Enron CEOs found guilty in fraud case

first_imgBoth Lay and Skilling continued to proclaim their innocence. “We’re surprised. I think probably even more appropriately … we’re shocked,” Lay told reporters as he gripped the hand of his wife Linda, who obviously had been weeping. “Certainly this is not the outcome we expected. I firmly believe I am innocent of all the charges against me.” Skilling let his lawyer, Daniel Petrocelli, do most of the talking, but when asked whether he could now admit he did anything wrong, Skilling responded: “No. I didn’t.” Petrocelli said defense lawyers will take time to consider their next move, but promised “a full and vigorous appeal” when pressed by reporters. The two former executives maintained that they believed what they said about Enron. And they blamed the company’s failure on market panic driven by media reports of misconduct by chief financial officer Andrew Fastow, which they said they didn’t know about until it was too late. Jurors said they found it hard to believe the defendants’ claim that they were busy and didn’t know everything that was going on. “They both said they had their hands on the wheel,” said juror Freddy Delgado, an elementary school principal. The jury rejected the defendants’ claims that witnesses against them were testifying under pressure from the government. “Even if the government did persuade them, twisted their arms, you could not get all of them to say the same thing,” Delgado said. “To orchestrate that would have been a tremendous task,” said Deborah Smith, the jury foreman who works in human relations for an oilfield service company. Jurors deliberated five full days after hearing 16 weeks of testimony and argument. They said they didn’t have a target date for a decision, worked methodically through the evidence and were prepared to deliberate longer. But they found themselves in agreement Thursday, so they announced a verdict, Smith said. “This is an emotional thing. It’s not something to take light-hearted,” said Nancy Thomas, whose husband is a disabled retired policeman. But she said the verdict is the right one. Jurors said they wanted their verdict to send a message. Smith said the government should look at tightening the rules on the behavior of corporate executives. “I also hope … that this decision will make them more conscientious,” Thomas said. “Those in charge have a responsibility. There’s a lot of losers in this. There’s too much hurt here.” Some said Lay appeared to have two personalities. He did good things in the community, Don Martin said, “But when he went in the company, I think he was a different personality entirely.” Analysts said the fact that there were some acquittals makes the verdict stronger. It “highlights the fact that they actually did separate the counts and the conduct,” said Jacob Frenkel, a former federal prosecutor now in private practice in Maryland. “The `it never happened’ defense … I think the jury immediately grasped that it was transparent,” said Alan Bromberg, a law professor at Southern Methodist University. “To pretend that `we at the top never knew.’ … What are they being paid all that money for?” The guilty verdicts pleased former employees and investors who were big losers in Enron’s collapse. Chris Jones, 35, a specialist in information technology who worked at Enron for three years, said although he won’t recover his investment, the verdict gives “closure.” “You feel like there is a sense of justice in the country,” Jones said. “I think it does send a signal to CEOs that the buck stops with them.”160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set! AD Quality Auto 360p 720p 1080p Top articles1/5READ MORE11 theater productions to see in Southern California this week, Dec. 27-Jan. 2The judge scheduled sentencing for Sept. 11, but allowed both men to remain free on $5 million bond pending his decision on prison time and fines. Appeals are expected. The case had come to symbolize an era of corporate excess and abuse. Enron’s December 2001 bankruptcy lost investors billions and cost thousands of employees their jobs and retirement savings. Prosecutors, who accused Lay and Skilling of lying to investors and using accounting tricks to get rich off Enron stock, called the outcome a victory for American justice. “The message of \ … verdict is simple,” said Deputy U.S. Attorney General Paul McNulty in Washington. “Our criminal laws will be enforced just as vigorously against corporate executives as they will street criminals.” Jurors “have sent an unmistakable message,” Enron Task Force director Sean Berkowitz said. “You can’t lie to shareholders … no matter how rich and powerful you are, you have to play by the rules.” HOUSTON – In the end, multimillion-dollar lawyers and complicated denials didn’t wash with 12 ordinary Americans. A jury Thursday convicted Enron founder Kenneth Lay and former chief executive Jeffrey Skilling of fraud and conspiracy in the 2001 collapse of Enron Corp. Lay, 64, was convicted of all six counts against him, including conspiracy, wire fraud and securities fraud. Skilling, 52, was found guilty of 19 of 28 counts against him, including insider trading and lying to auditors as well as conspiracy and fraud. Both face decades in prison and millions of dollars in fines. U.S. District Judge Sim Lake, who tried Lay on charges of personal banking violations while the jury deliberated the main case, also found him guilty on those four counts. last_img

Unintended Pregnancy Estimates

first_imgPosted on December 16, 2010November 13, 2014Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to email this to a friend (Opens in new window)Click to print (Opens in new window)Earlier this months, estimates of unsafe abortions were published in Reproductive Health Matters. A related paper in Studies in Family Planning written by researchers from the Guttmacher Institute estimates rates of unintended pregnancies in various regions.According to the authors:Unintended pregnancy can carry serious consequences for women and their families. We estimate the incidence of pregnancy by intention status and outcome at worldwide, regional, and subregional levels for 2008, and we assess recent trends since 1995. Numbers of births are based on United Nations estimates. Induced abortions are estimated by projecting from recent trends. A model-based approach is used to estimate miscarriages. The planning status of births is estimated using nationally representative and small-scale surveys of 80 countries. Of the 208 million pregnancies that occurred in 2008, we estimate that 41 percent were unintended.The authors estimate 86 million unintended pregnancies resulting in approximately 41 million abortions worldwide, roughly 35 million of which took place in “less developed regions.” Given the relatively high rate of unsafe abortion leading to maternal morbidity and mortality in developing countries, a move towards further reducing unintended pregnancies could greatly improve the health outcomes for women in the developing world by decreasing the number of unsafe abortions.Share this: ShareEmailPrint To learn more, read:last_img read more