Justice thus Peace
You know, I didn’t sit in on the trial. I didn’t hear all the evidence. But to me the only thing that mattered in this whole Enron debacle was one thing – the selling off of stock while telling employees that not only could they not sell theirs but they should be buying more. That was it. That in of itself said corporate greed. You can look at Home Depot’s plummeting share prices while paying the CEO triple digit millions in pay and see that not much has changed. The usual shrug and eyebrow raise with a “what do you do?’ and “it’s all about the shareholder” is a load of crap. It’s all about those at the top taking as much as they can possibly shove into their pockets, socks and undergarments at the buffet while others are still waiting in line for table scraps. These are the same people that dismiss people who are plunging into poverty because the medical insurance they had doesn’t happen to cover the illness they chose to get. These are the same people that call illegal immigrants felons because they “cut to the front of the line”. Yet they would be outraged if they had to wait for anything. This isn’t class envy, this is corporate greed disgust. Don’t mix the two. They are completely different. I look at those with a lot of money as just that. People with a lot of money. My fundamental concern has been and always will be – how are you improving the world? Not just to rich people but to everyone. I get inspired by people like Ludacris who rocketed to hiphop fame and opened a foundation to benefit others. I hail men who come out of prison or gangs and try to change attitudes in rough neighborhoods. I thank God for those that lay their heart, their life, their livelihood on the line for others. It is what sustains me. People who take time to do something good for other people. Taking someone to the doctor. Visiting someone in the hospital or nursing home. Foster parents. Adoptive parents. Volunteering kids. Awesome.
To see Skilling and Lay get what they deserve, that is salvation in my mind. That these guys didn’t somehow sidestep the karma landmine because of some high priced lawyering, warms my heart. I wish they could have set an amazing precedent and saved all of us millions of dollars prosecuting them, by just saying – we did it - but that might be asking too much in an era when people try to make a quick buck. This to me is the message – if you are going to reap the rewards of a business, grace the cover of magazines and boast in articles about your incredible success, you better be willing to pay the piper when the whole figment of imagination evaporates. Pointing at the media as the culprit is truly an act of desperation, and not just a smidge pathetic.
They will pay the piper. It’s just too bad that so many decent, hard working and loyal people got wiped out in the process.
Here are some of the details:
Former Enron executives Kenneth Lay and Jeffrey Skilling have been found guilty of several charges related to the company`s collapse. A Houston jury convicted Lay on all six counts of fraud and conspiracy Thursday. Skilling was found guilty of 19 counts of conspiracy, fraud, making false statements and insider trading. He was not convicted on nine other counts. Lay faces 45 years in prison, while Skilling could be sentenced to a maximum of 185 years. Lay and Skilling were accused of covering up billions of dollars in Enron`s debt while inflating its profits. The energy trading company collapsed into bankruptcy in December 2001. Opening statements in the trial were held on January 31st. Prosecutors told jurors that Skilling and Lay knew of Enron`s troubles. Prosecutor John Hueston said Lay was told in August 2001 that Enron was a "ticking time bomb," but Lay still said publicly the company was doing well. Lay`s attorney Mike Ramsey argued that his client accepted responsibility for Enron`s bankruptcy, but isn`t a criminal because of it. Skilling`s attorney Daniel Petrocelli added that Skilling built Enron into a world-class corporation and never broke a single law. The defense directed much of the blame at former Enron Chief Financial Officer Andrew Fastow, who was the prosecution`s star witness. He pleaded guilty to two conspiracy counts and agreed to cooperate with prosecutors in exchange for a ten-year prison sentence. Fastow tearfully testified that he deceived investors by inflating earnings and hiding corporate losses, and Skilling approved the scheme. Fastow told the jury that he created a 16-million-dollar partnership to help manipulate Enron`s earnings. He said Skilling pushed to replicate the partnership on a much larger scale that eventually raised 386-million-dollars from investors. Fastow added that Skilling