Enron prosecutors strike deal with Merrill Lynch

[Nottingham]

Enron prosecutors strike deal with Merrill Lynch
http://www.chron.com/cs/CDA/ssistory.mpl/topstory2/2104211

By MARY FLOOD
Copyright 2003 Houston Chronicle
RESOURCES



The Department of Justice announced today it will forgo prosecuting Merrill Lynch for its role in the Enron scandal, and the financial giant in turn will adopt companywide reforms and accept monitoring by the government for the next 18 months.

Meanwhile, three former Merrill Lynch employees accused of helping Enron inflate its profits surrendered to the FBI in Houston today.


A Department of Justice letter to Merrill Lynch outlining their deferred prosecution agreement notes that the company's employees violated criminal law, aided and abetted Enron's violation of criminal law, and knowingly caused others to make false statements to a grand jury, U.S. Congress, the Securities and Exchange Commission, and the Enron bankrutcy examiner.

According to the bargain struck with prosecutors, Merrill Lynch must ban problematic transactions of the past, require unanimous agreement within the company for certain types of transactions; make reports to outside auditors; and allow a prosecutor-appointed monitor who will make sure all requirements are met. Should Merrill Lynch violate the provisions of the agreement, the government would be free to go ahead with criminal prosecution of the company.

more...

But WHAT PUNISHMENT do they get for stealing Billions from Pensions of Americans!

[MaineDem]

1. I don't want to see "deal" and "Enron" in the same article

Let alone the same sentence.

This all stinks!

[Fovea]

2. What a brutal punishment.

Doesn't it include surrendering the keys to the executive washroom and no private jet for 18 months as well?

[gratuitous]

6. Well, no

But they have to stand in the corner for five minutes, then write "I will not steal billions and get caught" ten times on the chalkboard. Also, the judge gets to wag his or her finger at them, but can't purse his or her lips in a disapproving fashion.

[Nottingham]

3. Look at what Spitzer did in New York and what Aschcroft does in Houston

This is A travesty! and Under closed doors and sealed documents

and where are the News Agencies OUTRAGE that nobody is getting prosecuted just slaps on the wrists! :bounce:

[Nottingham]

4. Look at what Spitzer did in New York and what Aschcroft does in Houston

This is A travesty! and Under closed doors and sealed documents

and where are the News Agencies OUTRAGE that nobody is getting prosecuted just slaps on the wrists! :bounce:

[Nottingham]

5. Oops sorry bout that

Computer glitch!