If you asked, most people in the Houston business community would invest again with Skilling, said John Zavitsanos, the Houston lawyer whose firm represented Enron whistleblower Margaret Ceconi. Chalk it up to the same reasons that made Skilling a success the first time around: a quick mind that operates in the fast lane, confidence that can chew up competitors across the negotiating table and a visionary who can look at a lump of clay and see exactly what the statue will look like, said Zavitsanos, who represented several clients against Enron.
And that attitude likely came from the top. What Skilling might do next is part of the local fascination. He has a similar personality to another famous financier who also took greed too far, said Zavitsanos, Michael Milken.
Milken, known as the junk bond king during the go-go s, went to prison for securities fraud, but today is a respected philanthropist and founder of the Milken Institute, a public policy think tank.
He was pardoned earlier this year by President Donald Trump. Does Skilling have a second act? In studies of victims of Ponzi schemes, investors tell interviewers they believe if the perpetrator was just let out of prison then he or she would be able to get the money back for them as promised. United States Oil, an exchange traded fund that invests in soon-to-expire oil futures contracts, was among the most frequently traded stocks in April on investing platforms used by individual investors.
The commodities product would be sold to and traded among institutional investors through an online platform, essentially a newer version of the Enron model of taking advantage of technology to create a new trading platform, Hirs said.
Commodity trading is notoriously risky; the United States Oil Fund has lost nearly 73 percent of its value this year. Skilling told me that Skilling's goal, Rice explained, was to make the broadband division appear to be a strong growth division.
Rice testified that he and others at Enron presented information to analysts that led them to believe everything was fine. Rice read the transcript of a March analyst call that Skilling held to respond to rumors of layoffs and other problems in EBS.
Skilling presented the layoffs in the broadband unit as good news, Rice explained. Despite the restructuring, things got worse in the second quarter, Rice said in testimony. Earlier Tuesday, Skilling's attorney, Dan Petrocelli wrapped up his cross examination of Mark Koenig by suggesting that some of the "mistakes" Koenig made in his testimony could undermine his guilty plea agreement with the government. Both Koenig and Rice pleaded guilty and agreed to cooperate with prosecutors in hope of securing a lighter prison sentence.
Enron's bankruptcy was the largest in history at the time and was the first of a wave of business scandals that shook corporate America and led to the passage of tough new disclosure laws.
Enron's defense could be brilliant For a comprehensive look at the Enron saga, click here. Rice becomes the ninth ex-Enron executive to receive a jail term after pleading guilty to crimes. More than a dozen family members and friends from across the country attended the sentencing before U. District Judge Vanessa Gilmore, including his mother, brother and ex-wife. Some wept and embraced after the proceeding.
Assistant U. Attorney Ben Campbell said he was satisfied with the sentence. In addition to that testimony, Rice was a key witness for eight days at the trial of five former colleagues at the Internet unit.
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