January 15, 2004

Economics > Ex-Enron CFO, Wife Plead Guilty

Andrew Fastow and his wife are expected to plead guilty. Fastow may get up to 10 years.

Good. Their financial shenanigans put hundreds of employees out of work and defrauded thousands of investors. They also helped undermine confidence in U.S. stocks. More on that next week when I post an article about insider trading.

Posted by lesjones



Comments

I wouldnt worrie about anyone in Enron. Majority of the employes had very well paying jobs. Those who didnt should be happy they had jobs in the first place, in truth many Americans have problems even finding a job, never mind one that they want. The truth is that Enron made its money off the backs of people they screwed, which total more than the poor employes that worked for it. They knew this when they set up shop in foreign countries, milked California, and the American tax payer. In the end its like the dot com bust. Enjoy it while it lasts.

Posted by: ruka at January 15, 2004

I disagree with a lot of what you're saying, but to pick just one thing: the dot-com bust was the result of two factors. One was insane business models that involved giving things away and making it up in volume.

The other was was the inevitable shakeout of any new industry. In the early part of the 20th century there were over a hundred American car manufacturers. Now there are three (and Daimler-Benz bought one of them).

Maybe there was one more thing. Greed. I certainly got greedy working for an Internet company going through an IPO. We had big dreams for how much cash we were going to make, but it didn't pan out.

Posted by: Les Jones at January 15, 2004

Not to be a nitpicker, but Fastow wasn't Enron's CEO. He was the Chief Financial Officer.

Posted by: Jason at January 16, 2004

Thanks, Jason. I've been making a ton of those kinds of slipups lately. Don't know why.

Posted by: Les Jones at January 16, 2004

Well you have a right to disagree with anything. I dont care how the dot com boom began or ended. I just said it was like it, where one would have a great job, have fun, and then enjoy finding another job after being laid off. Thats all. It still does not make me feel sorry for the poor Fastow's or Enron as a whole. They both deserve what they got.

Posted by: Ant at January 18, 2004
Post a comment










Remember personal info?







Terms of Use