Saturday, April 6, 2013

For Enron Exec Jeffrey Skilling is Negotiating a Sentencing Agreement With the Justice Department – Presumably to Shorter His Sentence

If There Was Really Justice His Sentence Would be Lengthened

The Enron corporation at its height manipulated electricity prices and availability to such an extent that it casued blackouts in California, and ultimately that was a factor in the recall of the Governor at that time.  The Governor was blamed for the energy problems, despite the fact that it was Enron who was truly the cause.

As a result of the criminal activities of Enron, a top executive Jeffrey Skilling went to jail.  He went for a long time, like 24 years.  Now it turns out he may be getting a reduction in his sentence.

Philip Hilder, a Houston attorney who represented several former Enron executives who cooperated with prosecutors, said if an agreement is reached, he doubts it will result in Skilling’s release based on time served.

“I do think he will get a significant reduction but I think he will still be incarcerated for the foreseeable near future,” said Hilder,

Now before anyone reaches the conclusion that Mr. Skilling should have a sentence reduction for what was just a white collar crime, consider this.

Former Enron employee George Maddox, who lost $1.3 million in retirement savings when the energy giant collapsed, said he doesn’t think Skilling should have his sentenced reduced.

“It would be OK with me if they would force him to live on $2,400 a month like he has forced me to live,” said Maddox, 79, who lives in the East Texas town of Van, where he is supporting his 16-year-old grandson and himself mainly on Social Security income.

Okay, that was only one person.  So also consider this.

Enron’s collapse put more than 5,000 people out of work, wiped out more than $2 billion in employee pensions and rendered worthless $60 billion in Enron stock. Its aftershocks were felt across the city and the energy industry.

and remember that this was not the result of bad business decision, but outright fraud, market manipulation and conspiracy.  If Mr. Skilling spends the rest of his life in prison (and yes he is at a low security facility, he ain’t serving hard time) justice might be done.

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