Day By Day

Thursday, May 25, 2006

Lay and Skilling Indicted

AP reports:
HOUSTON - Former Enron Corp. chiefs Kenneth Lay and Jeffrey Skilling were convicted Thursday of conspiracy to commit securities and wire fraud in one of the biggest business scandals in U.S. history.

The verdict put the blame for the 2001 demise of the high-profile energy trader, once the nation's seventh-largest company, squarely on its top two executives. It came in the sixth day of deliberations following a federal criminal trial that lasted nearly four months.

Lay was also convicted of bank fraud and making false statements to banks in a separate, non-jury trial before U.S. District Judge Sim Lake related to Lay's personal banking.

The conviction was a major win for the government, serving almost as a bookend to an era that has seen prosecutors win convictions against executives from WorldCom Inc. to Adelphia Communications Corp. and homemaking maven Martha Stewart.

Read it here.

This is a rather remarkable record for the Bush Justice Department. Dubya seems to be deadly serious about cleaning up corruption whether in the corporate world, in the permanent government, or in the operations of NGOs and the nations that receive their largesse.

For extensive bloggery on this subject go here, and here.

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