• Steve H. Hanke
    05/04/2016 - 08:00
    Authored by Steve H. Hanke of The Johns Hopkins University. Follow him on Twitter @Steve_Hanke. A few weeks ago, the Monetary Authority of Singapore (MAS) sprang a surprise. It announced that a...

Eric Holder Gets Busy: Enron's Skilling May Be Released From Prison Over A Decade Early

Tyler Durden's picture




 

Former Enron CEO Jeff Skilling may be the latest beneficiary of the culture of pervasive permitted, even according to some - encouraged, crime. After being sentenced to prison for 24 years in the aftermath of Enron's spectacular 2001 bankruptcy, the former CEO may be released after serving well less than half of his term. As a result his prison term, which scheduled to end in 2028, may be cut by more than half as a result of a new agreement with the Department of Justice. It appears that AG Eric Holder is so busy not prosecuting Wall Street for being Too Big To Prosecute, he has decided it is far wiser to spend his time productively by commuting the sentences of convicted financial felons, because apparently there is nothing more important to do.

Reuters reports: "Former Enron Chief Executive Jeffrey Skilling, who is serving a 24-year sentence over the company's spectacular collapse, may get a chance to leave prison early. The U.S. Department of Justice posted a notice indicating that prosecutors are considering entering an agreement with Skilling that could result in his being resentenced. It is unclear how much Skilling's term could be shortened under a resentencing agreement. Wednesday's notice gives former Enron employees, stockholders and other victims of Skilling's fraud that led to Enron's 2001 bankruptcy a chance to object."

From the DOJ filing:

If you believe you are a victim of the crimes committed by the defendant and you wish to express your views to the Department of Justice about entering into a sentencing agreement, and/or to the Court about accepting such an agreement, please notify the Department of Justice and/or the Court by April 17, 2013, using the methods described below, briefly explaining why you are a crime victim, and summarizing your views.

 

If you wish to be heard at any future resentencing hearing the Court may schedule, you will be asked to notify the Court by a certain date (which will be set forth on the website noted above), and to briefly explain why you are a crime victim and summarize what you wish to say at the hearing.

 

If it appears that multiple victims wish to make the same points, the Court may limit the number of victims who speak in order not to unduly complicate or prolong the resentencinghearing. The Department of Justice cannot predict when in the course of the hearing the Court will permit victims to be heard. Victims who wish to speak should therefore plan on attending and being available when the opportunity to speak arises.

Of course, the DOJ can't promise the only "complaints" heard will be those from former MF Global executive Jon Corzine, who will instead focus on singing the praises of Skilling for his phenomenal cash flow and balance sheet management skills.

Full filing below:

0
Your rating: None
 

- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Thu, 04/04/2013 - 11:58 | 3408285 Passage
Passage's picture

Second career at GS

Thu, 04/04/2013 - 11:59 | 3408293 ParkAveFlasher
ParkAveFlasher's picture

We can't have talent like his devoted to pressing license plates and doing hospital laundry, now can we?

Thu, 04/04/2013 - 12:01 | 3408305 New England Patriot
New England Patriot's picture

Next in line to head Department of Energy. 

Thu, 04/04/2013 - 12:03 | 3408316 jcaz
jcaz's picture

Wow- that leaves only Bernie Madoff as the only guy in finance doing time.....

Oh wait- he's an CNBC contributing reporter now, so doesn't count....

Thu, 04/04/2013 - 12:07 | 3408334 TeamDepends
TeamDepends's picture

Even the smartest guy in the room has to know the right people.

Thu, 04/04/2013 - 12:08 | 3408341 Sandmann
Sandmann's picture

He was never as smart as he thought he was

Thu, 04/04/2013 - 12:47 | 3408549 gmrpeabody
gmrpeabody's picture

Now THAT'S the Eric Holder we all know...

Thu, 04/04/2013 - 13:17 | 3408730 Troll Magnet
Troll Magnet's picture

brotha's gotta make room in prison for brothas who be smokin' weed!

Thu, 04/04/2013 - 15:28 | 3409417 fourchan
fourchan's picture

being drawn and quartered is too good for that hunk of shit.

Thu, 04/04/2013 - 16:29 | 3409657 rajat_bhatia
rajat_bhatia's picture

WELCOME 

TO 

THE  

CESSPOOL

Thu, 04/04/2013 - 18:24 | 3410094 EscapingProgress
EscapingProgress's picture

One more cell available for the weed smokers!

Thu, 04/04/2013 - 12:09 | 3408348 knukles
knukles's picture

Isn't he the last muckety muck of a company who went to jail for a financial crime, the rest having become a fine paid by the company and back to the shenanigans?

