Whatever happened to the Enron thing after Ken Lay was convicted? Who

[Subdivisions]

else was convicted? Where is the case now? What happened to the records involving Enron?

This scandal seemed to disappear with the death of Ken Lay as I've heard nothing else about it. Worldcomm too now that I think about it.

[pkz]

1. oh u know...the short attention span of Americans...

:sarcasm:

as far as I can find, it ended this way:

http://money.cnn.com/2006/05/25/news/newsmakers/enron_verdict/

[Gidney N Cloyd]

2. Skilling was convicted but I think he's (recently) appealing.

[defendandprotect]

3. As I recall, WTC housed the investigation info on a lot of stuff that was lost - not only Enron--!!

SEC investigations -- etal

[alcibiades_mystery]

14. Enron scandal happened AFTER 9/11

So that's extremely unlikely.

Numerous people were convicted in the Enron blow-up, and a good number of them are currently in Federal prison.

Loosen the tinfoil.

[defendandprotect]

18. SEC opened investigation in October 2001, stock worth $1 by November . . .

Obviously, Enron and Fastow, Anderson had to have been filing documents with

SEC PRIOR to that time --

Additionally, records of many other SEC cases/investigations were also lost.

By August 15, 2001, Enron's stock price had fallen to $42.

Accounting scandal of 2001

Main article: Enron scandal
After a series of revelations involving irregular accounting procedures bordering on fraud perpetrated throughout the 1990s involving Enron and its accounting firm Arthur Andersen, Enron stood on the verge of undergoing the largest bankruptcy in history by mid-November 2001 (the largest Chapter 11 bankruptcy until that of Worldcom in 2002, now surpassed by the collapse of Lehman Brothers). A white knight rescue attempt by a similar, smaller energy company, Dynegy, was not viable.

Accounting practices
Enron had created offshore entities, units which may be used for planning and avoidance of taxes, raising the profitability of a business. This provided ownership and management with full freedom of currency movement and the anonymity that allowed the company to hide losses. These entities made Enron look more profitable than it actually was, and created a dangerous spiral in which each quarter, corporate officers would have to perform more and more contorted financial deception to create the illusion of billions in profits while the company was actually losing money.<7> This practice drove up their stock price to new levels, at which point the executives began to work on insider information and trade millions of dollars worth of Enron stock. The executives and insiders at Enron knew about the offshore accounts that were hiding losses for the company; however the investors knew nothing of this. Chief Financial Officer Andrew Fastow led the team which created the off-books companies, and manipulated the deals to provide himself, his family, and his friends with hundreds of millions of dollars in guaranteed revenue, at the expense of the corporation for which he worked and its stockholders.

In 1999, Enron launched EnronOnline, an Internet-based trading operation, which was used by virtually every energy company in the United States. Enron president and chief operating officer Jeffrey Skilling began advocating a novel idea: the company didn't really need any "assets." By pushing the company's aggressive investment strategy, he helped make Enron the biggest wholesaler of gas and electricity, trading over $27 billion per quarter. The firm's figures, however, had to be accepted at face value. Under Skilling, Enron adopted mark to market accounting, in which anticipated future profits from any deal were tabulated as if real today. Thus, Enron could record gains from what over time might turn out losses, as the company's fiscal health became secondary to manipulating its stock price on Wall Street during the Tech boom. But when a company's success is measured by agreeable financial statements emerging from a black box, a term Skilling himself admitted, actual balance sheets prove inconvenient. Indeed, Enron's unscrupulous actions were often gambles to keep the deception going and so push up the stock price, which was posted daily in the company elevator. An advancing number meant a continued infusion of investor capital on which debt-ridden Enron in large part subsisted. Its fall would collapse the house of cards

Peak and decline of stock price
In August 2000, Enron's stock price hit its highest value of $90.<9> At this point Enron executives, who possessed the inside information on the hidden losses, began to sell their stock. At the same time, the general public and Enron's investors were told to buy the stock. Executives told the investors that the stock would continue to climb until it reached possibly the $130 to $140 range, while secretly unloading their shares.

As executives sold their shares, the price began to drop. Investors were told to continue buying stock or hold steady if they already owned Enron because the stock price would rebound in the near future. Kenneth Lay's strategy for responding to Enron's continuing problems was in his demeanor. As he did many times, Lay would issue a statement or make an appearance to calm investors and assure them that Enron was headed in the right direction.

