Thursday, May 25, 2006

I'll Return those Paperclips ASAP

Sometimes the good guys win, and the bad guys get felonized:

Kenneth L. Lay and Jeffrey K. Skilling, the chief executives who guided Enron through its spectacular rise and even more stunning fall, were found guilty of fraud and conspiracy today in a case that led the parade of corporate scandals in recent years that emerged from the get-rich-quick stock market excesses of the 1990's.

Mr. Skilling was convicted of 18 counts of fraud and conspiracy and one count of insider trading. He was acquitted on nine counts of insider trading. Mr. Lay was found guilty on six counts of fraud and conspiracy. He was also convicted of four counts of bank fraud in a separate case.

The conspiracy and fraud convictions each carry a sentence of 5 to 10 years in prison. The insider trading charge against Mr. Skilling carries a maximum of 10 years. Sentencing is set for the week of Sept. 11.

...

For a company that once seemed so complex that almost no one could understand its arcane accounting or how it actually made its money, the cases ended up being nearly as simple as could be. Mr. Lay and Mr. Skilling were found guilty of lying to investors, to employees and to government regulators in an effort to disguise the crumbling fortunes of their energy empire.
Now, I only hope they get years and years in jail - a real jail, the kind with bars and surly guards and bad food and time to reflect on the banality of evil - and that the restitution is positively Versaillesian.