Lay, Skilling deserve some of blame for Enron, report says

[RamboLiberal]

http://www.usatoday.com/money/industries/energy/2003-11-24-enron_x.htm

Former Enron chairman Kenneth Lay and former chief executive Jeffrey Skilling "are included within a circle of responsibility for the company's financial demise" whether or not they are legally culpable, the bankruptcy court-appointed examiner has concluded.

The fourth and final report released Monday said sufficient evidence exists to prove Lay and Skilling failed to adequately oversee Enron's use of financing methods to hide debt and inflate profits.

"They failed to respond appropriately to the existence of 'red flags" indicating that certain senior officers" were misusing such transactions to disseminate inaccurate financial statements, the 1,334-page report said.

The report by bankruptcy examiner Neal Batson, which also found former directors, accountants and outside attorneys responsible, comes nearly two years after Enron collapsed in scandal.

[bushisanidiot]

1. "SOME"?!!! They Are Thieves! They Deserve MOST of The Blame!

it just goes to show you that the fix is in for AWOL's Buddy "Kenny Boy" to get off scott free.

F*ckin filth repukes!!!

What a WEAK "president"!!!

[Jacobin]

14. b b b but there were only the CEO and Chairman of the Board

They had no authority to act. They accidentally got several hundred million personally.

Plus they are republicans, and everyone knows they are never to blame for anything.

/sarcasm

[MoonAndSun]

2. They didn't respond to the "red flags" because they were waiving

the f***king "red flags", but the media and Wall Street were paying no mind to them.

[Wickerman]

3. duh - eom

[Walt Starr]

4. Ya think?

Nah, let's go after Martha for defending herself instead!

[Ernesto]

19. It's my understanding

that Tommy Chong is actually the culprit... that's the reason that he's locked up.

[shance]

5. Thats what I said.....SOME???

Who WAS the captain of the ship by the way?

What bothers me is how examples like this affect children and teenagers.

When kids see individuals like Lay and other rich crooks get away with crimes because of their connections, power, and money, it sends a very amoral message - that as long as I make tons of money, I can screw everybody and nobody will stop me. Not to mention how it only emboldens Lay to believe he is above the law.

The Republicans were worried about Bill Clintons misdeed and as they say, LIE?

[UpInArms]

6. legally culpable?

blame and no responsibility?

this is truly a bad joke - I want a job where I can declare myself unable to understand my duties - receive millions in compensation for my ineptitudes (at best) and my criminal behaviors (at worst)

"You must cut costs ruthlessly by 50 to 60 percent. Depopulate. Get rid of people. They gum up the works. (Enron President Jeffrey Skilling at an electricity industry conference in Arizona, quoted in "Enron President: `People Gum Up the Works,'" The Seattle Times, April 5, 1997.)

http://multinationalmonitor.org/hyper/mm0697.04.html

Lay last week asked the judge to force SEC regulators to either live without the 870 pages or accept them on his terms. Lay said the documents are personal papers and he can withhold them asserting his rights and will divulge them only if he's granted immunity from the SEC using them against him.

The SEC argues the pages are corporate documents and a corporation has no right against self incrimination. The regulators say they should be able to use the information against Lay.

http://www.chron.com/cs/CDA/ssistory.mpl/business/2183584

[prole_for_peace]

7. WHAT!!!

Lay and Skilling deserve some of the blame!!???

I am shocked. Shocked I tells ya. Shocked and appalled.

:wow:

[young_at_heart]

8. Skilling's body language is ULTRA arrogant

Every time I've seen him on TV I marvel at his unbelievable arrogance. I used to think Donald Trump's facial expression was the worst, but Skilling surpassed him.

[hatrack]

9. Wow, what an astonishing headline!!!

I had no idea that Lay and Skilling might be responsible for one of the biggest business frauds in history. I mean, after all, they were only running the company - it's not like I thought they were actually responsible!!

Really, REALLY pissed-off sarcasm off.

[0007]

18. I could have said the same thing!

If whole debacle is beyond description. And ya know what, junior is all part of this new bookkeeping scam.

[jeanmarc]

10. We have Barney Fife on the job

Hey Neal, we read the papers, we knew what you just said before you bothered to spend 2 years on this. This smells of a whitewash to me.

[TankLV]

11. That has GOT to be the biggest understatement I've EVER heard!

No kidding, Sherlock!

[FuseONE]

12. .

File this one under "YOU THINK?!??"

[amazona]

13. duh ya think?

Now I've heard everything.

[Jacobin]

15. Wanna really get shocked?

The administrative fees paid to Enron et al lawyers and examiners is approaching One Billion (yes, with a "B") Dollars.

The creditors and stockholders just got charges a zillion bucks to have an examiner say that the people who ran the company into the ground and stole hundreds of milions of dollars might be partially to blame!!!!!!!!!!!!!!!

I want that job.

[MasonJar]

16. I can guarantee that

Kenny Boy knows way too much about Stump to ever be put under oath...Cheney too no doubt.

[teryang]

17. They should be in prison

for tens of thousands of counts of larceny.

[tabasco]

20. Whoa! Must have been a pretty in-depth investigation ...

to determine that the CEO and the Chairman might be responsible for running the copmpany. Next thing ya' know, they'll tell us Bush is responsible for running the country. Amazing!