ENERGY & UTILITIES
The US Supreme Court has agreed to hear Jeffrey Skilling’s appeal over his criminal conviction in the Enron case.
Jeffrey Skilling, Enron’s former chief executive, was sentenced to 24 years and four months in prison for orchestrating the fraud and conspiracy that destroyed the giant energy trader.
Even in its corporate logo - known as "the crooked E" - there was always a brazen quality to Enron, the energy giant that collapsed in the most complex and consequential of recent US corporate frauds.
The ghost of Enron is taking time to lay to rest. Andrew Fastow’s declaration that leading investment banks helped the bankrupt energy group falsify its books gave the likes of Merrill Lynch, Credit Suisse and Royal Bank of Scotland another day of squirming in the spotlight.
Andrew Fastow, the former chief financial officer of Enron, has accused 10 leading investment banks of helping the now-bankrupt energy group falsify its books in return for big advisory fees.
There is concern that the Big Four accountancy firms cannot resolve conflicts between the need for audit quality and maximising profits.
Three former NatWest investment bankers facing Enron-related charges could stand trial in the US in September next year, following a preliminary hearing on Wednesday.
Barclays has avoided paying out vast sums to settle a class action brought by the shareholders of Enron after a US court dismissed the claims against the UK.
Th UK's role as a leading financial capital market could be jeopardised if the government does not correct the imbalance in extradition arrangements with Washington, the CBI warned.
At today's memorial for Ken Lay, Enron's former chief executive, his conviction over the collapse of the energy giant will be brushed over if mentioned at all.