Lay was the first CEO and the person tht started ERon.
Jeff Skilling was the CEO that took over when la went into semi retirement, and when he "suddenly" resigned, Lay took back over.
these guys were over a multiple billion comany for gas and other natural things.
they set up "fall" companies to take the losses to look go for wall street, and for crediters.
they gave the fall companies multiple milloins in lossess, cooking the books and giveing themselves millions in bonuses and in salaries.
On dec.3 2001, they laid off damn near 350 plus peole from their jobs, with out warning. They lost everything in the 401 retirement plan, they lost homes, cars, and other things that they had to have the job for.
these guys dumped the stocks before it broke, stock piled money and invested everything, and dumped thier 401 to other companies,. then they told people that they no longer could trade tht they were in bank rupcy.
two weeks ago, the federal judge allowed Eron to liquidated some omore investments that come to time (matured) and pay off more crediters that had given millios to them to keep working.
texaschickeee wrote: federal time. these were all federal charges.
th feds took their sorry asses to court. thats what I love. Skilling is looking at 185 years at the longest. Lay is 165 longest. all the charges are things like, frued, security and deception.. lay was also found guilty of getting a loan from the bank, adn using it for what he was told not to....buying stocks.
is that consecutive or concurrent, cause if it is concurrent they wont do as much
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To talk without thinking is to shoot without aiming.
thts the date of the sentance. thts the total for all max sentance on all charges found guilty of.
i hope that the date is a preveiw of what this judge is about to do.
One other note......Andy fastow who was the CFO and over alot of this, he and his wife corroperated and both plead guilty for lighter sentances....is serving a 10 year prison term, his wife went first and did 18 months.
made checks to the children and forged them and cashed htem. the wife, that served the 18 months, will be on probation for 10 more years. they have two small kids that they pled guilty to protect.
