Former Enron Corp Chief Executive Jeffrey Skilling's near decade-long quest to prove he did nothing wrong at the once high-flying energy-trading behemoth ended on Friday when a federal judge shaved 10 years off of his prison sentence.
U.S. District Judge Simeon Lake reduced his term to 14 years from 24 years, accepting a deal struck between prosecutors and Skilling's lawyers that will end years of appeals.
Under the deal, more than $40 million of Skilling's fortune, which has been frozen since his conviction in 2006, will be distributed to victims of Enron's collapse.
Thank goodness he gets to stay incredibly rich too!
OK, well it also sounds like $40 million will be distributed to victims of the Enron collapse (walking-around money to Skilling, I know) so maybe the prosecutors thought this was the best deal they could get that would get some money to the victims. Real life is complex that way, I know it's a bitch.
But by the time it finally is distributed, how much of the $40 million will actually get to the folks who got wiped out? Will it be like the $300 dollar checks distributed to the people victimized by predatory mortgages and foreclosures?
And, not too surprised, but it doesn't say what percentage it is of Skilling's haul. My guess is less than 50.
You right, FP, that's probably the best deal prosecutors could get. But that just shows it's not that crime doesn't pay, but that you have to get beyond petty crime before it does.
restore FDR rates. KILL THE FICA CAP. that is like a 20% tax. stop pampering them.
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