Messers Lay and Skilling were found guilty today by a jury in Houston on several counts of security fraud, misrepresentation to auditors. This is as it should be. It is hard to believe that these executives were unaware of the manipulations within Enron, the machinations with special purpose entities, the spurious deals with banks and financial institutions in order to make the earnings numbers that they themselves were conveying in a sense to Wall Street....
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Let us not forget that the Andersen verdict was overturned by the Supreme Court based upon a problem with jury instruction. The Court has in no way indicated that Andersen was innocent. What should be taken from the Andersen indictment is that corporate management can no longer rely on the "rogue employee defense" and must face equal responsibility for the actions of those they employ and the choice they make when they turn a blind eye to that questionlable behavior.
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