Wednesday, March 8, 2006

Not A Good Day for Skilling

According to the press, Andrew Fastow told a good bit today about the fraud he committed at Enron. (see Houston Chronicle here), (Washington Post here). And although so far there does not appear to be direct hits on Ken Lay, this was not a stellar day for Jeffrey Skilling.

It sounds like the focus on Lay was regarding his comments after the company starting falling. (See Washington Post here).  But one has to wonder, what should a CEO say and do when they see their company crumbling.  On one hand they can't be dishonest to the shareholders and public.  On the other hand, if something negative is said it will probably damage the company more. Was this one of the moments when "silence is golden."

(esp)

http://lawprofessors.typepad.com/whitecollarcrime_blog/2006/03/not_a_good_day_.html

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