While I think it was long overdue, both former Enron chiefs Kenneth “Kenny Boy” Lay and Jeffrey Skilling were convicted in fraudulent business practices today. Their sentencing will come September 11, where they could face many years in prison. (Good!)
(Judge Sim) Lake set a $5 million bond for Lay and ordered him to surrender his passport before he leaves the courthouse. The judge said the bond already in place for Skilling was sufficient. The judge said he did not believe home confinement was necessary for either.
The former corporate titans are now felons facing years in prison after being convicted of running an elaborate fraud that gave the company a glamorous illusion of success.
This renews my faith in our system. For a while — especially after Martha Stewart was swiftly locked up for a lesser offense — I really thought those guys were going to get away with it, even after thousands of their employees were screwed over for what they had done. It reminded me of a comedy shtick by Margaret Cho, in which she wondered aloud whether the only reason Martha Stewart and not Ken Lay were going to jail was because she was a businesswoman and a bitch.
To paraphrase Cho: “If being a bitch were a crime, I would receive consecutive life sentences!”
Sad but true.