Enron execs found guilty

ND13

http://www.msnbc.msn.com/id/12968481/?GT1=8199

Skynut

they need to go to prison and loose all of their wealth.
No house in barbatos or sweedish bank accounts they need to be totally stripped of all money.

polkatese

and they should change their names to Ben Dover #1 and Ben Dover #2...

Skynut

Lets hope they are not "too short" for prison.

Shizelbs

In their face.

danger boy

you all know white collar criminals never do hard time in the same prison you or i would... i do think they should be stripped of all their wealth and made work at McDonalds for $6.50 an hour for the rest of their lives.. (not that there is anything wrong with those folks who work at McD's.)

Skynut

When you think of all the old people eating cat/dog food now because they lost all their investment money it really boils the blood.

nothing short of poverty is good enough.

Danny Tse

Why do I have the feeling that these guys will get off relatively easy?

I'd say strip these guys of all their money....and I mean all, not allowing them to transfer their "loot" to their wives, children, Swiss bank accounts, etc. Then let loose those investors who lost money to get their hands on Lay and Skilling.

Demiurge

Skynut wrote:

When you think of all the old people eating cat/dog food

What?

Skynut

That is what poor people do when they get old.

Demiurge

haha, Old Roy, yummy.

Maurice

These **** will keep almost all their money. There are soooo many ways to hide assets. Thats why all these guys build their mega mansions in FL., because that state has laws to protect your primary residence no matter what happens. Thats why OJ lives there.:mad:

seo

As an ex-Enron employee, 'bout time!

jdhdiggs

Note to gullible investors: Don't invest in one company, and if you do, DO NOT let it be in the company you work for. If it goes under, you're screwed!

These guys were crooks, but the employees were just plain dumb and bear some of the responsibility for the losses in their retirment accounts.

Nail them for the thievery, but the only affect that they are directly responsible for in others is the loss of a job. As far as I know, they weren't raiding the retirement accounts, just most of the employees invested in the stock only and rode it into the ground.

Skynut

Alot of the time the incentive to invest in your own company is so high it just makes sense.

Like my company used to match 25% of your investment. That is free money. For every dollar I put in they give me $.25.

Show me where else I can get 25% that fast.

I however sell my shares off when I get too heavy on that side in order to protect myself from a total meltdown of my company.

polkatese

jdhdiggs wrote:

These guys were crooks, but the employees were just plain dumb and bear some of the responsibility for the losses in their retirment accounts.

Agreed, but Enron was a MASSIVE multinational company in Energy. How many Energy company do you know has gone belly up overnight? If Enron was a dot-bomb company, I would say the same thing. It was unfortunate demise, but if one really wants to dig all the way the rotten roots of the problem, our current Commander-in-Chief would be a different guy. The phrase "Houston, We Have Problem!" would have been the State tagline. 'nuff said.

ohskigod

I'm wondering if they had a choice. I could be wrong here but they might have had a retirement plan where you put money in and get alot more stock out.
I feel more for the people that had pensions overall, they are HOSED.

jdhdiggs

Yup, the pensions guys were screwed. I forgot about them.

I'm also glad to see the first "Its all GWB's fault" post. Too bad WJC didn't do anything.

Yes, some (Most) big companies offer stock at a discount to their employees. So what? Your adding the risk for the return, that's it. People who don't understand that shouldn't invest.

I hope all of you are planning you retirements and not counting on social security or your companies for your future comfort...

It didn't happen overnight. The timeline: The pump started 7/12/1999 and the collapse started 9/11/00 and the last pump and dump was 6/15/01 2 years isn't exactly overnight. Even the collapse took over 9 months.

polkatese

I never said GWB's fault. What I am saying is, we are talking about the backroom power play, scratch my balls, and I do yours kind.

If we are talking about AI conspiracy, being fixed and all, then I don't know what to think of Enron.

Overnight is a figurative timeline, in the context of typical life of Energy companies in the good 'ol USA.

Either way, it doesn't matter. The damage is done, I am making money out of enforcing Sarbane Oxley Control 404. Nothing like compliance biz. Everyone is come out swinging. Got Milk?

Skynut

Diversify, diversify, diversify.

seo

Skynut wrote:

Alot of the time the incentive to invest in your own company is so high it just makes sense.

Like my company used to match 25% of your investment. That is free money. For every dollar I put in they give me $.25.

Show me where else I can get 25% that fast.

I however sell my shares off when I get too heavy on that side in order to protect myself from a total meltdown of my company.

