Enron was truly a Trial of the Century. It had everything; massive egos, bigger than life lawyers and a massive fraud. On this special series from the Compliance Podcast Network, Tom fox is joined by Loren Steffy who was a business journalist while it was all happening. Tune in for his reflections and new insights on the first Trial of the Century for the 21st Century.
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Enron was truly a Trial of the Century. It had everything; massive egos, bigger than life lawyers and a massive fraud. On this special series from the Compliance Podcast Network, Tom fox is joined by Loren Steffy who was a business journalist while it was all happening. Tune in for his reflections and new insights on the first Trial of the Century for the 21st Century.
Loren Steffy and Tom Fox have another conversation as The Enron Trial series nears the end. In episode 4, Loren Steffy recalls the aftermath of the guilty verdict.
The Verdict and Counts of Conviction
Jeffrey Skilling was convicted of 19 counts, his sentence totaling 185 years, and Kenneth Lay was looking at 120 years in prison. Skilling was actually sentenced to 17 years, which was then reduced to 12. Kenneth Lay passed away prior to his sentencing, and so, the verdict was vacated.
The Prosecution and Defence
“The defense team was stunned,” said Loren, “I think that the attorneys, as well as the defendants, believed that they were going to get a not guilty verdict.” The prosecution, on the other hand, felt a great sense of relief and accomplishment; this was an uphill battle from a prosecution standpoint in many ways. Jeffrey Skilling appeared stoic; though there were stories that indicated he disagreed with the verdict, he seemed to have accepted his fate.
The Jurors and The Judge
Loren commends the jurors, believing they deserve a lot of credit for their involvement in the trial. “I think they did a really good job of listening to the arguments and considering them,” he said. What was interesting, to him, was their response to Andrew Fastow’s testimony, one that Loren found to be credible, “It was like that didn't really factor into their decision nearly as much as we thought it would when we were watching all of it unfold.” According to him, the judge certainly understood the magnitude of the case, and tried to be very careful in his administration of the case to avoid mistakes that could have led to a mistrial, “Everyone really understood that this was a big trial, and they were playing on the big stage.”
RESOURCES
Loren Steffy | LinkedIn | Twitter
The Trial of The Century: The Enron Trial
Enron was truly a Trial of the Century. It had everything; massive egos, bigger than life lawyers and a massive fraud. On this special series from the Compliance Podcast Network, Tom fox is joined by Loren Steffy who was a business journalist while it was all happening. Tune in for his reflections and new insights on the first Trial of the Century for the 21st Century.
