Enron Trial Update

As the Enron trial lumbers towards the end of its second week, Tom Kirkendall continues to have good analysis (keep scrolling).  While the Enron bankruptcy has spawned a number of books, it is likely that the Enron prosecution may spawn a few of its own.  Already, the prosecution has botched trials thought to be lay-ups and has demonstrated a new level of presecutorial abuse.  I know that most people have little sympathy for the defendants, but one has to be concerned with the tactics being used in these cases.  From reading his posts, while its early in the game, the defense may be ahead on points, as the prosecution made another tactical error in leading with and spending far too long with a weak witness, indicating that they are ready to commit on the same mistakes they made in the failed broadband trial.

By the way, this snippet is very funny - the indictment against Skilling and Lay is apparently so unclear and confusing and poorly written that the prosecution, who wrote it, is asking that the judge not allow it to be mentioned or quoted in the trial.  LOL - they are asking that no one mention the charges against the defendants in front of the jury.  Which is actually pretty appropriate, since in effect the prosecution is going to try to get Skilling and Lay convicted of being rich and unlikable rather than convicted of any specific charges.

By the way, we in Phoenix have been watching the revelations about gambling surrounding our Coyotes coaching staff.  The leaks by the police of as-yet unproven charges against prominent people is yet another abuse that happens all-too-often.  Beyond my own questions as to why gambling of this sort is even illegal in this day and age, it is crystal clear to me that the NJ police are going out of their way to leak insinuations of Gretsky involvement, which I don't think they can prove, merely to get press and attention for themselves.

  • d

    Narcissism of the unhealthy variety is not uncommon in positions of power. As the Enron trial proceeds, this point is being re-affirmed.

    Regrettably common narcissistic traits include: the ability to charm and be charming, ability to depart from the truth -- convincingly -- when truth is inconvenient,
    lack of empathy, and inability to disassociate what is good for me with what is good for the firm.

    Psychological profiles of those on trial here ... as well as those serving as prosecution witnesses ... could provide interesting insights.

    d

  • http://spaces.msn.com/themarketbenchmark/ Thomas Tunstall

    I hate to say it, but I think that Skilling and Lay will not be convicted. I hate to say even more that they SHOULD be found NOT guilty. In the final analysis, they took down Enron because of failed corporate governance, poor judgment and bad management. Until management practice gets more systematic in its approach, these types of debacles will continue. That Skilling and Lay played within the rules speaks more to the shoddy management rulebook than to their culpability.