The Enron 401K plan was matched 50 cents to the dollar for up to the first 6%. The match could only be taken in Enron (ENE) Enrol Oil and Gas (EOG) or EOTT stock. You could not sell the company matched stock.

jdhdiggs

Polkatese,

If you look closer, Clinton and Bush's names are all over the Enron books. Only Bush gets blamed for some reason. Kind of like the wiretapping thing. WJC did it for 8 years, not one peep. GWB does it and now people want to impeach. Basically both parties are as corrupt as all hell.

seo

Skynut wrote:

Diversify, diversify, diversify.

Absolutely, I could been hurt more than I was if hadn't had mutual funds in addition to the Enron Stock in my 401K.

jdhdiggs

seo wrote:

The Enron 401K plan was matched 50 cents to the dollar for up to the first 6%. The match could only be taken in Enron (ENE) Enrol Oil and Gas (EOG) or EOTT stock. You could not sell the company matched stock.

Cool, put 6% in Enron, the rest in other stocks. Rediversify the money you put in every six months out of enron. You would have only lost the employer match and at max, 3% of your annual salary, and, well, your job...

Strong Bad

seo wrote:

As an ex-Enron employee, 'bout time!

Would be interested to hear from someone that was actually there. What they offered as a whole (retirement plans, incentives, etc...). Those scumbags need to get hard time in a federal pen.

Hope you didn't get hit too hard though! Total shame about the people who lost their life savings.

Me, I have the option to purchase stock at a reduced price. I was also given an option to purchase so many shares at a fixed price, no matter what it sells at. I'm more into the 401k deal though. I put in 6% of my gross and 4 1/2% is matched 100%.

John

daniel_paul_

The reason that they are going to jail is because the cooked the books. They Lied to all. Everyone thought they were investing in a stable company. The dot.coms went bust the companies were not making money. Everyone watching knew it but the sight of fast money brought in trillians. Stocks soared and no one wanted to miss the boat.

And for those who have not seen poverty, many elderly people eat dog food because it is cheaper then regular food and they are unable to afford anything else. It is one of the sadest things I have ever encountered. People will be in this situation from the Enron BS.

seo

jdhdiggs wrote:

Note to gullible investors: Don't invest in one company, and if you do, DO NOT let it be in the company you work for. If it goes under, you're screwed!

These guys were crooks, but the employees were just plain dumb and bear some of the responsibility for the losses in their retirment accounts.

Nail them for the thievery, but the only affect that they are directly responsible for in others is the loss of a job. As far as I know, they weren't raiding the retirement accounts, just most of the employees invested in the stock only and rode it into the ground.

JD- You're right, everyone needs to diversify. However that doesn't excuse the behavior of Enron Executives.

As far as riding the stock into the ground, the ENRON 401 K was locked to employee access on October 26, 2001, supposedly for administrative reasons. Enron stock was selling for $30 at that time. Believe me, I wanted to dump my Enron stock at that time as it was apparent that things were unravelling fast. The 401K was unlocked on November 13th, Enron stock was selling for $9.98 at that time. We couldn'd do anything during that time period. And when it was unlocked, Dynegy was going to buyout enron for $10 a share.

Lay was convicted of lying to the employees and investors about the health of the company and the stock.

jdhdiggs

I would like to see the person who is using all of the US wellfare safeguards that is still forced to eat dogfood. No soupkitchen in the area? Where is welfare? SS? No private church groups to helping out?

Talk to some welfare officials about the street corner urchins. They will tell you to stop giving them money since it keeps them from using the system that is there to help them.

Someone eating dogfood is either uninformed as to what programs are available, insane, misplaced priorities, or hamming it up for the camera's.

jdhdiggs

seo wrote:

JD- You're right, everyone needs to diversify. However that doesn't excuse the behavior of Enron Executives.

As far as riding the stock into the ground, the ENRON 401 K was locked to employee access on October 26, 2001. Enron stock was selling for $30 at that time. the 401K was unlocked on November 13th, Enron stocl was selling for $9.98 at that time. We couldn'd do anything during that time period. And when it was unlocked, Dynegy was going to buyout enron for $10 a share.

Lay was convicted of lying to the employees and investors about the health of the company and the stock.

Oh, I'm not excusing them and the lock should be damn illegal to do to anyone not holding millions of $$$ of stock. That sucks, but it doesn't mean the guys should be thrown out to the street and stoned either.

seo

jdhdiggs wrote:

but it doesn't mean the guys should be thrown out to the street and stoned either.

They have been convicted. A jury evidently thought they did someting illegal.

polkatese

jdhdiggs,

You make the assumption that I am Democrat. I am not. Hell, I would vote for McCain, if he is an option. As I said, it doesn't matter. "Broken Arrow! everywhere, and the Cavalry ain't comin' either!"