By August 15, 2001, Enron's stock price had fallen to $42. Many of the investors still trusted Lay and believed that Enron would rule the market. They continued to buy or hold their stock and lost more money every day. As October closed, the stock had fallen to $15. Many saw this as a great opportunity to buy Enron stock because of what Lay had been telling them in the media. Their trust and optimism proved to be greatly misplaced.

Lay has been accused of selling over $70 million worth of stock at this time, which he used to repay cash advances on lines of credit. He sold another $20 million worth of stock in the open market


As Public Citizen reported, "Because of Enron’s new, unregulated power auction, the company’s 'Wholesale Services' revenues quadrupled—from $12 billion in the first quarter of 2000 to $48.4 billion in the first quarter of 2001."<10>



http://en.wikipedia.org/wiki/Enron



If you want tinfoil -- try this . . .


&rurl=http%3A%2F%2Fwww.panoramas.dk%2Ffullscreen3%2Fimages1apollo.html&size=345k&name=apollo+lm+jpg&p=Apollo+11%2C+landing+module&oid=b7882ed7e6636bb6&fr2=&no=8&tt=326&sigr=11m3s7ebu&sigi=11avrpk6b&sigb=133pv5cll

:rofl: :rofl: :rofl:

[alcibiades_mystery]

19. October 2001 is after 9/11, like I said

Why you would imagine that SEC filings would be "lost" is a great mystery. It's certainly not supported in your totally irrelevant long-ass quote. Misdirection much?

[defendandprotect]

20. SEC records of investigations were kept at #7 WTC, as I understand it --

Yes -- I see much of what happens is a "mystery" to you --

SEC records were lost -- involving many firms.

[alcibiades_mystery]

21. Yes, all those records for an investigation that hadn't started yet

:rofl:

Do you even know what it means to "file" something with the Securities and Exchange Commission?

:rofl:

[defendandprotect]

24. Guess we have to take your guarantee for that . . no Enron info at WTC7 . . .

[alcibiades_mystery]

25. You're the one who said there was material specifically related to the investigation there

So, you have to demonstrate your point with evidence. You don't have any, so there's that.

[defendandprotect]

26. I have no evidence . . . and taking your word for this . . .

[alcibiades_mystery]

28. My friend

You're the one making a positive claim. Demonstrate or not. I don't care. But don't pretend that someone who says 'I don't think you can prove that" is in the position of having to prove anything. It's on you, junior.

[defendandprotect]

30. Evidently, you're a fanatic and obsessed . . . as I said, "I have no evidence for this" . . .

take a walk --

[alcibiades_mystery]

31. I'm a fanatic?

LOL. Because I asked for evidence for your ridiculous claim?

OK, there.

:rofl:

[defendandprotect]

33. Just as a test of your actually having any intellect, at all.. let's try this . . .

How many times do I have to say to you . . . i.e., "I have no evidence" for you

to finally quit?


Now, try to laugh yourself into some sense --

[alcibiades_mystery]

34. Oh, I know you have no evidence

So go ahead and pretend that your fatuous argumentation strategy ("Yup, no evidence, I guess we'll take your word, uh huh, hmmm") is anything but infantile. It's not my word, and has nothing to do with my word. You have no case. End of story. Has nothing to do with what I say, so cut the childish bullshit.

[defendandprotect]

35. Okay . . .

You're on "ignore."

[Sancho]

4. basically, a bunch of crooks took the money and got away with it

[jotsy]

5. I titled this post 'A supreme court sponsored end run for the prince of Enron?'

on March 2nd.

I snipped and summarized from a piece at Yahoo News written by Lucile Malandain



Jeff Skilling’s lawyers are seeking an appeal from the newest corporate flunkies at the judicial branch. The grounds on which the court may consider hearing the case appear to hinge on the question of a bias jury. Since this is the collective of expertise that declared an exponentially enhanced voice for corporations as fair and just, I would ask they consider themselves as unfit to evaluate any matter regarding such entities and claim their conclusions as coming from a neutral position.

BTW, as I understand it, the convictions of the late Emperor himself, Ken Lay, were thrown out as a result of his timely passing.

[Greyhound]

6. That's all in the past, we're looking forward now.

Once you get away from the scene, you're home-free (provided you're really rich or in the right family).

No crime is so great that it can't be ignored and forgotten.