even "patted" him on the back for the idea. Fastow also testified that Lay knew Enron was piling up losses and debt, but lied to investors, analysts and employees to hide the problems. The defense pounced on Fastow`s motives and credibility. Under cross-examination, Fastow repeatedly admitted that he lied and cheated investors and pocketed some of the rewards. Defense attorneys claimed Fastow tricked his bosses into thinking he was doing great things for the company and set up the side deals behind their backs. The defense argued that the company was fairly healthy, but public revelations of Fastow`s side deals caused lenders, creditors and customers to panic, eventually driving the company into bankruptcy. The defense attorneys accused Fastow of embellishing his testimony in hopes of earning a lighter sentence. His wife, Lea, pleaded guilty to tax fraud related to the case and has already served her prison time. Several other former Enron executives took the stand for the prosecution. Many of them also pleaded guilty and agreed to cooperate against Lay and Skilling. Both defendants took the stand and proclaimed their innocence. Skilling said he offered 70-million-dollars of his own money to try to bail Enron out of its troubles in October 2001. He denied that he ordered subordinates to illegally falsify profits to please Wall Street. He said there`s "no truth whatsoever" to the prosecution`s contentions that the conspiracy to hide the company`s true financial state started in 1999. Skilling also denied creating slush funds, or what he called "cookie jar reserves." Instead, he testified that legitimate accounts were established to cover potential unforeseen costs in the volatile California energy market. Skilling accused prosecutors of going on a "witch hunt" in an attempt to "rewrite history." Prosecutors grilled him about his attempted sale of 200-thousand shares of Enron stock in the summer of 2001. He defended the move, insisting he had no idea at the time that Enron had started looking into questionable accounting practices. He also said he knew nothing about a note from an Enron whistle-blower that revealed the accounting problems. Skilling had to explain to prosecutors why he suddenly left Enron in August 2001. He said he was exhausted and took into account his family, but prosecutor Sean Berkowitz claimed Skilling was looking for other corporate opportunities. Lay took the stand a couple of weeks after his co-defendant, but had a much different demeanor, at least initially. His relaxed, folksy delivery was a stark contrast to Skilling, who had several angry exchanges with prosecutors. Lay said Enron`s collapse devastated him more than even the loss of his loved ones, adding that he has "achieved the American nightmare." He testified that the thought the company was healthy, even in its final months. Lay accepted responsibility for everything that happened at Enron, but said he didn`t know of any criminal conduct. He said a "witch hunt" helped bring down the company, mentioning that some October 2001 "Wall Street Journal" articles unfairly criticized the energy giant. Those reports detailed the side deals Fastow operated. Lay pointed the finger at Fastow, saying he had no clue at the time that Fastow was doing anything illegal. Under cross-examination, Lay admitted that he didn`t tell Wall Street analysts that Enron would miss a target of 30-billion-dollars in signed contracts by the end of 2006. The prosecutor also asked Lay about 70-million-dollars in Enron stock he sold before the company`s collapse. He said he only had to report the sales annually. When asked if investors were aware that his ownership stake was decreasing, Lay responded that they weren`t. Prosecutors contend that Lay sold the stock back to avoid immediately disclosing the transaction to federal regulators and keep investors in the dark about Enron`s problems. Lay`s attorneys called several local dignitaries to testify about his character, including former Houston Mayor Bob Lanier and Houston Astros owner Drayton McLane. Lanier said Lay`s work on civic projects helped build two sports stadiums in Houston. He added that Lay would have made a good mayor of the city. In closing arguments, prosecutor Kathryn Ruemmler said there`s "no doubt" Lay and Skilling led a conspiracy to mis-lead the public. She talked about the fact that Lay and Skilling have blamed other executives like Fastow, as well as the media for Enron`s problems. She called those claims "absurd" and "ridiculous." The defense attorneys argued that their clients may have used bad business judgment, but never broke the law. Petrocelli even accused the prosecution of twisting facts and intimidating witnesses.
