Also a cautionary tale of tying your financial stability to your employer more than strictly necessary (your salary). Most employees kept all their retirement savings as Enron stock and got burned badly.
If memory doesn't fail me, the book also mentions Skilling starting to come up with plans for his follow-up venture whenever he got out of prison, shortly after being arrested - which I guess has now been published.
Throw away the moral discussion of what he did. You can completely ignore it and you still must conclude that his track record is of one of destruction of investor value.
guilty on one count of conspiracy,
guilty on one count of insider trading,
guilty on five counts of making false statements to auditors,
guilty on twelve counts of securities fraud
If you invest money with the guy, I think you should go for the package deal and also buy that one bridge they are selling in Brooklyn.
If you think the legal punishment for securities fraud should include being barred from running investment funds ever again, that is a fair position but it's not part of the law right now and it was not part of his sentence. Petition your local politician and/or run for office yourself if you feel strongly about it and want to change it. He served his sentence and when he got out he went to get a job in the field he's most experienced in. Can't really blame him for that.
I mean you can't just blindly trust this guy.
Normal job with little power and little ability to fraud would be fine.
I don't think anyone is denying them a second chance but merely suggesting they probably aren't the safest option to invest your money in due to the immense amount of fraud they got up to.
Fool me once, shame on you...
no one would be bothered for him to become VP / consultant and advising customers like the guy in wolf of Wall Street .
It is completely different when is asking people trust with him money
His second chance is going and living out a quiet existence, maybe volunteering or working on his golf handicap, raising foster puppies, whatever.
The guy paid his debt to society, let him try to do something positive with his life now.
That attitude is part of the reason why the US has the worst rates of recidivism in the developed world (something like 75% I believe, whereas in northern Europe where they believe in second chances for criminals, it is closer to 25%).
Yes, the guy who committed some of the most flagrant financial crimes in history as the CEO of an energy exchange deserves a second chance at running an energy exchange the moment he is released from prison.
I imagine former front line Enron employees who lost big portions of their retirement funds might disagree.
It's a free country, and these people are accredited investors who can make their own choices. This individual already paid the penalty demanded by our society for their actions. It sounds like you are suggesting a lifetime ban would have been a more appropriate penalty, but that would be more of a comment on our justice system. Is it really the job of our justice system to be a nanny state for everyone's past wrongdoings?
(maybe yes, but it's a very slippery slope)
Why let him out of jail at all if you believe he can’t be trusted?
You were hungry?
Your family was hungry?
Your city water supply was toxic enough to impair your mental development?
You fell under some bad influences at an impressionable age?
Now, what are some possible motivations for Jeffrey Skilling's actions at Enron?
Let's list a few, you go first.
When you do due diligence, especially when investing other people's money, you need to be able to justify your choices. If the investment sours you don't want to be the guy who decided to invest with a convicted criminal. You also want to be doing business with "fit and proper" people, this might even be a term that shows up in various documents as a necessity (eg Premier League has such a test for potential owners). Needless to say a guy with his history isn't fit and proper. In some countries you might even be barred from serving on a board if you got convicted of this sort of thing.
That said, do you really want to be buying assets from a guy who's claim to fame is how well he is able to hide the risk in esoteric or complex structured products?
He should hire Elizabeth Holmes (whose father was a low-level Enron employee himself — by all accounts he was wholly unrelated to the whole fraud thing, but it’s still funny) just to bring the 21st century con artists full-circle.
"The venture, called Veld LLC, plans to profit by charging a fee for marketing stakes in operating oil and gas wells, one of the people said, and will offer analytical data to investors interested in the well stakes.
Investors can acquire holdings in between one and 10 wells, which the presentation described as “pods,” and will be sold to the investors as high-yield investments, the people familiar with the business pitch said on the condition of anonymity."
What's the competitive advantage with this venture?
I fear that it will be retail investors.
Jeffrey Skilling is his younger brother:
--google it before downvoting, all these ignorant people making my Karma go negative
Now that I live in CA I feel this is like announcing Jeffrey Dahmer is opening a BBQ joint.