happythoughts 0 #1 February 22, 2008 QuoteHOUSTON - Three British bankers were sentenced Friday to just over three years in prison for their roles in a fraudulent scheme with former Enron Chief Financial Officer Andrew Fastow, and they're hoping to serve some of that time back home. QuoteEnron, once the nation's seventh-largest company, crumbled into bankruptcy in December 2001 after years of accounting tricks could no longer hide billions in debt or make failing ventures appear profitable. The collapse wiped out thousands of jobs, more than $60 billion in market value and more than $2 billion in pension plans. Quote"This case demonstrates the (Justice) Department's unwavering vigilance in addressing corporate fraud matters." What? If I robbed a convenience store with a knife, I get 5 years. All these light sentences do is encourage them. I see no deterrent in 3 years for stealing millions. What an idiot statement. QuoteBut the $20 million actually went to the British bankers, Fastow and others. The bankers got $7.3 million while Fastow, Kopper and others skimmed about $12.3 million, according to the plea deal. For their roles in Enron's collapse, Fastow is serving a six-year sentence while Kopper was given a three-year, one-month sentence. Thousands of jobs, $60 b in value, $2 b in pensions. They get 6 and 3 year sentences in a Federal prison and work on improving their tennis game. I'll bet the guys serving 20 years for robbing a bank of $5,000 are wishing they had accounting degrees. Quote Share this post Link to post Share on other sites
Gawain 0 #2 February 22, 2008 Well, one guy is dead (Ken Lay), and Skilling (ex CEO) got 24 years. The chiefs in the Enron deal were facing decades of jail time. A couple bankers who transacted business aren't the headliners.So I try and I scream and I beg and I sigh Just to prove I'm alive, and it's alright 'Cause tonight there's a way I'll make light of my treacherous life Make light! Quote Share this post Link to post Share on other sites
billvon 3,120 #3 February 22, 2008 >What? If I robbed a convenience store with a knife, I get 5 years. Right. But the guy who sold you the knife, the guy who waited in the car, the guy who told you how the station was set up and the guy who told you they had a lot of cash would likely get much lighter sentences. ============= BTW my favorite Enron story is Lou Pai. He was CEO of Enron Energy Services and Enron Xcelerator. He ended up leaving Enron with almost $300 million well before it collapsed. But the story gets better. He met a lot of strippers and used to take them back to Enron headquarters when they didn't believe he was a CEO. He got attached to one of them, his wife found out and they got divorced. As part of the divorce settlement she got about half his Enron shares, and through an obscure law, that meant he could not be brought up on insider trading charges related to those shares. He bought a huge section of Colorado, later sold it, then moved out of Texas with his new stripper wife. Brings new meaning to "getting while the getting's good." Quote Share this post Link to post Share on other sites
vortexring 0 #4 February 22, 2008 It reminds me of what old Joe 'whaddya know' Stalin said: 'A single death is a tragedy, a million deaths is a statistic.' 'for it's Tommy this, an' Tommy that, an' "chuck 'im out, the brute!" But it's "saviour of 'is country" when the guns begin to shoot.' Quote Share this post Link to post Share on other sites
happythoughts 0 #5 February 22, 2008 QuoteWell, one guy is dead (Ken Lay), and Skilling (ex CEO) got 24 years. The chiefs in the Enron deal were facing decades of jail time. A couple bankers who transacted business aren't the headliners. The British bankers got $7.3 million for their part in the crime and got 3 years. For the British train robbers of "The Great Train Robbery" fame. Sentences: * Roger John Cordrey 20 years * William Gerald Boal 24 years * Charles Frederick Wilson 30 years * Brian Arthur Field 25 years * Roy John James 30 years * Thomas William Wisbey 30 years * Robert Alfred Welch 30 years * James Hussey 30 years * Douglas Gordon Goody 30 years * Leonard Dennis Field 25 years * Ronald Arthur Biggs 30 years Quote Share this post Link to post Share on other sites
ryoder 1,590 #6 February 22, 2008 QuoteAs part of the divorce settlement she got about half his Enron shares, and through an obscure law, that meant he could not be brought up on insider trading charges related to those shares. I didn't understand what you meant until I looked it up on Wikipedia: QuoteTo meet his divorce settlement, he cashed out of Enron (to an amount believed to be around $300 million) just before the collapse. An attorney for Pai says sale of the stock was part of the divorce settlement, insulating Pai from insider trading charges, adding "He's the only guy who's ever been lucky to get divorced.""There are only three things of value: younger women, faster airplanes, and bigger crocodiles" - Arthur Jones. Quote Share this post Link to post Share on other sites
Casurf1978 0 #7 February 23, 2008 QuoteWell, one guy is dead (Ken Lay), and Skilling (ex CEO) got 24 years. The chiefs in the Enron deal were facing decades of jail time. A couple bankers who transacted business aren't the headliners. Good points, but they facilitated the actions of the CEO and top executives. Without their help it would've been much harder for upper management to hide what it was doing. Quote Share this post Link to post Share on other sites
