By Jerry W Markham
This new reference via the writer of the seriously acclaimed A monetary heritage of the USA covers the aftermath of the Enron-era scandals and the extreme monetary advancements throughout the interval
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Additional resources for A Financial History of the United States: From Enron-Era Scandals to the Subprime Crisis
However, the government wanted him to be retried on the counts reversed by the appeals court. Defense lawyers had complained that the government prosecutors were trying to coerce Brown into testifying against his fellow executives through these hardball tactics. Brown’s retrial was delayed to allow the court to consider defense claims that government prosecutors improperly withheld evidence. Prosecutors dropped those charges just before trial. Brown continued to fight his prior conviction. The government spent untold sums to prosecute the Nigerian barge case, which dragged on for years, and it imposed undue hardship on the defendants for a relatively minor matter that turned into a complete fiasco.
He had earned his MBA at Harvard Business School. After graduation, Skilling had risen through the ranks and become a partner at the renowned McKinsey consulting firm before joining Enron. Both executives were well paid. Lay received more than $230 million in compensation from Enron, while Skilling received about half that amount. Skilling and Lay’s personalities differed. Lay was warm, understated, and unassuming. ” Skilling also suffered from bouts of depression. As the government focused on him following Enron’s collapse, he even contemplated suicide and was drinking heavily.
Such a draconian sentence for such minor involvement was deemed excessive by many in the business community. Bayly was also an unlikely criminal. He was known as a low-key, amiable, and very cautious investment banker, who was preparing to retire before the Enron case exploded after having worked at Merrill Lynch for thirty years without a blemish on his record. E. Sharpe, Inc. All Rights Reserved. , imposed a sentence on Bayly less severe than that sought by prosecutors, but it was still stiff.
A Financial History of the United States: From Enron-Era Scandals to the Subprime Crisis by Jerry W Markham