Monday, June 18, 2007

Enron Internet Chief Gets 27-Month Prison Term

From The New York Times:
HOUSTON (AP) — The former chief of Enron Corp.’s high-speed Internet unit, who turned government witness and testified in the trial of former Enron CEO Jeffrey Skilling and company founder Kenneth Lay, was sentenced Monday to 27 months in prison.

Before sentencing, Rice apologized for his role in the corporate scandal.

“I’m sorry. I wasn’t raised that way and I’m ashamed of that,” he said, beginning to cry. “I’m committed to turning my life around.”

Lay and Skilling were convicted last year for their roles in the company’s collapse. Skilling is serving a sentence of more than 24 years. Lay’s convictions for conspiracy, fraud and other charges were wiped out with his July death from heart disease.

Enron, once the nation’s seventh-largest company, entered bankruptcy proceedings in December 2001 after years of accounting tricks could no longer hide billions in debt or make failing ventures appear profitable.

The collapse wiped out thousands of jobs, more than $60 billion in market value and more than $2 billion in pension plans.

27 months in prison! And Lay didn't even go to jail. What an injustice.
12 famous constitutional lawyers are lining up to write a brief.
Pardon now!

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