You know, I didn’t sit in on the trial. I didn’t hear all the evidence. But to me the only thing that mattered in this whole Enron debacle was one thing – the selling off of stock while telling employees that not only could they not sell theirs but they should be buying more. That was it. That in of itself said corporate greed. You can look at Home Depot’s plummeting share prices while paying the CEO triple digit millions in pay and see that not much has changed. The usual shrug and eyebrow raise with a “what do you do?’ and “it’s all about the shareholder” is a load of crap. It’s all about those at the top taking as much as they can possibly shove into their pockets, socks and undergarments at the buffet while others are still waiting in line for table scraps. These are the same people that dismiss people who are plunging into poverty because the medical insurance they had doesn’t happen to cover the illness they chose to get. These are the same people that call illegal immigrants felons because they “cut to the front of the line”. Yet they would be outraged if they had to wait for anything. This isn’t class envy, this is corporate greed disgust. Don’t mix the two. They are completely different. I look at those with a lot of money as just that. People with a lot of money. My fundamental concern has been and always will be – how are you improving the world? Not just to rich people but to everyone. I get inspired by people like Ludacris who rocketed to hiphop fame and opened a foundation to benefit others. I hail men who come out of prison or gangs and try to change attitudes in rough neighborhoods. I thank God for those that lay their heart, their life, their livelihood on the line for others. It is what sustains me. People who take time to do something good for other people. Taking someone to the doctor. Visiting someone in the hospital or nursing home. Foster parents. Adoptive parents. Volunteering kids. Awesome.
To see Skilling and Lay get what they deserve, that is salvation in my mind. That these guys didn’t somehow sidestep the karma landmine because of some high priced lawyering, warms my heart. I wish they could have set an amazing precedent and saved all of us millions of dollars prosecuting them, by just saying – we did it - but that might be asking too much in an era when people try to make a quick buck. This to me is the message – if you are going to reap the rewards of a business, grace the cover of magazines and boast in articles about your incredible success, you better be willing to pay the piper when the whole figment of imagination evaporates. Pointing at the media as the culprit is truly an act of desperation, and not just a smidge pathetic.
They will pay the piper. It’s just too bad that so many decent, hard working and loyal people got wiped out in the process.
Here are some of the details:
Former Enron executives Kenneth Lay and Jeffrey Skilling have been found guilty of several charges related to the company`s collapse. A Houston jury convicted Lay on all six counts of fraud and conspiracy Thursday. Skilling was found guilty of 19 counts of conspiracy, fraud, making false statements and insider trading. He was not convicted on nine other counts. Lay faces 45 years in prison, while Skilling could be sentenced to a maximum of 185 years. Lay and Skilling were accused of covering up billions of dollars in Enron`s debt while inflating its profits. The energy trading company collapsed into bankruptcy in December 2001. Opening statements in the trial were held on January 31st. Prosecutors told jurors that Skilling and Lay knew of Enron`s troubles. Prosecutor John Hueston said Lay was told in August 2001 that Enron was a "ticking time bomb," but Lay still said publicly the company was doing well. Lay`s attorney Mike Ramsey argued that his client accepted responsibility for Enron`s bankruptcy, but isn`t a criminal because of it. Skilling`s attorney Daniel Petrocelli added that Skilling built Enron into a world-class corporation and never broke a single law. The defense directed much of the blame at former Enron Chief Financial Officer Andrew Fastow, who was the prosecution`s star witness. He pleaded guilty to two conspiracy counts and agreed to cooperate with prosecutors in exchange for a ten-year prison sentence. Fastow tearfully testified that he deceived investors by inflating earnings and hiding corporate losses, and Skilling approved the scheme. Fastow told the jury that he created a 16-million-dollar partnership to help manipulate Enron`s earnings. He said Skilling pushed to replicate the partnership on a much larger scale that eventually raised 386-million-dollars from investors. Fastow added that Skilling even "patted" him on the back for