Another Former Enron Exec Heads to Prison – But Where Are the Bankers?
This shouldn’t go by unnoticed: The former head of Enron’s failed Internet division was just sentenced to 16 months in prison, The Washington Post reports.
Jul 31, 2020643.2K Shares8.8M Views
This shouldn’t go by unnoticed: The former head of Enron’s failed Internet division was just sentenced to 16 months in prison, The Washington Post reports.Joseph Hirko, the former broadband unit CEO also agreed to pay $8.7 million in restitution. Prosecutors contend Hirko falsely promoted Enron’s broadband division to analysts to help pump up the company’s stock price.
“„If Enron is any indication, we’ll be hearing about the collapsed businesses of the financial crisis for years to come. The Enron seems like eons ago, but the fallout never ends.
Maybe. But where’s the legal fallout from the current financial crisis?
As we mentionedon Monday, save for Bernard Madoff, there haven’t been any high-profile prosecutions over the subprime mortgage market mess. Wouldn’t backdatingfinancial reports to mask a bank’s failing situation, as apparently was the case with IndyMac, qualify as criminal? Enron failed after all the accounting tricks it used for years couldn’t hide its real situation anymore. Courts have found the actions of its top executives worthy of jail terms. When will we hear about bankers going to jail?
Enron’s bankruptcy should be small change, compared to a global financial crisis. Let’s see how far the fallout goes, this time around.
Paolo Reyna
Reviewer
Paolo Reyna is a writer and storyteller with a wide range of interests. He graduated from New York University with a Bachelor of Arts in Journalism and Media Studies.
Paolo enjoys writing about celebrity culture, gaming, visual arts, and events. He has a keen eye for trends in popular culture and an enthusiasm for exploring new ideas. Paolo's writing aims to inform and entertain while providing fresh perspectives on the topics that interest him most.
In his free time, he loves to travel, watch films, read books, and socialize with friends.
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