered Skilling to home confinement with an ankle bracelet to monitor his movements. He told the U.S. Bureau of Prisons to recommend when Skilling should report to prison and suggested he be sent to the federal facility in Butler, N.C.
"This is not an easy decision,'' Lake said. "Sentencing is the most difficult and least pleasant part of my job Mr. Skilling has a family who loves him.''
He added, however, "His crimes have imposed on hundreds if not thousands, a life sentence of poverty."
Lake's sentence, more precisely 292 months, also ordered Skilling to participate in alcohol and mental health programs. He also approved the forfeiture of $45 million to be distributed to Enron employees.
That money will be distributed via the civil shareholder case going on before U.S. District Judge Melinda Harmon.
Defense attorney Daniel Petrocelli argued for a 10-month reduction, so that the 52-year-old Skilling could serve at a lower-security prison. Lake refused.
Skilling's sentencing marks vindication for some and a capstone to an era of corporate crime for others.
Victims of the company's downfall hope it will provide a satisfying coda to their search for justice and retribution.
"I want him to see life without parole, for all the lies he told us and others," said Charles Prestwood, a former Enron pipeline employee who lost his pension.
To others, the timing of Skilling's sentencing, after most of the other large corporate scandals such as WorldCom and Adelphia have played out, brings a tidy end to an era...
(Excerpt) Read more at chron.com ...
How about the two people that plea bargained in the horrific February 20, 2003 West Warwick, Rhode Island nightclub fire, that was started by a pyrotechnic device used by the rock band “Great White”, killing 100 people and injuring another 200 in a matter of minutes. They both pleaded no-contest and received 4 years in a low security prison and qualify for a work release program. Under state sentencing guidelines they quality for parole in only 16 months.
Very obvious this country values the loss of money over the loss and injury of innocent human life.
Dream on.
...and he'll probably be be out in about two years.
Nothing ever came of Fastow claiming that certain banks were involved in the Enron downfall, either.
Skilling should get a lot of prison time. Nonetheless, when I read about child rapists and murderers getting sentences of two years, released on shock probation after 6 months, etc., I have to question our U.S. system of justice.
Raping a child vs. stealing money? That's a slam dunk in my opinion, castrate the rapist, then cut him into two inch pieces and feed him to the hogs. Put the guy who robbed the money into prison.
".... very cold in the winter months."
That's hilarious.
"I'm sure Andy [Fastow] has lots of $$$ waiting for him when he gets out of treatment."
But, won't he be subject to civil suits by the employee/stockholders who lost so much?
I'd like to see some partners from Arthur Andersen behind bars, too.
Along with some lawyers and others.
Many people knew well what was taking place. Most have probably gotten away with little consequence.
"It's "Butner, NC""
Yes, I know. Butner is not too far from Asheville. set back in the foothills of the beautiful North Carolina mountains.
Thanks. You proved my point.
The wrong man got the long sentence. Fastow was behind it all, and skated. Makes me sick. I feel somewhat sorry for Skilling. Regardless as how he comes across on TV, I believe he did not know a lot, if anything of what Fastow was up to. I sure wouldn't want to be a CEO these days. Too much risk.
That's the way the criminal justice system works in this country. There are girlfriends of drug dealers, for example, who got longer sentences than the actual dealer, simply because they didn't know enough to be able to cut a deal with the prosecutor. The whole thing is screwed up six ways to Sunday. Nobody seems to care. Unitl now, of course.
He's already so rich it hurts. His wife and her family own shopping malls all over the southwest. A lot of stuff was put in her name originally, it did't have to be transferred.
They have a lot of influence over the court system too. There was a big scandal years ago where the wife's family was secretly paying off politicians and LEOs and others. The SEC got involved, IIRC. Both Mr. and Mrs. Fastow are up to their ears in this. She got one year, he got about 5 but will be out earlier.
Everyboy is happy that *somebody* is getting punished and Fastow skates. It makes no sense.
[But, won't he be subject to civil suits by the employee/stockholders who lost so much?]
OJ has never paid a dime re his civil suits, so if that idiot can get away with it, it'll be a cake walk for Fastow.
Look at what has happened so far. Skilling's charges are mainly about financial statements and letters to stockholders. He wasn't found guilty of insider trading or creating the sham companies. The sham companies and the financial statements were the work of...FASTOW! Fastow was the CFO. His wife was a treasurer there. Some of the sham companies were named for her. She gets one year, he gets 5 in a rehab center.
Her family has a lot of money - more now since Andy has been the son-in-law. They owned the Weingarten grocery stores and now own a huge number of shopping centers. They've been a political power for decades. They have been investigated for paying off officials to prosecute people who didn't pay their grocery bills. No wonder they were able to get Andy tried in a different court.
And now everybody is celebrating that a guy who left Enron six months before the collapse is going to prison. The whole fiasco shows how the justice system is manipulated. As they say, it's the best money can buy.
You proved my point.
Jeff will in all likelihood get a cushy pen where he has access to entertainment, library, recreation, and plenty of visitation from loved ones...still 24 years, wow! First time armed robbery is usually just a 7-year stretch in the slammer. (Of course, I'm assuming that Skilling will be subjected to parole terms after a four-year confinement.)
(Of course, I'm assuming that Skilling will be subjected to parole terms after a four-year confinement.)
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