Former Enron CEO Jeffrey Skilling Released From Jail

[s0me0nesmind1]

Today (February 21, 2019) the Former Enron CEO Jeffrey Skilling was released from Jail (in this case, a halfway house) @ Age 65.

Folks, as someone that works in the accounting world I can say that Sarbanes Oxley (SOX) has definitely had a lasting impact - but after the great recession it's very clear that we still don't have all of the answers. My mom was a former Enron employee - and while she left before everything collapsed, she still took a hit to retirement based on their stock with the employee stock purchase benefit.

Looks like this piece of shit just served a mere 13 years in prison. Honestly I think it shouldn't have been less than life. Absolutely pathetic that this piece of shit sees a new day.

Update: The Federal Bureau of Prisons has confirmed that Skilling was released Thursday, February 21 as originally scheduled.

Former Enron CEO Jeffrey Skilling was originally scheduled to be released Thursday from the halfway house he is at in Texas, but his release date on the Federal Bureau of Prisons’ website has been changed to “unknown.”

Up until Tuesday, his release date had been listed as February 21, 2019. When contacted by News 88.7, the Federal Bureau of Prisons said the only information they could provide is that Skilling is still in its custody.

In 2006, Skilling was convicted of fraud, conspiracy and insider trading in connection with the collapse of the Houston-based energy giant. Enron’s bankruptcy and ensuing scandal rocked Houston and led to widespread federal accounting reforms for corporations.

Skilling was fined $45 million and originally sentenced to 24 years in prison, though in 2013 his sentence was reduced to 14 years. In August 2018, he was released from prison and transferred to a halfway house at an undisclosed location in Texas.

Enron Refresher: What Happened

Skilling joined Enron in 1990, and under his leadership it grew into one of the largest companies in the country and a coveted place for employment. “We all in Houston wanted to work for Enron. That was the place to be if you were any good,” Ravi Kathuria, a former Enron employee, previously told News 88.7.

Between 1998 and January 2001 Enron’s stock climbed from $30 per share to over $80. But by December 2001, Enron had filed for bankruptcy after it was revealed that it had been misstating its earnings for years. Shareholders lost billions of dollars and employees lost their retirement savings.

The subsequent investigation into Enron and its executives took five years to complete, and it’s often referred to as the most complex white collar criminal case.

“It was complex because of Enron’s finances, their accounting and their finances. They used very complicated financial structures,” former FBI special agent Michael Anderson previously told News 88.7. “Andy Fastow, Enron’s chief financial officer, was authorized by the board of directors to actually have a side business of equity partnerships, where people would invest in those, and then those partnerships were used to buy assets from Enron, which is a huge conflict of interest. But Enron used that to move under-performing assets off their books and to meet the quarterly numbers.”

Skilling was tried alongside Enron founder and long-time CEO Ken Lay, who died of a heart attack shortly after his sentencing.

https://www.houstonpublicmedia.org/...ey-skillings-release-date-changed-to-unknown/

 

[Blackjack200]

Looks like this piece of shit just served a mere 13 years in prison. Honestly I think it shouldn't have been less than life. Absolutely pathetic that this piece of shit sees a new day.

Of course you think that, you're essentially a punitive, cruel person, in a society that holds up cruelty as a virtue.

 

[Texashiker]

Of course you think that, you're essentially a punitive, cruel person, in a society that holds up cruelty as a virtue.

Lay and Skilling ruined peoples lives. Somehow punishing them is cruel? You seem to have your wires backwards.

 

[s0me0nesmind1]

Lay and Skilling ruined peoples lives. Somehow punishing them is cruel? You seem to have your wires backwards.

Yeah it only costs FUCKLOADS of peoples jobs (both from Enron AND Arthur Anderson collapsing), careers, money, retirements, savings, and anyone invested in Enron. No big deal though.

He's a fucking retard of epic proportions.

 

[Blackjack200]

Lay and Skilling ruined peoples lives. Somehow punishing them is cruel? You seem to have your wires backwards.

I think the engine room on your tug boat needs better ventilation.

I never said "punishing them is cruel". 13 years behind bars is an incredibly harsh punishment, but because of the society we live in, it can never be harsh enough. If we pulled out his fingernails people would complain that we didn't do his toenails too.

 

[Blackjack200]

Yeah it only costs FUCKLOADS of peoples jobs (both from Enron AND Arthur Anderson collapsing), careers, money, retirements, savings, and anyone invested in Enron. No big deal though.

He's a fucking retard of epic proportions.

Skilling and Lay were responding to the rewards and incentives of capitalism. By crucifying the two individual actors, you can comfortably ignore that the insanely pathological economic system we use produces scammers, grifters, cheaters, liars, etc. by the boatload.

 

[shortylickens]

actually, a rich white executive serving 13 years is kind of outrageous for America. I think it should have been a lot more people, but even one is kind of high considering how our legal system works.

 

[UberNeuman]

Skilling and Lay were responding to the rewards and incentives of capitalism. By crucifying the two individual actors, you can comfortably ignore that the insanely pathological economic system we use produces scammers, grifters, cheaters, liars, etc. by the boatload.

