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Tuesday, 28 June 2016

Enron - Where are they now, so sad ... so rich, so corrupt, so still in the game ...

Where are they now, eh? 24 Enron executives who were convicted in the scandal. NOTHING has changed!

Enron stands for the greatest company scandal in the history of the US economy and has become a symbol of corruption for the whole Western economic system.

• 4500 employees lost their jobs.

• Investors lost some 60 billion dollars within a few days; for many it meant losing their old-age security.

• The pension fund for the company's employees was obliterated.

• Citizen’s trust in the American economic system was destroyed.

• Losses on the financial market amounted to the worst stock value loss in peaceful times.

• Banks were suspected of collusion.

• The auditing firm Arthur Anderson lost its accreditation.

• The rules for company financial reporting were drastically sharpened: Sarbanes-Oxley Act (2002).

• The close ties of the company's founder, Kenneth Lay, to US President George W. Bush – Lay was an important financial supporter of Bush – came under sharp criticism. 


24 Enron executives who were convicted in the scandal: Skilling; founder Kenneth Lay; and Andrew Fastow, the ex-chief financial officer and architect behind financial schemes that doomed the company.

Skilling remains in prison awaiting resentencing after an appeals court overturned his 24-year sentence and the U.S. Supreme Court declined to overturn his convictions. Lay's convictions were vacated after he died of heart disease following his 2006 trial.

Fastow is serving the remainder of a six-year prison term in home confinement in Houston and is set to be released Dec. 17. He is now working as a document review clerk for the Houston law firm that represented him in civil cases over the last decade.

Some of the convicted executives now free are also trying to move on, including Richard Causey, who was Enron's chief accounting officer. He was released in October after serving more than five years in prison following a guilty plea.

"I'm thankful to be home and I have a lot of sadness for the way things turned out for so many people," Causey said in a brief phone interview.

Eden, 43, said losing his job at Enron helped give him the push needed to start his own company, Watering Made Easy.