[Lindsey]

7. My brother worked for Enron his whole adult life and lost almost

everything. Skilling is in jail but I believe the SCOTUS has agreed to take his appeal case. Also, I can't remember the guy's name but he was way up there and he's in jail (I'm not sure for how long). Even though his wife didn't work for Enron, she was involved so she was convicted too. When he gets out of prison, she goes in (they have kids and the powers that be didn't want both parents away at the same time-which of course wouldn't happen in a blue collar crime).

[Greyhound]

17. "which of course wouldn't happen in a blue collar crime", no it wouldn't, no way.

Another thing that will not happen to them is that their ill-gotten fortunes will not be stripped from them, nor will they pay any social price.

They'll do their time, one at a time, and come out still rich and connected.
:grr:

[Nikki Stone1]

8. Ken Lay mysteriously died

and didn't have to serve time.

[zbdent]

10. wasn't there some coroner, "unrelated" to this story, whose life work

(pretty much) was called into question because of his ethics? A huge number of convictions based on his "conclusions" had to be thrown out?

I wonder if he was the guy who declared Ken Lay "dead" ... if you die after conviction, your family doesn't have to pay the penalties? Something to that effect ...

[Nikki Stone1]

11. I don't remember a coroner

but I'm willing to believe just about anything concerning Ken Lay. A ranch in Uruguay, an expensive plastic surgeon, who knows?

[AnArmyVeteran]

13. Do you really believe Ken Lay is dead?

On the day his 'death' was reported I called my Mom and told her Ken Lay will be undoubtedly cremated to destroy all evidence that the corpse was actually him. I'm not a conspiracy theorist, but logic would dictate that if you were best friends with the most powerful people in the country, Cheney & Bush, and you had millions (billions?) of other peoples' money and had the motive and opportunity to pull off a fake death, then it would be very easy for Ken Lay to get away with such a stunt.

I'm willing to bet Ken Lay is living an extravagant lifestyle on some remote island and probably has frequent visitors like his fellow cohort in crime, GW Bush. The coroner in that small, obscure Colorado town could have easily falsified documents and with all the power associated with Ken Lay a substitute body could be found to incinerate. Hell, with the evil that lurks in the henchmen in the Bush Regime they would have no reservations to knock off some poor unfortunate victim and fry him and say it was Ken Lay.

I wonder if anyone has checked the bank accounts of all the people in that Colorado town where Ken Lay 'supposedly' died? I wonder if they followed the money trail? I'm willing to bet there was no investigation into this matter.

[SoCalDem]

9. a few took the fall.. the money was still stolen & stashed away

nothing ever was "resolved"..Arnold was installed here, to "settle" the claim we had against what remained of enron.. he settled for pennies.. Gray Davis had to be taken out, because he had plans to get it all back..

[Swamp Rat]

12. Ask D. B. Cooper

;)

[MindPilot]

15. My electric bill tripled in a week and never went back down

California got ass-raped and the corporations who ass-raped us now get to consider ass-raping necessary to their daily business operations.

[hyphenate]

16. I seem to remember someone named Andy (?) who was

the CFO who turned state's evidence in order to get Skilling and Lay. I suppose Wiki has a good sized entry on it, though.

If people haven't seen it, I recommend renting Enron: The Smartest Guys in the Room, a documentary on Enron right from their "humble" beginnings, to their end.


ETA: http://en.wikipedia.org/wiki/Enron

"Andy" was Andy Fastow.

[proud2BlibKansan]

22. It will be on cnbc Thurs night

Just saw a commercial.

[alcibiades_mystery]

23. Andy Fastow is currently serving a 6 year prison sentence in the Florence Maximum Security Federal

Penitentiary.

Helluva conspiracy, this.

:eyes:

[ljm2002]

27. Ken Lay was not convicted...

...and he died before a trial could be held (well, he "died" ... some of us aren't so sure). Anyway, since he died before being convicted, the charges were vacated and his widow got to keep the spoils.

Neat, eh?

[alcibiades_mystery]

29. Nonsense

Ken Lay was convicted of eight counts on May 25, 2006. Ken Lay was duly convicted of his crimes by a federal jury and, on separate counts, by a judge.

His conviction was abated because he died before his appeals were exhausted. But he was certainly tried and convicted.

[ljm2002]

32. Yikes, you're right!

Well anyway his death caused it all to be annulled so the money was safe. But I am glad to be reminded that he was convicted.