Skilling sentence comes down today
TEXT OF STORY
SCOTT JAGOW: Former Enron CEO Jeffrey Skilling will be sentenced today. Skilling was found guilty of fraud, insider trading and lying to auditors. Now that the other CEO Ken Lay has died, and his convictions wiped off the books, Skilling could wind up with the lion’s share of the blame for the biggest corporate scandal in US history. Marketplace’s Jeff Tyler reports.
JEFF TYLER: Jeffrey Skilling faces a prison sentence of between 20 and 30 years.
The disgraced Enron CEO hasn’t done much to soften his image. Regarded by many courtroom observers as arrogant and dismissive, Skilling has yet to show any remorse for his crimes.
But have other executives learned a lesson?
Assistant professor Erin Murphy at the University of California, Berkeley law school, says in the wake of the Adelphia, WorldCom, and Enron trials, the perception of white-collar crime has shifted.
ERIN MURPHY:“There is more of a sense that financial fraud or white-collar crime is something to be taken seriously. I would expect that board directors, company directors think more carefully because they know now that the consequence isn’t just a fine or a slap on the wrist, but could be a very substantial prison sentence.”
Plus financial penalties. Jeffrey Skilling faces $18 million in fines. Prosecutors also want Skilling to turn over $183 million they say he made as a result of fraud.
I’m Jeff Tyler for Marketplace.
Stories You Might Like
There’s a lot happening in the world. Through it all, Marketplace is here for you.
You rely on Marketplace to break down the world’s events and tell you how it affects you in a fact-based, approachable way. We rely on your financial support to keep making that possible.
Your donation today powers the independent journalism that you rely on. For just $5/month, you can help sustain Marketplace so we can keep reporting on the things that matter to you.
