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Trial of top Enron officials begins in Houston
The trial of Enron executives Kenneth Lay and Jeffrey Skilling began last week in Houston, Texas, the home of the now bankrupt former energy giant. Lay was Enron’s chairman and CEO, while Skilling was the long-time president and chief operating officer, who also served briefly as CEO in 2001. Both are charged with various counts of securities and wire fraud, and Skilling is also charged with insider trading.
Enron’s history is the most well-known example of the corporate fraud and accounting manipulations that have come to characterize much of American business. Its bankruptcy in December 2001 led to thousands of layoffs, the collapse of the company’s stock price, and the loss of billions of dollars on the part of investors, including many of the company’s own employees.
The charges of fraud relate to allegations that Lay and Skilling deliberately sought to deceive investors, employees and the government about the true financial state of the company as it began to implode. The company unraveled in 2001, as the stock market boom deflated and it became increasingly difficult for the company to hide its underlying woes. Throughout the year, however, Skilling, Lay and other executives sought to boost the company at analyst and employee meetings, while overseeing various accounting manipulations to improve financial reports. At the same time, they were selling their own stock options and making millions of dollars.
More
http://www.wsws.org/articles/2006/feb2006/enro-f10.shtml
The charges of fraud relate to allegations that Lay and Skilling deliberately sought to deceive investors, employees and the government about the true financial state of the company as it began to implode. The company unraveled in 2001, as the stock market boom deflated and it became increasingly difficult for the company to hide its underlying woes. Throughout the year, however, Skilling, Lay and other executives sought to boost the company at analyst and employee meetings, while overseeing various accounting manipulations to improve financial reports. At the same time, they were selling their own stock options and making millions of dollars.
More
http://www.wsws.org/articles/2006/feb2006/enro-f10.shtml
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