Enron bosses face life sentences
The former Enron bosses Kenneth Lay and Jeffrey Skilling were yesterday convicted for fraud. Both men now face the prospect of spending the rest of their lives in prison.
The convictions are a victory for the US government, which was brought under great pressure to hold individuals to account for the collapse of what was once America’s seventh-largest company.
The Enron debacle was the biggest corporate scandal in US history. Thousands of people lost their jobs and life savings when Enron filed for bankruptcy in December 2001. It took more than four years for the Enron case to reach trial.