April 4, 2013
Former Enron CEO Jeff Skilling may be the latest beneficiary of the culture of pervasive permitted, even according to some – encouraged, crime. After being sentenced to prison for 24 years in the aftermath of Enron’s spectacular 2001 bankruptcy, the former CEO may be released after serving well less than half of his term. As a result his prison term, which scheduled to end in 2028, may be cut by more than half as a result of a new agreement with the Department of Justice. It appears that AG Eric Holder is so busy not prosecuting Wall Street for being Too Big To Prosecute, he has decided it is far wiser to spend his time productively by commuting the sentences of convicted financial felons, because apparently there is nothing more important to do.
Reuters reports: “Former Enron Chief Executive Jeffrey Skilling, who is serving a 24-year sentence over the company’s spectacular collapse, may get a chance to leave prison early. The U.S. Department of Justice posted a notice indicating that prosecutors are considering entering an agreement with Skilling that could result in his being resentenced. It is unclear how much Skilling’s term could be shortened under a resentencing agreement. Wednesday’s notice gives former Enron employees, stockholders and other victims of Skilling’s fraud that led to Enron’s 2001 bankruptcy a chance to object.”
From the DOJ filing:
If you believe you are a victim of the crimes committed by the defendant and you wish to express your views to the Department of Justice about entering into a sentencing agreement, and/or to the Court about accepting such an agreement, please notify the Department of Justice and/or the Court by April 17, 2013, using the methods described below, briefly explaining why you are a crime victim, and summarizing your views.
If you wish to be heard at any future resentencing hearing the Court may schedule, you will be asked to notify the Court by a certain date (which will be set forth on the website noted above), and to briefly explain why you are a crime victim and summarize what you wish to say at the hearing.
If it appears that multiple victims wish to make the same points, the Court may limit the number of victims who speak in order not to unduly complicate or prolong the resentencinghearing. The Department of Justice cannot predict when in the course of the hearing the Court will permit victims to be heard. Victims who wish to speak should therefore plan on attending and being available when the opportunity to speak arises.
Of course, the DOJ can’t promise the only “complaints” heard will be those from former MF Global executive Jon Corzine, who will instead focus on singing the praises of Skilling for his phenomenal cash flow and balance sheet management skills.
Full filing below: