Monday, January 17, 2005

Looks like the Enron folks are going to get away with it

It is hard to fathom 12 million dollars as chump change, but for the Enron folks who bilked the citizens in many states of tons of cash...this means selling, perhaps, one or two of their luxurious homes in places like Aspen, etc...


Ten former directors of Enron have agreed to pay $13 million from their own pockets to settle a class action suit stemming from Enron's collapse in 2001, which wiped out some $60 billion in shareholder value. Because directors almost never have to pay even a penny in such suits, the Enron settlement - announced just days after several former WorldCom directors agreed to a similar deal - was widely viewed as a significant development that could discourage potential directors from serving on corporate boards.

This view is mistaken. A close look at the settlement shows that Enron's directors have still not been held accountable in any meaningful way.

End slice:

These Enron style Capitalist pigs are greased and are willing to grease as they are the slipperiest of pigs going.

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