Enron former chief executive Jeffrey Skilling and founder Kenneth Lay were found guilty Thursday of conspiracy and fraud in the granddaddy of all corporate fraud cases.
On the sixth day of deliberations, a jury of eight women and four men convicted the former executives of misleading the public about the true financial health of Enron.
Skilling was found guilty on 20 counts of conspiracy, fraud, false statements and insider trading. He was found not guilty on eight counts of insider trading.
Lay was found guilty on all six counts of conspiracy and fraud.
In a separate bench trial, Judge Sim Lake ruled Lay was guilty of four counts of fraud and false statements.
Both Lay and Skilling could face 20 to 30 years in prison, legal experts say.
So hurray, our legal system found a way to put some of the worst of the "non-violent" criminals in jail.
The harm these men did to society - a basic reason for having laws - is huge. Many citizens lost pensions, or their stock market wealth, of which many were retirement accounts leaving those people no options to regain it. The economy itself could have been
seriously harmed by the fallout of so much wealth lost, and currency could have been devalued.
Violent criminals harm one persona at a time, usually. Small groups at most. Although violence takes lives, the result of economic crime hits so many people at once, with huge impacts on their lifestyle and ability to support themselves.
The basis of capitalism is that we will take care of our own needs by the application of our efforts. When your wealth is ripped away like this, it undermines the entire platform of capitalism. Thats why a significant deterrant to economic crimes are needed.
I hope these guys rot for life in jail, "in a lifestyle they are totaly unaccustomed to", lol. Eat my shorts Lay and Skilling.