Former Enron Treasurer Sent to Prison

[Hawkeye-X]

HOUSTON (Reuters) - Former Enron Treasurer Ben Glisan on Wednesday became the first executive sent to prison for his role in the scandal that brought down the giant energy trader, destroyed the accounting firm Andersen and tarnished Wall Street.

Glisan, 37, pleaded guilty to a single count of conspiracy and was sentenced to five years in prison. Other former Enron executives have pleaded not guilty to criminal charges and face trial.

Glisan was originally charged with two dozen counts of money laundering, fraud and conspiracy for his role in several transactions prosecutors say were devised by former Enron Chief Financial Officer Andrew Fastow.

more...

Hey, the FIRST ever to be cuffed and thrown to prison - ozymadius might have to update his daily Stock Market news to include 1 thrown into prison. (Edited to clarify a small error)

:evilgrin:

Hawkeye-X

[makeanoise]

1. Let's Hope!

I hope it's more than that Adelphia Dog and Pony Show BUSH tried to use as an example.

From what I undertand taht Adelphia CEO who was wearing handcuffs is still free...

[0rganism]

2. Five years? Should be 50 -- nonetheless, a small miracle

I expected the whole bunch to walk. At least someone's doing some time, however pathetically tiny.

You can get five years for robbing a convenience store or selling pot. This guy helped rob several states and sold a bill of goods far more damaging than marijuana could ever hope to be.

[Tansy_Gold]

3. Um, doesn't "conspiracy" imply that there were. . . .

conspirators? As in, other people? I mean, one cannot conspire with oneself, can one?

:evilgrin:

[0rganism]

4. Not only that, but it is generally treated as serious as the crime itself

So if this Glisan fellow got off with five years minimum security, you can bet the rest of 'em will too.

[sendero]

5. especially....

.... since he refused to cooperate with the investigation of others.

Five years is a joke, that's what he should have gotten if he told all and testified.

[AndyTiedye]

6. Worse For Him if he Testified, Much Worse

> Five years is a joke, that's what he should have gotten if he told all and testified.

Then he would have gotten the death penalty (adminstered by BFEE thugs).

[0007]

7. Kennth Lay takes care of his boys

and his boys are good to him. junior & the Carlyle gang & the Halliburton take care of the rest.

Most folks would do two years and eight months for five million, 'eh?

[NewYorkerfromMass]

9. Yep

and be sure to kick this thread where I assembled the corporate gallery of rogues...

http://www.democraticunderground.com/discuss/duboard.php?az=show_topic&forum=104&topic_id=303741

[Cappurr]

8. Doesn't say he went to jail at all...

Simply says he plead guilty and "was sentenced". Now for the average guy, that means the court officers cuff you and take you away. But in cases like this it means it may be months, even years before this guy turns himself into a federal prison. Meantime, he will be cooperating with the prosecutors who will speak up for him if he helps them, thereby reducing his time. :shrug:

[dArKeR]

12. Golf Camp Prison

[quilp]

10. Some are doing more than that for stealing a bicycle. Still it is a start

But 2where is this guy going to serve his time?

[Jose Diablo]

11. Who was the judge?

Why is it a minimum security prison? And lastly, why did prosecution drop the other 109 counts?

Smells rotten.

[ProudGerman]

13. Of course its rotten

They dropped the other counts, and gave him a "forced" vacation in a resort.

Why, so it looks like they did something. Enron is so far out of the minds of the general populace, this will barely register a blip. But in the future, they'll say, I heard about someone going to prison, so justice was served. TPTB gave the appearance of something being done.....mission accomplished you might say.