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TMFBent (99.62)

SEC Let's Enron Baddies Off Easy

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July 29, 2008 – Comments (11)

Remember Lou Pai?

If not, see "The Smartest Guys in the Room."

Lou Pai, to refresh yer memory, sold tens, no wait, hundreds of millions of dollars worth of Enron stock while CEO of "Enron Energy Services," then disappeared into the sunset before the entire fraudulent shambles came crashing down.

Today, the SEC announced they'd squeezed $30 million out of him. Pocket change, of course, and he's a free man, still enjoying millions of ill-gotten bucks while those he ruined work through their retirements just to make ends meet.

Is that really the best justice we can get in this country?

11 Comments – Post Your Own

#1) On July 29, 2008 at 6:41 PM, TMFBent (99.62) wrote:

And ye's. I'm aware that I have tossed a s'tomach churning apo'strophe into the title. My kingdom for an edit button.

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#2) On July 29, 2008 at 7:24 PM, misterpickles (< 20) wrote:

One good thing about China is they put white collar criminals like this guy to death! America is sooo corrupt.

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#3) On July 29, 2008 at 7:30 PM, Gingerbreadman55 (25.42) wrote:

of course, so is China, but who's counting?

*apostrophe use* /applaud 

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#4) On July 29, 2008 at 7:58 PM, abitare (30.73) wrote:

He is the 2nd largest land holder in CO, thanks to Enron stock. He married a stripper and then off to manage his fiefdom in CO. Correct?

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#5) On July 29, 2008 at 8:17 PM, DemonDoug (31.30) wrote:

The SEC is generally powerless.  It's only when the FBI and the attorney general of NY get involved that we really get justice.

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#6) On July 29, 2008 at 8:32 PM, QualityPicks (27.22) wrote:

Wow, I'm surprised the SEC did *anything* at all. I was actually expecting them to go after the blogs that bad mouthed Enron and caused its collapse. :) :)

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#7) On July 29, 2008 at 8:39 PM, GyroDynasty (97.92) wrote:

The question is should we make all Enron employees pay up, or only the ones who were in upper management?  Does ignorance excuse the general employee? 

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#8) On July 29, 2008 at 8:42 PM, EverydayInvestor (< 20) wrote:

I'm with Doug. This is 10x better than what I expected from the SEC. Penny stock pumpers usually get away with only promising not to be bad.

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#9) On July 29, 2008 at 9:51 PM, TMFBent (99.62) wrote:

Yeah, it's better than nothing, but it's absolutely zero in the way of a deterrent. Take part in one of the biggest corporate rip-offs in history, and you only get to pocket $250 million?

That's not going to stop anyone from continuing to try and strike this particular American dream.

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#10) On July 29, 2008 at 11:22 PM, TDRH (98.16) wrote:

He is one of many that profited and left retirees holding the bag.    Some of the pipeliners that I know lost a small fortune.   I am suprised that more of the management have not been found in the trunks of their cars.

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#11) On July 29, 2008 at 11:54 PM, AnomaLee (28.75) wrote:

Since we can't stop criminal intent(which is a bad Law & Order series), so there will always be criminal actions. We can only deter criminality and discourage it, but I think the SEC has done better recently at doing something and I'm surprised too, but you're right in saying things really gets done when the FBI and DOJ gets involved. 

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