a life sentence of poverty- Enron followup

U.S. District Judge Sim Lake, in handing out the harshest sentence yet in the Enron saga, said Skilling’s crimes “have imposed on hundreds if not thousands of people a lifetime of poverty.”

He allowed Skilling, 52, to remain out of jail, but mostly confined to his home with an electronic monitor on his ankle until the U.S. Bureau of Prisons orders him to report, likely within the next 90 days.

Skilling also was ordered to pay $45 million in restitution to Enron investors, who lost billions of dollars when the company collapsed. Thousands of employees lost their jobs and retirement funds.

FBI assistant director Chip Burrus said in a statement Skilling’s punishment sent a message to white collar criminals.

“Corporate crooks should beware. If you decide to use business coffers as your personal piggy bank at the expense of investors and employees, you risk loss of personal freedom,” he said.

as heard today on “The Story with Dick Gordon” on NPR: <http://thestory.org/&gt;


Yesterday, Enron’s former Chief Operating Officer, Jeffrey Skilling, was sentenced to twenty-four years and four months in prison for his part in the company’s scandal-ridden collapse.
Dick talks to George Maddox about the sentencing. George lost his retirement savings (nearly one million and a half dollars) after the company’s demise. He worked in maintenance for close to thirty years at Enron-linked companies. He’s seventy-four years old now. Instead of enjoying the retirement he’d planned on, he’s now working in East Texas, mowing lawns.

from Enron’s CEO gets 24-year sentenceBaltimore Sun
” During the hearing, Anne Beliveaux, 64, who worked at Enron for 18 years, said she lost more than half a million dollars in retirement money. “Never in my wildest dreams did I think I’d be facing what I’m facing now, and that is: no retirement,” she said. “It was all in Enron stock.”


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