Former Enron Chief, Jeffrey Skilling, now serving a 24 year prison term, asked a federal appeals court to overturn his convictions for conspiracy, securities fraud, false statement and insider trading.
Skilling -- McKinsey trained and educated at Harvard Business School -- is generally viewed as the mastermind behind the massive Enron fraud -- which resulted in the largest bankruptcy in US history. Anyone who works at a public company and toils under Sarbanes Oxley governance regulations has Mr. Skilling to thank.
In 2001, Skilling was named CEO of Enron, replacing Ken Lay who famously had his Enron conviction reversed by dying of a heart attack. That year, Skilling received $132 million in compensation. After resigning the CEO post claiming "personal reasons" -- he quickly sold $60 million of Enron stock.
Skilling is now using what is left of his fortune to "manage" his Karma -- by virtue of the due process rights afforded him by the American judicial system. He spent $40 million in preparation for his first trial. Only if his appeal fails, will he be forced to turn over a $45 million fine to the Enron victim's fund. For now, he is free to spend some or all of these funds on his appeal.
Skilling currently resides at a low security federal prison in Waseca MN. In a 2006 Wall Street Journal article he mentioned that he will be able to survive his time in prison as long as he is given "something to do, something to accomplish." Anything to do but contemplate the law of Karma.
Skilling -- McKinsey trained and educated at Harvard Business School -- is generally viewed as the mastermind behind the massive Enron fraud -- which resulted in the largest bankruptcy in US history. Anyone who works at a public company and toils under Sarbanes Oxley governance regulations has Mr. Skilling to thank.
In 2001, Skilling was named CEO of Enron, replacing Ken Lay who famously had his Enron conviction reversed by dying of a heart attack. That year, Skilling received $132 million in compensation. After resigning the CEO post claiming "personal reasons" -- he quickly sold $60 million of Enron stock.
Skilling is now using what is left of his fortune to "manage" his Karma -- by virtue of the due process rights afforded him by the American judicial system. He spent $40 million in preparation for his first trial. Only if his appeal fails, will he be forced to turn over a $45 million fine to the Enron victim's fund. For now, he is free to spend some or all of these funds on his appeal.
Skilling currently resides at a low security federal prison in Waseca MN. In a 2006 Wall Street Journal article he mentioned that he will be able to survive his time in prison as long as he is given "something to do, something to accomplish." Anything to do but contemplate the law of Karma.
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