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May 25, 2006
The Verdict
It's no secret what the biggest news here in Houston was today, and perhaps the biggest news in the country.
After a 16-week trial downtown, former Enron head honchos Ken Lay and Jeffrey Skilling were found guilty on multiple counts in federal court. While both will almost certainly appeal the jury verdicts, each man likely faces a lengthy term in federal prison. The once smartest guys in the room are likely smarting badly tonight.
Most Houstonians seem satisfied and/or relieved by the verdicts. Enron was a corporate giant in this city, and most of us knew people either directly or indirectly affected. This trial has been personal for Houston and its residents, just as the outrage and shame over the company's collapse was.
Reports are that this jury did its job in rendering a well considered -- and we believe, appropriate -- verdict for each man. We should thank the jurors for their public service in this ordeal.
Perhaps even more so than Tyco, World Com, Adelphia, and the litany of corporate scandals that have unfolded over the last several years, the Enron debacle was the nadir of corporate greed run amok. The unchecked greed of a few at the top destroyed a once vibrant company, and the lives of too many of its employees, retirees, shareholders and their families.
Though we worship at the altar of American capitalism (it is the best system out there), and as much as we love to decry government meddling in commerce, a travesty like Enron reminds us that we do need real rules and real consequences for such unscrupulous behavior.
There will always be those who will bend, skirt or trample on the basic ethics that must govern a civilized society. We must have sound legal structure and punishment to prevent us all from falling victim to our "baser nature."
Hope they are paying attention in Washington.
Posted by houtopia at May 25, 2006 09:10 PM