I wonder how Ken Lay will fare in his upcoming trials. I will be surprised to see if he did anything criminal before Skilling got the boot. Very surprised. This, of course does not mean I will be surprised to see him convicted of everything with which he is charged. (I thought Martha would get, off, remember?) The lying thing to prop up the price while he worked to save the company is probably where the jury will turn on him.
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On the other hand, Jeff Skilling… I will not be surprised to find out that guy had his hands in everything. He strikes me as the kind of guy who would insist. I saw him play 3-on-3 street basketball with Clyde Drexler and some other guy at one of the weekly mini-street fests they had at Enron. Skilling had some game and you could tell he really wanted to win. Drexler, on the other hand, even in retirement, probably could have run the court all by himself. (Watching Drexler up close, even on the equivalent of a driveway, was absolutely awesome. A true talent.)
In the end, Drexler let the last game get down to something like 9-9 and then blew it and let the employee team win the tournament, which I thought was a classy move. Not that the Enron employees weren’t good. This was the winning team out of about five or so in the final game.The prize was to play Drexler, Skilling and some other guy in a final game*. Needless to say, Enron was a very dynamic place. |
Of course I don’t really know Lay, Skilling, Fastow, or any of these guys in trouble for stealing from Enron, except for having worked as a distributed systems consultant for Enron Energy Services (EES) for one year in 1998 and Enron Broadband Services (EBS) for about five or six months in early 2001. In 1998, at EES, the environment was one of fast growth and a lot of technology work to be done. Lots of business to be had in the energy sector, especially where trading was concerned. I probably could have been convinced to work there in 1998, but not in 2001.
In 2001, the pace was similar at EBS as it was at EES in ‘98. My work area was in the hallway for the first week or two they were growing so fast. Then I shared a large office with about five other programmer/analysts/consultants, each working on something different. But in about two months, about March, the pace quickly changed. And I mean like a night and day change. Not enough space quickly became plenty of space. I was one of the last consultants to go I guess because I was one of the main designers of the order fulfillment/billing system. In the end, of course, everyone went. People I have known for five years and longer who were Enron employees were out on their ass and all that money they thought they had in their retirement was gone.
In the interim of those two gigs at Enron, I also worked as a consultant for six months at Dynegy, who was also experiencing new found riches through trading energy on the open markets. They were doing a lot of the same things Enron was doing. All of the energy trading firms were doing similar things. That’s why I think we will find Enron’s problems lie in the back-room shenanigans that occurred with the creation of all these related companies to market a wide range of different commodity-type products–like water, energy, even computer bandwidth–not in manipulating the market (Californians got wht they deserve for being so stupid about their energy policy), not in the overall general business practices involved. The more these new business entities were being created, the more the people setting them up figured out how to profit individually from them with accounting maneuvers and other good-ole-boy programs.
If this proves to be the case–which so far it has–I am very much not in favor of hanging Ken Lay out to dry due to political expediency unless he was in involved in the actual crimes. If Lay did anything wrong post-Skilling, he will suffer doubly for it. When Mr. Lay says that being friends with the Bush’s is actually hurting his defense against these charges, I believe him. That is a very powerful crowd of friends that the man spent a lifetime acquiring and cultivating that is off-limits to him now as a result of the extremely hostile political climate. His relationship with his friends also puts him in the cross-hairs of those who hate his friends. Ken Lay rasised a lot of money for Bush-Cheney in 2000.
The ultra-libs and partisan hacks want to destroy Ken Lay simply for the resulting propaganda bonanza because he is a friend of Bush and made his money from oil (energy is always referred to as “oil”, isn’t it. “Big Natural Gas” just isn’t as sexy sounding as is “Big Oil”.)
Otherwise all the other energy trading companies would be in the same boat as Enron.
Halliburton is the new Enron and the libs will try to destroy it too. It’s Big Oil after all.
*I was at the first annual Dream Team Slam Dunk Basketball competition. All the search references are in regards to the second annual tournement, where Ken Lay was on the team. I am not sure of the team members in 1998 except for Drexler and Skilling. The games were very competitive and Drexler and Skilling did all the work. Skilling seems to have put on quite a bit of weight since then.
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