April 11, 2006
Jeff Skilling in a second day of testimony denied wrongdoing and blamed Fastow, the individual who was testifying against him in return for a cooperation deal. (see Washington Post here) Skilling and his attorney went through each charge denying that he committed illegal acts. (see Houston Chronicle here).
In reading recent articles concerning the Lay/Skilling trial, it seems clear that the tables are turning. Credibility will likely be a key issue - do you believe Skilling or do you believe Fastow. But cross-examination has not happened yet, and it will be interesting to see if the prosecution can present tangible evidence to impeach Skilling.
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As Gomer Pyle used to quip, "Surprise, Surprise, Surprise"... In one corner is the ex-CFO and in the other corner is the ex-CEO. Even after Bernie Ebbers' attorney got Scott Sullivan (Worldcom's ex-CFO) to reluctantly admit that he was a lying, drug-using, womanizing, incompetent.... the jury still chose to believe him over Bernie Ebbers. The outcome will be the same in this case of ex-CFO against ex-Chief. There's no surprise here... the only surprise is the audcacity and outrageousness of Skilling's lawyer's strategy. Everyone is innocent, even the ones who plead guilty already. Whoa, that's from another planet!!
Posted by: Steve Murphy | Apr 12, 2006 12:42:40 PM