Monday, December 26, 2005

SAM: Scandal, Lies and Courtroom drama - Enron in the limelight

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  • During onetime energy giant Enron's heyday, it was Chariman Kenneth Lay and President Jeffrey Skilling who held the spotlight. Cheif Accounting Officer Richard Causey worked in the b/g
  • Now its 45-year old Mr. Causey's turn to be at the center of courtroom drama and play an leading role in determining the criminal fate of his 2 former bosses in what promises to be the capstone trial of current era of corporate scandals
  • Cheif accountant, Mr. Causey had detailed knowledge of inner financial workings of Enron which, amidst questions about its finances and accounting, collapsed into Chapter 11 Bankruptcy in 2001
  • If all the 3 make it to the defense table, their unity will be tested as there are points of potential conflict
  • But all three have pleaded not guilty
  • What a way to start the new corporate year of 2006 with the trial set to begin at the federal court in Houston, TX, on Jan 17th!



Blogger Padmanaban Kumar (paddu) said...

The question being discussed is, will these Enron folks beat the 25 years of imprisonment that the World Com folks got a few years back and claim the position of the biggest corporate scandal in the U.S.

12:13 PM  
Blogger Padmanaban Kumar (paddu) said...

Ok, this is getting interesting by the day. Today, 12/28, Mr. Causey has pleaded guilty, and has agreed to stand by the government - so the prosecutors have an ally now. The defense attorney generals of Mr. Lay and Mr. Skilling claim that Mr. Causey has given in to the pressure becuase he is currently broke financially and he has family with kids. So, having pleaded guilty, Mr. Causey has an impending 10 years imprisonment.

The defenese lawyers have appealed for an extension of the trial date due to this turnover of events, and it has been extended until Jan 31st 2006.

Keep watching folks!

12:07 AM  

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