By Jerry W Markham
This new reference by means of the writer of the severely acclaimed A monetary background of the USA covers the aftermath of the Enron-era scandals and the intense monetary advancements through the interval
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Extra info for A Financial History of the United States: From Enron-Era Scandals to the Subprime Crisis
The second witness presented by the government was Kenneth Rice, the former head of Enron Broadband Services. He had previously pleaded guilty to criminal charges in connection with his stewardship of that unit, and he agreed in his plea bargain to cooperate with prosecutors by testifying against other Enron executives. ” However, on cross-examination, Rice appeared to be out of touch with his job at Enron, not even knowing how many employees worked for him at Enron Broadband Services. Rice was rewarded for his testimony with only a twenty-seven-month sentence, far less than the sentence sought for Skilling and Lay, and a $15 million fine, which was only a fraction of Rice’s earnings at Enron.
That did not deter the prosecutors, who merely made up another theory and continued their relentless pursuit of those defendants, demonstrating a zeal that would have made Inspector Javert proud. ” In 2010, the Supreme Court ruled that the Justice Department had improperly applied that honest services charge to prosecute Skilling. Sentencing abuses were next on the agenda. Prosecutors asked for a 215year sentence for Rigas at Adelphia, but the judge only gave him a term of fifteen years, later reduced to twelve after an appeal.
After listening to his lawyer’s arguments, the court ordered Bayly and two other Merrill Lynch executives, with the exception of Brown, to be released on bail pending its decision on the appeal. Bayly had been in jail almost a year before that release. On August 1, 2006, the appeals court ruled on the defendants’ appeals. Brown’s perjury and obstruction conviction was upheld because he had falsely testified before the grand jury that there was no agreement with Enron for the repurchase of the barges.
A Financial History of the United States: From Enron-Era Scandals to the Subprime Crisis by Jerry W Markham