Thu, 04/04/2013 - 12:13 | 3408373 Frank N. Beans
Frank N. Beans's picture

i believe andy fastow, and possibly his wife, are still in prison

he made some 60 million from his shenanigans, had to pay quite a bit back in fines

Thu, 04/04/2013 - 12:15 | 3408384 Careless Whisper
Careless Whisper's picture

Mister Skilling's services are needed at the ECB.  It's for the children.

Thu, 04/04/2013 - 12:48 | 3408553 I did it by Occident
I did it by Occident's picture

Or he can set up shop with whatever Corzine's new outfit is.  Maybe they'll run a fund out of Cyprus. 

 

 

Thu, 04/04/2013 - 12:47 | 3408554 ihedgemyhedges
ihedgemyhedges's picture

It's a shame his last name isn't Skillingberg. Otherwise, The Bernank could go ahead and retire and his replacement would be ready to go.....

Thu, 04/04/2013 - 12:48 | 3408560 redpill
redpill's picture

He's a shoe in for Cypriot Finance Minister

Thu, 04/04/2013 - 14:29 | 3409116 Bobbyrib
Bobbyrib's picture

Fastow only served six years and according to the book I read, he was the mastermind behind the whole thing.

Thu, 04/04/2013 - 13:10 | 3408687 insanelysane
insanelysane's picture

Now the rest of us can be commuted from having to follow Sarbannes-Oxley.

Thu, 04/04/2013 - 12:45 | 3408528 McMolotov
McMolotov's picture

It should be apparent to everyone by now that we suffer under a two-tiered application of the laws in this country. There's one system of "justice" for all of us peons, and it is harsh and unforgiving. Then there's a separate system of "justice" for the wealthy, crony scum who are intimately connected to the government. That one is lenient to the point of being non-existent.

When a government's legal system grows corrupt from top to bottom, vigilante justice eventually becomes acceptable. Some would go so far as to say it becomes acceptable because citizens come to view it as their duty when the government has failed them so badly.

Thu, 04/04/2013 - 12:52 | 3408584 Crash Overide
Crash Overide's picture

ACE Hardware is having a spring sale on torches and pitchforks.

 

What a fucking joke...

Thu, 04/04/2013 - 12:57 | 3408611 Al Huxley
Al Huxley's picture

Well, if they are on sale it's because there's no demand for them.   The complacency of the population as their wealth, savings and freedom are taken from them (I won't even say 'stolen' because thatbwould imply some attempt at stealth by the perpetrators) is amazing.  Why the fuck aren't people outraged by all this shit?

Thu, 04/04/2013 - 13:27 | 3408779 prains
prains's picture

Why the fuck aren't people outraged by all this shit?

radicalizing a docile population to insurrectionism without imminent threat occupies the square next to "next to impossible" AND this is the kleptocorptocracies trump card. They are professional shape shifters and know it.

Thu, 04/04/2013 - 15:29 | 3409418 IdiocracyIsAlre...
IdiocracyIsAlreadyHere's picture

And they make damn sure that when they sense a rise in anger from said docile population, it is channeled towards other peons - "welfare queens", gays, hispanics, blacks, uppity women - anyone but them.  If the general population really had a clue it the guillotine would have long come out and bankster heads would be displayed on pikes on wall street.

Thu, 04/04/2013 - 16:28 | 3409649 prains
prains's picture

hence the geopolitical hot potatoe being played out from east to west everytime europe looks to go up in flames, voila kim junk dill pickle starts waving around his junk like a drunk in a vegas strip bar just in time to divert media attention away from euro-crash

Thu, 04/04/2013 - 18:07 | 3410056 PKF
PKF's picture

Yep, where I live...it's neighbor vs. neighbor.  Everyone is full of hatred and fear.  And whoever can play their music LOUDER than their neighbor is KING OF THE STREET.  The US used to be a nice place to live.  Alas. 

But I'll head to Ace Hardware...I like pitchforks and torches. 

Thu, 04/04/2013 - 14:04 | 3408965 Crash Overide
Crash Overide's picture

"The complacency of the population"

 

Yup, people aren't pissed off enough yet...  I bought extras for when the neighbors wake up.

Thu, 04/04/2013 - 14:39 | 3409175 e_goldstein
e_goldstein's picture

ignorance, stupidity, and Dancing With the Stars

Fri, 06/21/2013 - 16:43 | 3680620 DeadFred
DeadFred's picture

Do you know when the next season starts?? I can't wait!

