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Former Enron CEO Gets 24 Years in Prison

The former chief executive of the Enron Corporation, Jeffrey Skilling, has been sentenced by a Salt Lake District Court to 24 years in prison for his role in the collapse of the former energy giant. Speaking of Mr. Skilling`s responsibility for one of America`s most notable corporate scandals, the judge said "His crimes have imposed on hundreds, if not thousands of victims a life sentence of poverty." The exact term of the sentence imposed on Skilling was 24 years and four months, a judgment which in any case moved Mr. Skilling`s wife to tears.

In May 2006, Skilling was convicted of heading a conspiracy to defraud investors in Enron, and while the sentence falls short of the 25 year sentence set for former WorldCom chief executive Bernard J. Ebbers, some in the business community are likely beginning to wonder if federal judges don`t have it out for corrupt CEOs. Enron`s founder, Kenneth Lay, suffered from heart failure and died earlier this year. Many saw his death as denying justice to those who invested and lost money in Enron, though they might take comfort from Skilling`s punishment.

What next for Enron? Perhaps the better question is what is next for Skilling? His net worth, reported to be around $55 million, has been frozen by the U.S. government. He apparently owes around $30 million dollars to the legal firm which represented him in his case, and was arrested in Dallas (he had limited freedom of movement until his sentencing) for public intoxication. He spent much time with family before his sentencing, and will continue to do so until a suitable federal prison is decided upon for him.