Skilling with his attorney

Skilling with his attorney
Former Enron CEO Jeff Skilling makes comments to the press with his attorney Daniel Petrocelli after the end of his fraud and conspiracy trial in Houston on May 25. After 16 weeks of testimony and six days of deliberation, the jury found Skilling guilty on 19 of 28 counts. Lay was found guilty on all counts.

Coverage of the fall of the energy-trading giant and the investigation into one of the largest bankruptcies in American business history.

Text of Indictment

http://news.findlaw.com/hdocs/docs/enron/usvlay70704ind.pdf  Read more ...

Former top Enron official in plea-bargain discussions

Prosecutors and attorneys for Enron Corp.'s former chief accounting officer, Richard Causey, are in negotiations on a plea bargain on the eve of trial for founder Kenneth L. Lay and former CEO Jeffrey K. Skilling, according to people familiar with the discussions.  Read more ...

Lay blasts U.S. over Enron

About a month before he faces two trials on fraud and conspiracy charges, Enron Corp. founder Kenneth L. Lay reiterated his insistence that he is innocent of any wrongdoing related to his company's scandalous collapse four years ago.  Read more ...

Enron to pay $1.52 billion, settle claims in 3 states

Enron Corp. agreed yesterday to a $1.52 billion settlement of accusations that it gouged Californians during the 2000-2001 energy crisis, but the state and utility customers probably will receive just a small fraction of the money.  Read more ...

Citigroup agrees to settle fraud suit

NEW YORK - In the first significant shareholder settlement since Enron Corp. collapsed more than three years ago, Citigroup Inc. has agreed to pay $2 billion to investors who accused the bank of aiding Enron in its huge accounting scandal by selling the defunct energy giant's stocks and bonds.  Read more ...

Ex-Andersen employees feel vindicated

CHICAGO - Jim Cunha's phone started ringing long before he left for work yesterday, as his former colleagues at the Andersen accounting firm called him to give him the good news.  Read more ...

Court reverses conviction of Enron auditor

The Supreme Court threw out the government's high-profile conviction against Arthur Andersen yesterday, saying in a unanimous and swift decision that jurors relied on flawed instructions in 2002 when they found that the accounting giant had obstructed justice by destroying reams of Enron-related files.  Read more ...

Lay seeks separate juries for his two trials

HOUSTON - Enron Corp. founder Kenneth L. Lay wants different juries for his two trials next year.  Read more ...

3rd Enron trader guilty of price manipulation

SAN FRANCISCO -- A former Enron Corp. trading executive pleaded guilty yesterday to charges of manipulating energy markets during California's power crisis.  Read more ...

Ex-Enron chairman pleads innocent

WASHINGTON - Former Enron Corp. Chairman and Chief Executive Officer Kenneth L. Lay started yesterday with his hands cuffed behind his back. But hours later, he came out swinging.  Read more ...

Ex-chief Lay indicted in fall of Enron

The federal government's 2 1/2 -year investigation into the collapse of Enron Corp. reached the top of the shattered energy company's boardroom yesterday, as former Chairman and CEO Kenneth L. Lay was indicted on criminal charges related to the company's spectacular and unprecedented implosion.  Read more ...

Enron gouged customers of $1.1 billion, records show

SEATTLE - Enron Corp. manipulated the energy market practically every day during the 2000-2001 power crunch and gouged Western customers for at least $1.1 billion, according to audiotapes and documents released yesterday.  Read more ...

A softer approach in Wall St. probes

In this season of white-collar scandal, the government has pursued corporate rogues with an unalloyed zeal, subjecting alleged wrongdoers to humiliating "perp walks" and rushing out criminal charges that could put them in prison.  Read more ...

Enron's Fastow to face charges

Federal prosecutors plan to bring criminal charges as early as Wednesday against Andrew S. Fastow, Enron Corp.'s former chief financial officer, a law-enforcement source said Tuesday.  Read more ...

Did Enron trading ploys cross line?

Enron Corp. traders were skilled at making money by exploiting weaknesses in California's energy markets. But did they cross the line and do anything illegal?  Read more ...

Probe tightens around former CFO

Enron Corp.'s former chief financial officer, Andrew S. Fastow, was implicated by an associate Wednesday in a series of criminal schemes to profit from Enron's off-the-books partnerships.  Read more ...

Prosecutors set to focus on Enron's former CFO

WASHINGTON -- Winning the guilty plea of an important former Enron Corp. insider, the Justice Department yesterday set its sights on the biggest target yet in the fraud investigation: Enron's former chief financial officer.  Read more ...

