Arrogant execs get comeuppance

So Ken Lay and Jeff Skilling are busted. Here's hoping they get an extended stay at Club Fed when their sentencing date (September 11th, just to make sure they have a bad day) rolls around.

What kills me is that they and their high-priced legal team rested their hopes on the defense that Enron was a sound company brought down, somehow, by a wave of short-selling and some hostile reporting from the Wall St. Journal. If you're running a sound business that's moving product and making money, exactly how much damage can short sellers and bad press do? Can they cause customers to stop buying what you make? Can they cause your bank account to disappear?

I'd say Ken and Jeff underestimated the intelligence of a jury of their peers. One can only hope that other executives are paying attention.

Urb's Blog