the idea. Fastow also testified that Lay knew Enron was piling up losses and debt, but lied to investors, analysts and employees to hide the problems. The defense pounced on Fastow`s motives and credibility. Under cross-examination, Fastow repeatedly admitted that he lied and cheated investors and pocketed some of the rewards. Defense attorneys claimed Fastow tricked his bosses into thinking he was doing great things for the company and set up the side deals behind their backs. The defense argued that the company was fairly healthy, but public revelations of Fastow`s side deals caused lenders, creditors and customers to panic, eventually driving the company into bankruptcy. The defense attorneys accused Fastow of embellishing his testimony in hopes of earning a lighter sentence. His wife, Lea, pleaded guilty to tax fraud related to the case and has already served her prison time. Several other former Enron executives took the stand for the prosecution. Many of them also pleaded guilty and agreed to cooperate against Lay and Skilling. Both defendants took the stand and proclaimed their innocence. Skilling said he offered 70-million-dollars of his own money to try to bail Enron out of its troubles in October 2001. He denied that he ordered subordinates to illegally falsify profits to please Wall Street. He said there`s "no truth whatsoever" to the prosecution`s contentions that the conspiracy to hide the company`s true financial state started in 1999. Skilling also denied creating slush funds, or what he called "cookie jar reserves." Instead, he testified that legitimate accounts were established to cover potential unforeseen costs in the volatile California energy market. Skilling accused prosecutors of going on a "witch hunt" in an attempt to "rewrite history." Prosecutors grilled him about his attempted sale of 200-thousand shares of Enron stock in the summer of 2001. He defended the move, insisting he had no idea at the time that Enron had started looking into questionable accounting practices. He also said he knew nothing about a note from an Enron whistle-blower that revealed the accounting problems. Skilling had to explain to prosecutors why he suddenly left Enron in August 2001. He said he was exhausted and took into account his family, but prosecutor Sean Berkowitz claimed Skilling was looking for other corporate opportunities. Lay took the stand a couple of weeks after his co-defendant, but had a much different demeanor, at least initially. His relaxed, folksy delivery was a stark contrast to Skilling, who had several angry exchanges with prosecutors. Lay said Enron`s collapse devastated him more than even the loss of his loved ones, adding that he has "achieved the American nightmare." He testified that the thought the company was healthy, even in its final months. Lay accepted responsibility for everything that happened at Enron, but said he didn`t know of any criminal conduct. He said a "witch hunt" helped bring down the company, mentioning that some October 2001 "Wall Street Journal" articles unfairly criticized the energy giant. Those reports detailed the side deals Fastow operated. Lay pointed the finger at Fastow, saying he had no clue at the time that Fastow was doing anything illegal. Under cross-examination, Lay admitted that he didn`t tell Wall Street analysts that Enron would miss a target of 30-billion-dollars in signed contracts by the end of 2006. The prosecutor also asked Lay about 70-million-dollars in Enron stock he sold before the company`s collapse. He said he only had to report the sales annually. When asked if investors were aware that his ownership stake was decreasing, Lay responded that they weren`t. Prosecutors contend that Lay sold the stock back to avoid immediately disclosing the transaction to federal regulators and keep investors in the dark about Enron`s problems. Lay`s attorneys called several local dignitaries to testify about his character, including former Houston Mayor Bob Lanier and Houston Astros owner Drayton McLane. Lanier said Lay`s work on civic projects helped build two sports stadiums in Houston. He added that Lay would have made a good mayor of the city. In closing arguments, prosecutor Kathryn Ruemmler said there`s "no doubt" Lay and Skilling led a conspiracy to mis-lead the public. She talked about the fact that Lay and Skilling have blamed other executives like Fastow, as well as the media for Enron`s problems. She called those claims "absurd" and "ridiculous." The defense attorneys argued that their clients may have used bad business judgment, but never broke the law. Petrocelli even accused the prosecution of twisting facts and intimidating witnesses.
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