Fastow has Jekyll and Hyde image, friends say

The last time Andrew S. Fastow got in a public brawl about money, it was with a cab driver and concerned a 70-cent tip. The cabbie got so upset he punched Fastow in the face.  Read more ...

7 banks found to help Enron disguise debt

WASHINGTON - Seven major investment banks gave Enron Corp. multimillion-dollar loans that helped the now-bankrupt company disguise its financial condition, and in some cases, they knew that Enron was using deceptive accounting for the loans, a Senate investigator testified yesterday.  Read more ...

Army secretary denies role in Enron problems

WASHINGTON - Army Secretary Thomas White said yesterday that he is "appalled and angered" by the scandals that drove Enron Corp. into bankruptcy but denied any role in or knowledge of wrongdoing while he was an Enron executive.  Read more ...

Senate adds penalties to fraud bill

WASHINGTON - A unified Senate approved harsh new penalties yesterday for corporate fraud and document shredding, adding enforcement teeth to President Bush's plan to curb a growing wave of accounting scandals.  Read more ...

Bush urges tougher laws to fight fraud

NEW YORK -- President Bush, launching a new effort to combat corporate corruption, Tuesday demanded longer prison sentences for business executives who commit fraud and announced the creation of a federal task force to help pursue and prosecute such criminals.  Read more ...

Analysis

Reaction to Bush's calls for stiffer laws mixed

President Bush's corporate reform initiatives will do little to restore confidence in America's battered business culture, whether by shoring up investor trust or discouraging genuinely fraudulent behavior in the executive suite, according to business experts and government regulators.  Read more ...

Laid-off Enron employees to get additional severance

NEW YORK - Employees laid off by Enron Corp. will receive an additional $29 million in severance, thanks to a federal bankruptcy judge's preliminary ruling that effectively doubles the amount paid to 4,200 former workers.  Read more ...

Andersen employee recounts shredding

HOUSTON - An Arthur Andersen LLP accountant testified yesterday that her boss stressed he wasn't telling employees to "shred a bunch of documents" when he reminded them of the firm's records retention policy during a hastily called meeting last fall.  Read more ...

Andersen loses last big client

CHICAGO - Fast-shrinking Arthur Andersen LLP suffered two more setbacks yesterday with announcements that 25 newly departed partners and 250 other professionals have formed a consulting group and that the last of Andersen's 15 biggest public audit clients has departed.  Read more ...

Auditor Duncan saved some records on Enron

HOUSTON - A former Arthur Andersen partner who illegally shredded documents related to Enron Corp. testified yesterday that he preserved several potentially embarrassing records, including one labeled "Smoking guns you can't extinguish."  Read more ...

Former Andersen partner says he obstructed justice

HOUSTON - The prosecution's star witness in the Arthur Andersen trial testified yesterday that he knew he was breaking the law when he directed employees to follow policies that led to the shredding of Enron-related documents.  Read more ...

Fear of probe drove Andersen to shred papers, prosecutor says

HOUSTON - Partners at Arthur Andersen "realized the law was coming" when they decided last fall to shred Enron-related documents, a federal prosecutor said yesterday before testimony began in the accounting firm's obstruction of justice trial.  Read more ...

Andersen trial to set the stage for main event

Today begins Act I in the prosecution of Enron.  Read more ...

Subject: $

Why Enron is no Michael Jordan

Every Wednesday, Legg Mason Wood Walker financial adviser Jonathan Murray answers e-mail on your investments. To be included next time, send your questions.  Read more ...

Q & A

Accounting triage

Jack Ciesielski publishes the Analyst's Accounting Observer report from his office in downtown Baltimore. He is also the owner of R.G. Associates, Inc., an investment research and portfolio management firm. Ciesielski has been a certified public accountant since 1977. He recently discussed where the accounting industry will go from here.  Read more ...

Skilling: I didn't know

Skilling: I didn't know

Former Enron Corp. Chief Executive Jeffrey Skilling told skeptical lawmakers Thursday he left his job in August believing the energy trading giant "was in no peril" and said he did not know about the dire financial state of the partnerships that brought down the company.  Read more ...

Subject: $

What gives with derivatives?

Every Wednesday, Legg Mason Wood Walker financial adviser Jonathan Murray answers e-mail on your investments. To be included next time, send your questions.  Read more ...

Subject: $

Enron's flameout explained and safe retirement investing

Every Wednesday, Legg Mason Wood Walker financial adviser Jonathan Murray answers e-mail on your investments. To be included next week, send your questions.  Read more ...

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