May 08

Enron’s Skilling May Be Free As Soon As 2017 Or 11 Years Early (ZeroHedge, May 8, 2013):

As we reported a month ago, when we reported that Enron CEO Jeff Skilling may be released from prison early, moments ago we just learned that, to nobody’s real surprise, the mastermind of the biggest US bankruptcy in the early 21st century may be behind bars for just four more years, cutting his total sentence, which was scheduled to expire in 2028, by 11 years. From Bloomberg:

  • ENRON’S SKILLING AND JUSTICE DEPARTMENT REACH SENTENCE DEAL
  • ENRON’S SKILLING MAY BE RELEASED IN 4 YEARS, LAWYER SAYS
  • ENRON’S SKILLING WAS SENTENCED TO MORE THAN 23 YEARS IN PRISON
  • ENRON SENTENCE DEAL ALLOWS OVER $40 MLN RESTITUTION PAYOUT
  • ENRON’S SKILLING HELPED MASTERMIND MASSIVE FRAUD AT ENERGY FIRM

Indeed he did: which is why it is surprising he served any prison time at all.

So in brief: justice for all, except for those who have $40 million set aside for “restitution payments.”

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Apr 04

Eric Holder Gets Busy: Enron’s Skilling May Be Released From Prison Over A Decade Early (ZeroHedge, April 4, 2013):

Former Enron CEO Jeff Skilling may be the latest beneficiary of the culture of pervasive permitted, even according to some – encouraged, crime. After being sentenced to prison for 24 years in the aftermath of Enron’s spectacular 2001 bankruptcy, the former CEO may be released after serving well less than half of his term. As a result his prison term, which scheduled to end in 2028, may be cut by more than half as a result of a new agreement with the Department of Justice. It appears that AG Eric Holder is so busy not prosecuting Wall Street for being Too Big To Prosecute, he has decided it is far wiser to spend his time productively by commuting the sentences of convicted financial felons, because apparently there is nothing more important to do.

Reuters reports: “Former Enron Chief Executive Jeffrey Skilling, who is serving a 24-year sentence over the company’s spectacular collapse, may get a chance to leave prison early. The U.S. Department of Justice posted a notice indicating that prosecutors are considering entering an agreement with Skilling that could result in his being resentenced. It is unclear how much Skilling’s term could be shortened under a resentencing agreement. Wednesday’s notice gives former Enron employees, stockholders and other victims of Skilling’s fraud that led to Enron’s 2001 bankruptcy a chance to object.”

From the DOJ filing:

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