Monday, January 09, 2006
Word is that Ken Lay and the other top dogs at Enron are determined to plead the "idiot" or "Sgt. Schultz" defense by claiming that they didn't know what was going on at the energy company as the books were being manipulated. Seems to me that this is prima facie evidence for making them return to the stockholders everything they ever "earned" at Enron. While it's somewhat uncertain who did exactly what in this scheme, it's abundantly clear that if they all together were too stupid to run the company properly, they were too stupid to earn a dime from it. Only after that, the courts should determine guilt and punish appropriately.
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