Ken Lay and Jeff Skilling of Enron have both been found guilty, and in Lay's case this may mean the rest of his life will be spent in prison.
Lay, 64, was convicted of six counts of conspiracy and fraud and faces up to 45 years in prison.
Skilling was found guilty of 19 counts of conspiracy, fraud, insider trading and making false statements which, combined, carry a maximum sentence of 185 years. He was not convicted on nine criminal counts.
In a separate trial, U.S. District Judge Sim Lake found Lay guilty of all four bank fraud charges for illegally using money from $75 million in personal loans to buy stock...The convictions of Lay and Skilling bring to 19 the number of Enron executives who pleaded guilty or have been found guilty of crimes for their part in the company's demise.
As someone who was driven from California by the economic disaster caused by the electric crisis Enron deliberately caused and took advantage of, I applaud loudly.
Labels: politics
¶ Thursday, May 25, 2006
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