Daily Lessons from Life 04 Sep 2010 - No bail for ex-Enron CEO Skilling

"September 4, 2010, 11.43 am (Singapore time) - No bail for ex-Enron CEO Skilling: The Business Time

HOUSTON - A Federal Appeals Court judge on Friday denied bail for former Enron Corp Chief Executive Jeffrey Skilling, according to a court document.

Skilling led Enron's transformation from a sleepy natural gas pipeline company into a global energy trading powerhouse, which disintegrated in bankruptcy in 2001.


Convicted in May 2006 of 19 counts of conspiracy, securities fraud, insider trading and lying to auditors, Skilling is currently in prison in Colorado.
The US Supreme Court in June set aside a ruling that upheld the conspiracy conviction of Skilling, and sent the case back for more proceedings."

It is good to learn that the once rich and powerful did not get any favours in the USA justice system. That this man is still paying for the 'crimes' that he had done to million of people due to his greed, and of course, partly the greed of some of the million of people that willed themselves to indulge and endorsed him!!

Lessons for me are:

1. Enron is one of the biggest corporate fraud case that affect millions of investors, employees, and many others that do business with it. Be it suppliers or customers or bankers or whatever. The punishment to a few of the key figures at that time was lauded to be justice well served. It also became what not to do and what to look out for wrong doing in anti-fraud classes over the globe!!;

2. Mr. Skilling, and his mentor, Ken Lay, who passed away before being charged in court or brought to trial, and some of their cronies, are highly intelligent and smart and innovative people. They were right up there with the best of the best and were being put on the highest pedestal as the 'most admired company in the world', 'fastest growing company in the world', etc, etc at its heydays. Everyone could not wait to jump on the band wagons of praises! Sadly, all these were an illusion by 'cooking the books' and doing things that decent kids will not be proud off;

3. as one lie followed or being created after another lie to cover the ever expanding hole or to make the illusion real, many principles, many livelihood of innocent people, many opportunities to come clear were all passed over! Until finally someone within the company blew the whistles. You can fool someone some time but you cannot fool everyone all the thing. Also, there will always be the people with the burning sense of righteousness that will come forward to tell on the people who cheated! It is the natural cycle of things except it could have been made easier IF the leaders are of great personal integrity and humility!

May Mr. Skilling continue to get what his crimes deserved and that more like him gets sentences in such fashion as justice is properly served!