Word: enronization
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Dates: during 2000-2009
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Former vice president at Enron, where she blew the whistle on fraudulent accounting...
SENTENCED. Jeffrey Skilling, 52, vilified former CEO of Enron who was convicted in May for his role in engineering one of the biggest frauds in corporate history; to 24 years and four months in prison, the longest term yet for an Enron defendant; in Houston. At his hearing Skilling, whose arrogance and lack of remorse fueled outrage over the scandal, told the judge, "I am innocent of every one of these charges...
...attorney Chip Lewis told TIME: "Everybody wants the employees and the folks affected by the collapse of Enron to recover as much of their their losses as possible. However, I don't believe the vehicle that the government has chosen to pursue is an efficient way to do that. There's so much civil litigation out there already - now that they do not have a criminal conviction to anchor their forfeiture upon, this is nothing more than another civil suit. It's a use of taxpayer dollars to attempt to recover in a method that's really duplicative of many...
...Skilling's sentencing, meanwhile, brought some cause for celebration for Enron victims, and not just because of the prospect of him behind bars for a long, long time. A criminal forfeiture and restitution agreement was announced the same day - about $45 million will be dispersed by U.S. District Judge Melinda Harmon to victims in pending civil lawsuits. Judge Sim Lake originally ordered a $5 million fine to be paid to the U.S. Government, but then changed his mind. "No fine - it will all go to the victims," he said. Seattle attorney Lynn Sarko, who represents employees in Enron retirement fund...
...Still, while that may be settled, Skilling doesn't think his fate is. The former Enron CEO told Judge Lake that he is innocent and plans to appeal his case. Lay's lead criminal attorney thinks Skilling has a good chance. "This case is going to be reversed," Ramsey said at the courthouse."The Fifth Circuit has bounced back or modified virtually every Enron-related conviction." Which means that even after the issue of money is put to rest, the Enron case...