Thu, 04/04/2013 - 15:48 | 3409503 Colonel Jessup
Colonel Jessup's picture

I'm with you Al - I think the answer is that most people still have something left to lose and are not desperate to really go out and start taking matters into their own hands - the globalists know this, and plan accordingly. People dont get too upset until things affect them directly, and as we learned from 1930's Germany - when they come for you, it's too late. 

Thu, 04/04/2013 - 13:40 | 3408839 PlausibleDenial
PlausibleDenial's picture

Hence the attack on the Second Amendment.  Just finished a book about various dictators.... talk about a template??  Fuck me running!!!

Thu, 04/04/2013 - 15:01 | 3409293 Mike in GA
Mike in GA's picture

note also the sudden jump in assassination-style murders of law enforcement bigwigs...I would not be surprised to find a correlation

Thu, 04/04/2013 - 12:44 | 3408535 Stuck on Zero
Stuck on Zero's picture

Skilling has a myriad of career opportunities waiting for him: CBS Newscaster, GE Executive in charge of business relations, pundit, Cypriot Finance Chief, Chief Justice, or campaign manager for Hillary.

 

Thu, 04/04/2013 - 13:44 | 3408862 machineh
machineh's picture

First priority is to reclaim his board of directors seat at the Dallas Fed, which he resigned after his indictment.

Thu, 04/04/2013 - 15:41 | 3409469 californiagirl
californiagirl's picture

Madoff's mistake was turning himself in and admitting he did something criminal.  Otherwise, he could have probably received a bailout under TARP or one of the other backdoor programs and would be enjoying his billions.

Thu, 04/04/2013 - 12:08 | 3408339 wee-weed up
wee-weed up's picture

Maybe he and Corzine could start up a new investment firm...

Thu, 04/04/2013 - 12:50 | 3408573 I did it by Occident
I did it by Occident's picture

Haha, I just posted the same thing and just saw your post.   They'll run it out of Cyprus

Thu, 04/04/2013 - 12:04 | 3408324 FoeHammer
FoeHammer's picture

That's right. Our society better get its shit together and better utilize elite human capital. I mean, they create jobs and stuff right?

Thu, 04/04/2013 - 12:22 | 3408411 Caviar Emptor
Caviar Emptor's picture

OMG yes! More than ever we need creative financial guys like Skilling to act as shepherds for the masses! They create. They are creators. While all those who leach off the system by getting up in the morning and eating, going to work burning gas and electricity, breathing air just so they can become aspirational consumers are trash.
Let's start over right now: Skilling for President!

Thu, 04/04/2013 - 15:36 | 3409452 californiagirl
californiagirl's picture

Skilling can then join the ranks of other former jailbirds like Icahn, Boesky and Milken, whose post-incarceration, financially-enriching, criminal activities will far exceed the pre-incarceration activites that put him in jail in the first place, and which he can now enjoy with impunity thanks to our surreal, too-politically-connected-to-indict, Holder-run Justice Department.

Thu, 04/04/2013 - 12:03 | 3408311 Silver Bug
Silver Bug's picture

Wow does this actually surprise anyone?

 

http://sprottmoneyblog.com/

Thu, 04/04/2013 - 12:09 | 3408355 Sandmann
Sandmann's picture

No doubt, but I suspect he'll be a Visiting Professor at SMU and HBS telling The Young that prison is best reserved for later on the resume when you need regular meals and a free gym

Thu, 04/04/2013 - 15:43 | 3409481 californiagirl
californiagirl's picture

Prison is a quaint, old-fashioned idea.  We don't do that anymore as long as the financial crime is large enough

Thu, 04/04/2013 - 12:22 | 3408409 waterhorse
waterhorse's picture

If he's an attorney maybe he can cozy up at Covington & Burling.

Thu, 04/04/2013 - 21:15 | 3410603 Buck Johnson
Buck Johnson's picture

Our country is pathetic in putting those that hurt the rest of the 99% of the country in prison for decades.

Thu, 04/04/2013 - 22:41 | 3410885 Papasmurf
Papasmurf's picture

Should have been death penalty.

Thu, 04/04/2013 - 11:58 | 3408288 Frastric
Frastric's picture

Crime always pays... Especially if you've swindled billions...

Thu, 04/04/2013 - 12:07 | 3408342 Vashta Nerada
Vashta Nerada's picture

And you can't bundle from prison.

Thu, 04/04/2013 - 14:25 | 3409095 resurger
resurger's picture

No body should know, couple of millions from here and there wont hurt.

Thu, 04/04/2013 - 11:59 | 3408291 realtick
realtick's picture

Skilluminati

Do NOT follow this link or you will be banned from the site!