former Enron treasurer jailed

[arcticpenguin]

http://news.bbc.co.uk/1/hi/business/3097668.stm


Ben Glisan, formerly treasurer at energy trader Enron, has become the first executive to be jailed for his part in the huge financial scandal at the firm.

Mr Glisan was sentenced to five years in prison after pleading guilty to criminal conspiracy.
...
His conviction, prosecutors hope, could accelerate the cases against other more senior Enron ex-officials, notably former chief financial officer Andrew Fastow, his boss at the firm.
Meanwhile, former CEOs Jeffrey Skilling and Kenneth Lay ( a close personal freind of George W. Bush) have not been charged with any crimes.

[hgc]

Originally posted by arcticpenguin
http://news.bbc.co.uk/1/hi/business/3097668.stm


Meanwhile, former CEOs Jeffrey Skilling and Kenneth Lay ( a close personal freind of George W. Bush) have not been charged with any crimes. We can only hope that one day Ken Lay and Bernie Ebbers will share a cell.

[corplinx]

Way to go justice department! Now all we need is somce smoking gun evidence for the other rats. I assume the people who think Ken Lay isn't in jail because he knows Bush don't realize how hard it is to prove what these higher ups knew and when they knew it. The only way to get them at this point is to have them incriminate themselves unless someone underneath can be intimidated into ratting on them.

[arcticpenguin]

Originally posted by corplinx
I assume the people who think Ken Lay isn't in jail because he knows Bush don't realize how hard it is to prove what these higher ups knew and when they knew it.
If they don't know what's going on in the companies they are running, then they certainly don't deserve those astronomical salaries and other benefits they are being paid.

[CapelDodger]

During the 80's, after Ivan Boesky (?) was caught out, there was a series of criminal financial cases, including the exotic "insider tips for cocaine" which went so far to explain the frenetic market. I recall reading an interview with a New York cop who said "They're not like ordinary honest criminals. They burst into tears and eagerly grass up their friends and family - 'Do it to her! Do it to her!' they cry when you walk in the room. It's like shooting ducks in a net." I paraphrase, but that was the essence. Friendship with Bush isn't going to help as long as people know where the bodies are buried and have no sense of loyalty. It may take a lengthy drip-feed but the Enron thing could achieve iconic status.

[corplinx]

Originally posted by arcticpenguin

If they don't know what's going on in the companies they are running, then they certainly don't deserve those astronomical salaries and other benefits they are being paid.

You aren't getting an arguement out of me. However, the burden of proof is still on the govt. Mind you, Bush did propose changing the rules so that the CEO is culpable no matter what so that future Ken Lay's can't get off so easily.