Jeff Skilling and the Enron debacle...
Justice is indeed dumb and blind. http://en.wikipedia.org/wiki/Enron
Not to rehash the accounting scandal that forced Arthur Anderson to dissolve and for ten's of thousands of employees to lose their jobs and life savings.
Now remarkably they are talking about releasing this scum of the earth... http://www.nbcnews.com/business/enrons-jeff-skilling-could-get-early-release-prison-1C9214562
Something about that the twenty four year sentence was too harsh ? wtf ?
I remember at the time, talks of my supervisor mentioning how we we're all lucky to have jobs, given how suddenly 20k people had suddenly just lost their jobs.
As was later discovered, many of Enron's recorded assets and profits were inflated or even wholly fraudulent and nonexistent. One example of fraudulent records was during 1999 when Enron promised to repay Merrill Lynch & Co.'s investment with interest in order to show profit on its books. Debts and losses were put into entities formed "offshore" that were not included in the company's financial statements, and other sophisticated and arcane financial transactions between Enron and related companies were used to eliminate unprofitable entities from the company's books.
Its most valuable asset and the largest source of honest income, the 1930s-era Northern Natural Gas company, was eventually purchased by a group of Omaha investors, who relocated its headquarters back to Omaha; it is now a unit of Warren Buffett's MidAmerican Energy Holdings Corp. NNG was established as collateral for a $2.5 billion capital infusion by Dynegy Corporation when Dynegy was planning to buy Enron. When Dynegy examined Enron's financial records carefully, they repudiated the deal and dismissed their CEO, Chuck Watson. The new chairman and CEO, the late Daniel Dienstbier, had been president of NNG and an Enron executive at one time and was forced out of Enron by Ken Lay. Dienstbier was an acquaintance of Warren Buffett. NNG continues to be profitable now.
Former management and corporate governance
Kenneth Lay: Chairman, and Chief executive officer
Jeffrey Skilling: President, Chief operating officer, and CEO (February–August 2001)
Andrew Fastow: Chief financial officer
Rick Causey: Chief accounting officer
Rebecca Mark-Jusbasche: CEO of Enron International and Azurix
Lou Pai: CEO of Enron Energy Services
Forrest Hoglund: CEO of Enron Oil and Gas
Richard Gallagher: Head of Enron Wholesale Global International Group
Kenneth "Ken" Rice: CEO of Enron Wholesale and Enron Broadband Services
J. Clifford Baxter: CEO of Enron North America
Sherron Watkins: Head of Enron Global Finance
Jim Derrick: Enron General Counsel
Mark Koenig: Head of Enron Investor Relations
Joan Foley: Head of Enron Human Resources
Richard Kinder: President and COO of Enron (1990-December 1996); co-founder of Kinder Morgan
Greg Whally: President and COO of Enron (August 2001– Bankruptcy)
Jeff McMahon: CFO of Enron (October 2001-Bankruptcy)
Board of Directors
Robert A. Belfer: Chairman, Belco Oil and Gas Corp
Norman P. Blake Jr.: Chairman, President and CEO, Comdisco, Inc.
Ronnie C. Chan: Chairman, Hang Lung Group
John H. Duncan: Former Chairman of The Executive Gulf and Western Industries Inc.
Wendy L. Gramm: Former Chairman of US Commodity Futures Trading Commission
Ken L. Harrison: Former Chairman and CEO of Portland General Electric
Robert K. Jaedicke: Professor Emeritus of Accounting at Stanford University
Charles A. LeMaistre: President Emeritus, University of Texas M.D. Anderson Cancer Center
John Mendelsohn: President, University of Texas M.D. Anderson Cancer Center
Jerome J. Meyer: Chairman, Tektronix
Paulo V. Ferraz Pereira: Executive Vice President if Group Bozano
Frank Savage: Chairman: Alliance Capital Management
John A. Urquhart: Senior Advisor to the Chairman of Enron
John Wakeham: Former U.K. Secretary of state for Energy
Herbert S. Winokur Jr.: President of Winokur Holdings Inc.
Enron traded in more than 30 different products, including the following:
Products traded on EnronOnline Petrochemicals
and paperSteelWeather Risk ManagementOil
transportationBroadbandPrincipal investmentsRisk management for commoditiesShipping / freight
Streaming mediaWater and wastewater
It was also an extensive futures trader, including sugar, coffee, grains, hog, and other meat futures. At the time of its bankruptcy filing during December 2001, Enron was structured into seven distinct business units.