Well, now it has meaning to him because it affected his poor Mama. She needs up herself up by her bra straps.

 

[Texashiker]

I never said "punishing them is cruel". 13 years behind bars is an incredibly harsh punishment

We simply disagree. I feel 13 years is not harsh enough

Skilling and Lay were responding to the rewards and incentives of capitalism. By crucifying the two individual actors, you can comfortably ignore that the insanely pathological economic system we use produces scammers, grifters, cheaters, liars, etc. by the boatload.

That is where we need a real attorney general and justice department. Rather than going after small time drug dealers, go after wall street criminals

 

[Blackjack200]

We simply disagree. I feel 13 years is not harsh enough

Based on what? Stealing, fraud, lying, etc. are all common in the business world, but you think in this case we should take more than 20% of this guy's life away?

That is where we need a real attorney general and justice department. Rather than going after small time drug dealers, go after wall street criminals

If prosecuting drug dealers didn't get rid of drug dealers, why would prosecuting white collar crime get rid of white collar crime?

 

[mect]

I'm okay with 13 years in prison assuming all of his assets were seized and he is not now being released to enjoy the benefits of his thievery.

 

[HomerJS]

He'd be a good fit for a Trump cabinet position. White guy who ripped off a lot of ordinary people.

 

[Blackjack200]

Well, now it has meaning to him because it affected his poor Mama. She needs up herself up by her bra straps.

Yeah, I mean, I've lost tens of thousands of dollars in investments that went belly up. I've had business associates steal from me. My own parents lost a big chunk of money in the dot com crash of 2001 because the "financial advisor" that they met through their church had them in inappropriate tech stocks. Even worse, losing that money made them completely gun shy and they missed out on all the growth in the last 18 years.

I just can't relate to wishing ill on any of the people involved though. Sure, they did shitty, selfish, unethical things, but they're living in a society that encourages greed and glorifies materialism. No shit that a society like that is going to produce people that do this stuff. Getting angry and indignant at them individually is just pointless.

So go ahead, lock up the Jeffrey Skillings of the world (when they get caught) and throw away the key. It will accomplish absolutely nothing.

 

[BoomerD]

Execute the fucking thieves. Sell tickets to the public executions.

 

[thilanliyan]

So go ahead, lock up the Jeffrey Skillings of the world (when they get caught) and throw away the key. It will accomplish absolutely nothing.

^Agreed to a certain extent, but you would hope that possibly serving real jail time may cause others to shy away from committing similar crimes.

 

[zinfamous]

Skilling and Lay were responding to the rewards and incentives of capitalism. By crucifying the two individual actors, you can comfortably ignore that the insanely pathological economic system we use produces scammers, grifters, cheaters, liars, etc. by the boatload.

I think the differences many see in justified punishment terms is influenced by what many would probably agree are skewed perspectives on how we dispense justice. Putting dudes in the slammer for 20, 30 years because they were nabbed with a single sheet of acid in their pockets at a Grateful Dead concert in 1983 is, in itself, a ludicrous sentence--but when society starts to see and lazily accept this type of justice as the norm, then a 13 year sentence for the type of graft that these assholes are responsible for certainly seems unfair. ...unfair isn't even the right word.

Maybe if we were a more just society, one that approached justice and incarceration as a means for rehabilitation rather than simply punishment/revenge, we could better appreciate more appropriate sentences for each respective crime. I think most of the people in this country, including the hardcore law and order types, would instead see punishment of 13 years for this type of crime as adequate if it actually represented the upper tier of sentences, and harmless one-time drug-possesers were seeing 1-3 years, or even less (which is more in line with what is happening now).

I do agree that 13 years is a very long time, and is actually quite harsh....but I am also aware of how we do justice in this country and so perversely, I feel that are generally unjust system has somehow managed to under-sentence a criminal that destroyed far, far more lives than any drug-related criminal, hell, than most murderers ever would.

 

[Blackjack200]

I think the differences many see in justified punishment terms is influenced by what many would probably agree are skewed perspectives on how we dispense justice. Putting dudes in the slammer for 20, 30 years because they were nabbed with a single sheet of acid in their pockets at a Grateful Dead concert in 1983 is, in itself, a ludicrous sentence--but when society starts to see and lazily accept this type of justice as the norm, then a 13 year sentence for the type of graft that these assholes are responsible for certainly seems unfair. ...unfair isn't even the right word.

Maybe if we were a more just society, one that approached justice and incarceration as a means for rehabilitation rather than simply punishment/revenge, we could better appreciate more appropriate sentences for each respective crime. I think most of the people in this country, including the hardcore law and order types, would instead see punishment of 13 years for this type of crime as adequate if it actually represented the upper tier of sentences, and harmless one-time drug-possesers were seeing 1-3 years, or even less (which is more in line with what is happening now).

I do agree that 13 years is a very long time, and is actually quite harsh....but I am also aware of how we do justice in this country and so perversely, I feel that are generally unjust system has somehow managed to under-sentence a criminal that destroyed far, far more lives than any drug-related criminal, hell, than most murderers ever would.

