Nearly five years after the Enron story broke, a Houston jury has convicted former Enron Chairman Kenneth Lay and former Chief Executive Officer Jeffrey Skilling of fraud and conspiracy. Now that the verdict is in, it’s worth remembering that it didn’t have to be this way.
Way before the criminal allegations were filed, back in the late summer of 2001, Lay and Skilling made the decision to stonewall reporters who were asking legitimate questions about Enron’s off-balance sheet entities and accounting practices. That decision — and not the prosecution and conviction of these two men — is largely to blame for the current rush-to-judgment culture that is now the legacy of what happened at Enron.
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