Ex-Enron exec pleads guilty

[Sean]

http://money.cnn.com/2005/12/28/news...plea/index.htm

NEW YORK (CNNMoney.com) - Former Enron accounting chief Richard Causey's guilty plea to securities fraud Wednesday for his role in the financial scandal that drove the energy company into bankruptcy in 2001 is being hailed as a big win for the government in their case against former top executives at Enron. Causey is expected to cooperate with prosecutors seeking convictions of his former bosses, Enron founder Ken Lay and ex-CEO Jeff Skilling, who face charges of fraud and conspiracy from the scandal that rocked corporate America in 2001. The two men were due to go on trial with Causey next month in Houston. Causey, who had been facing multiple counts of conspiracy and fraud charges, entered his plea before a federal judge overseeing the case in Houston. Prosecutors said Causey pleaded guilty to one count of securities fraud and will get seven years in prison under the plea deal -- which could be reduced to five years in exchange for cooperation in the prosecution of Lay and Skilling. His eleventh-hour plea agreement could tip the scales in favor of the prosecution by providing prosecutors with an additional corroborating witness against the defendants. "Causey has long been the keys to the kingdom because he's the most important person in the Enron saga in terms of knowing who knew and who didn't know," said a source familiar with the case. "The government has been trying to get him to plead guilty long before anyone was even indicted. It's a huge win." Speaking to reporters in Houston, Causey's attorney Reid Weingarten said Causey "will tell the truth" about his actions at Enron, though he didn't specify what evidence his client might provide against Lay and Skilling. Still, there is widespread expectation that Causey will testify against his former bosses and corroborate the testimony of Enron's former chief financial officer, Andrew Fastow.

[Osborn F Enready]

1 down, 499 others to go.

7, or 5 years is not long enough, but I will be happy to see the execs go down in flames.

[dotcoma]

Quote by: Osborn F Enready 1 down, 499 others to go. 7, or 5 years is not long enough, but I will be happy to see the execs go down in flames.

Which 499 are you talking about? Good news indeed.

[Osborn F Enready]

The rest of the Fortune 500 companies.

That isn't all the corruption, but a damn large majority of it.

(truly off the cuff sarcasm, because I don't KNOW that Enron was one of the Fortune 500)

[fushigi]

If Lay is convicted during Bush's presidency, his sentence will only last until Bush grants him a pardon on his way out of office.

[Chris]

Quote by: Osborn F Enready 1 down, 499 others to go. 7, or 5 years is not long enough, but I will be happy to see the execs go down in flames.

Yeah how about 10-20!

Bastards.

And really unless there is evidence of fraud, I don't think any one else should pay. Why do you think the other 499 need to pay?

Dont get me wrong, MCI, and a host of other corporate arseholes need to get thiers. These people have ruined lives.

[Chris]

Quote by: fushigi If Lay is convicted during Bush's presidency, his sentence will only last until Bush grants him a pardon on his way out of office.

Which would really inflame about 80% of the country. As much as Bush tried to distance himself from Enron (if he ends up pulling a stunt like this) would only confirm people's beliefs that the Repubs have their hands down Corporate pockets.

[fushigi]

Quote by: |Chris| Which would really inflame about 80% of the country. As much as Bush tried to distance himself from Enron (if he ends up pulling a stunt like this) would only confirm people's beliefs that the Repubs have their hands down Corporate pockets.

But so what? Bush is already out of office at that point, and the next president has been elected. That's what's so brilliant about last-minute pardons. Clinton did the exact same thing.

[Spartacus]

If only the sentencing judge would require that these convicted creeps work to restore the pensions of the thousands of people their actions destroyed. THAT would be justice.

[shield772]

Quote by: fushigi If Lay is convicted during Bush's presidency, his sentence will only last until Bush grants him a pardon on his way out of office.

Like Clinton did? and the book cooking accured under the Clinton Administration

[shield772]

Quote by: BaronVEsslingen If only the sentencing judge would require that these convicted creeps work to restore the pensions of the thousands of people their actions destroyed. THAT would be justice.

I would support their personal assets being seized for just that, other criminals have their assets seized to repay victims, why not

[Osborn F Enready]

Chris said:
And really unless there is evidence of fraud, I don't think any one else should pay. Why do you think the other 499 need to pay?

I say:
Read up about Fortune 500 companies preferred tax shelters, and investigate LILO leasing. The overwhelming majority of the Fortune 500 have used LILO as a means to improve market appearance since it has been known as a tax loophole. In other words, the majority of the Fortune 500 are participating in fraud on this scale, on a daily basis. SOME people in this forum have been trying to bring to light the LILO scandal now for over a year, yet still some people have no idea what these tax shelters do, are for, or who is hurt by them, or why they are supposedly "necessary" according to the users of the schams.

Lease In Lease Out tax scandals are in essence, handing American taxpayers the bill for corporate taxation for the largest corporations in the nation, and the world. One of the multitude of political wrangling for pork, and YOUR money to further extort YOUR children out of THEIR money in the future.

Fushigi said:
But so what? Bush is already out of office at that point, and the next president has been elected. That's what's so brilliant about last-minute pardons. Clinton did the exact same thing.

I say:
And this is what is wrong. The sheeple can point and cry foul, but DO NOTHING! Where is the publics teeth? Where are the DEMANDS for accountability?

There is a process for this, can anyone name it?

Shield772 said:
Like Clinton did? and the book cooking accured under the Clinton Administration

I say:
They were both guilty, as were Bush Sr., Ron Reagan and all the others back over 70+ years. This isn't a "partisan issue" unless you zoom back beyond just seeing two parties.

[Chris]

Quote by: fushigi But so what? Bush is already out of office at that point, and the next president has been elected. That's what's so brilliant about last-minute pardons. Clinton did the exact same thing.

He damages people's opinions of Republicans in general.

[Chris]

Quote by: Osborn F Enready Read up about Fortune 500 companies preferred tax shelters, and investigate LILO leasing. The overwhelming majority of the Fortune 500 have used LILO as a means to improve market appearance since it has been known as a tax loophole. In other words, the majority of the Fortune 500 are participating in fraud on this scale, on a daily basis. SOME people in this forum have been trying to bring to light the LILO scandal now for over a year, yet still some people have no idea what these tax shelters do, are for, or who is hurt by them, or why they are supposedly "necessary" according to the users of the schams. Lease In Lease Out tax scandals are in essence, handing American taxpayers the bill for corporate taxation for the largest corporations in the nation, and the world. One of the multitude of political wrangling for pork, and YOUR money to further extort YOUR children out of THEIR money in the future.

Thanks Osborne, I will read up on it.

[Osborn F Enready]

Here is a great link to add to a well rounded sourcebook on the topic.

http://www.pbs.org/wgbh/pages/frontl...tc/script.html

There is limited info available on LILO leasing as of now, but more is coming out due to the investigations by the IRS and other investigative journalists.