Yeah, I think what you're getting at is that we've been conditioned as a society to think of 10 and 20 year prison sentences as modest punishments when they're actually almost unconscionable. I've heard people argue that the death penalty itself is more humane than 20+ year prison sentences.

 

[s0me0nesmind1]

Yeah, I think what you're getting at is that we've been conditioned as a society to think of 10 and 20 year prison sentences as modest punishments when they're actually almost unconscionable. I've heard people argue that the death penalty itself is more humane than 20+ year prison sentences.

Judging by his looks after coming out of that halfway house - and the fact that just in general these white collar crimes get VASTLY different holding than other crimes - I think if anything it's not really much for punishment.

 

[zinfamous]

Yeah, I think what you're getting at is that we've been conditioned as a society to think of 10 and 20 year prison sentences as modest punishments when they're actually almost unconscionable. I've heard people argue that the death penalty itself is more humane than 20+ year prison sentences.

I don't know, though. I recall some reports from death row inmates that universally claim sitting on death row is a very special kind of torture--something about knowing that there is a time and place for your death, and it is being put on you. Since nearly all of them are constantly under appeal, they seek to reduce their sentences to life w/o parole.

....but that is a different thing. I'm generally against the death penalty for moral reasons, and particularly because no state that can't be trusted to fairly dispense justice to those facing the death penalty (as we very know that ours can't), should be allowed to impose such a punishment; but I also feel that there is a certain, very rare element of criminal for which the death penalty is warranted.

 

[dainthomas]

I think the engine room on your tug boat needs better ventilation.

I never said "punishing them is cruel". 13 years behind bars is an incredibly harsh punishment, but because of the society we live in, it can never be harsh enough. If we pulled out his fingernails people would complain that we didn't do his toenails too.

You mean incredibly harsh white collar punishment. A guy jacking a liquor store for a couple hundred would be lucky to get that. Lay and Skilling ruined thousands of lives and stole tens of millions. People who worked for my company (an Enron subsidiary at the time) lost hundreds of thousands in retirement.

 

[Texashiker]

Based on what? Stealing, fraud, lying, etc. are all common in the business world, but you think in this case we should take more than 20% of this guy's life away?
If prosecuting drug dealers didn't get rid of drug dealers, why would prosecuting white collar crime get rid of white collar crime?

Based on the pain and misery inflicted upon others.

Prosecuting white collar crime will not stop white collar crime. All it can really hope to do is get investors their money back.

It is not "just" investors. Places like teachers unions had money in Enron. Work your whole life and then have the rug pulled out from under you. It is really messed up.

 

[Blackjack200]

I don't know, though. I recall some reports from death row inmates that universally claim sitting on death row is a very special kind of torture--something about knowing that there is a time and place for your death, and it is being put on you. Since nearly all of them are constantly under appeal, they seek to reduce their sentences to life w/o parole.

Right, but if you'll excuse the analogy, a horse with a broken leg would not choose to be euthanized. That doesn't mean it's not more cruel to leave it alive.

....but that is a different thing. I'm generally against the death penalty for moral reasons, and particularly because no state that can't be trusted to fairly dispense justice to those facing the death penalty (as we very know that ours can't), should be allowed to impose such a punishment; but I also feel that there is a certain, very rare element of criminal for which the death penalty is warranted.

Yeah, I'm certainly not arguing for the death penalty. I think that we should oppose excessively long prison sentences for the same moral reasons.

 

[zinfamous]

Right, but if you'll excuse the analogy, a horse with a broken leg would not choose to be euthanized. That doesn't mean it's not more cruel to leave it alive.



Yeah, I'm certainly not arguing for the death penalty. I think that we should oppose excessively long prison sentences for the same moral reasons.

plus when you recognize that the primary motive for extended prison sentences is the profit-driven private prison industry, fed by activist judges that are willing to play the game, you start to wonder how anyone could be anything more than cynical about what we call justice in this country.

 

[Blackjack200]

You mean incredibly harsh white collar punishment. A guy jacking a liquor store for a couple hundred would be lucky to get that. Lay and Skilling ruined thousands of lives and stole tens of millions. People who worked for my company (and Enron subsidiary at the time) lost hundreds of thousands in retirement.

I think it should be obvious that I'm against the harsh sentencing handed out for those kinds of crimes too.

My own company's stock was wiped out about 10 years ago, and front line workers took heinous losses in their retirement accounts. Executives at the top were taking risks with the balance sheet that were totally inappropriate and violated corporate standards. While I'm disgusted by their behavior, I also understand that we, as a society, consistently reward that kind of behavior if things don't go wrong.

 

[manly]

13 years seems more or less appropriate, esp. considering executive-level crime rarely gets punished to any meaningful degree besides the most egregious cases. The one who got away was Ken Lay, who essentially seppuku'd himself to avoid jail time.

Kurt Eichenwald's Conspiracy of Fools is one of my favorite books:
https://en.wikipedia.org/wiki/Conspiracy_of_Fools