Ex-Enron traders must pay back bonuses to fired employees

CornField

(1000+ posts) Send PM | Profile | Ignore

Mon Dec-12-05 09:23 PM
Original message

Ex-Enron traders must pay back bonuses to fired employees

http://www.chron.com/disp/story.mpl/business/3520137.html

A Texas bankruptcy judge ordered that about 40 former Enron traders must pay back $20 million of their eve-of-bankruptcy bonuses to the employees fired around the same time.

It was made public today that U.S. Bankruptcy Judge Robert McGuire, a Dallas-based judge sitting in Houston for this case, ordered Friday that the bonuses in question were fraudulent and improperly preferential.

.....

Just before it declared Chapter 11 bankruptcy, Enron paid out some $105 million in bonuses to favored trading personnel in an effort with a typically dramatic name: Project 911.

Printer Friendly | Permalink | | Top

Overseas

(1000+ posts) Send PM | Profile | Ignore

Mon Dec-12-05 09:26 PM
Response to Original message

1. Kick !! Glad to hear it !! EOM

Printer Friendly | Permalink | | Top

SIU_Blue

(566 posts) Send PM | Profile | Ignore

Mon Dec-12-05 09:26 PM
Response to Original message

2. Just in time for the holidays

Edited on Mon Dec-12-05 09:27 PM by SIU_Blue

That's excellent news.

edited to change christmas to holidays, I know O'Lielly will appreciate it.

Printer Friendly | Permalink | | Top

unblock

(1000+ posts) Send PM | Profile | Ignore

Mon Dec-12-05 09:28 PM
Response to Original message

3. good luck actually collecting

doesn't oj still owe millions that he'll put off forever?

for some reason, the rich seem to be able to nearly indefinitely stall actually paying such judgements.

Printer Friendly | Permalink | | Top

Jackpine Radical

(1000+ posts) Send PM | Profile | Ignore

Mon Dec-12-05 09:28 PM
Response to Original message

4. Why not the entire 105 mil?

Sounds like a 20% theft tax as it stands.

Printer Friendly | Permalink | | Top

DemoTex

(1000+ posts) Send PM | Profile | Ignore

Mon Dec-12-05 09:29 PM
Response to Original message

5. A wise judge. Bless him and his house!

As a former employee of asshole Ken Lay (pre-Enron), this is excellent news!

Printer Friendly | Permalink | | Top

superconnected

(1000+ posts) Send PM | Profile | Ignore

Mon Dec-12-05 09:41 PM
Response to Original message

6. The crooks got off and only have to pay 20 million back.

Edited on Mon Dec-12-05 09:42 PM by superconnected

I don't think that's much to celebrate.

This was also part of the energy scandal with the california blackouts.

That state got taken for billions in energy price hikes from the illegal trading.

This isn't even a slap on the wrist. This is a, "congratulations you got a way with it." and " Drop a few pennys in the dontation jar as you walk out..."

Printer Friendly | Permalink | | Top

CornField

(1000+ posts) Send PM | Profile | Ignore

Tue Dec-13-05 08:34 AM
Response to Reply #6

7. The lawsuits are only in the beginning stages

There are still many others out there to be decided. This one, however, is eligible for appeal. Seeing how it is only $20 million out of $109, I'd hope they'd just let the ruling stand... they probably will not.

Printer Friendly | Permalink | | Top

meow2u3

(1000+ posts) Send PM | Profile | Ignore

Tue Dec-13-05 12:00 PM
Response to Original message

8. Now that's a Christmas present

for the ripped-off employees of Enron.

Thanks, your Honor.

Printer Friendly | Permalink | | Top

DU AdBot (1000+ posts)

Fri Apr 19th 2024, 12:12 PM
Response to Original message

Advertisements [?]

Top

Powered by DCForum+ Version 1.1 Copyright 1997-2002 DCScripts.com
Software has been extensively modified by the DU administrators

Important Notices: By participating on this discussion board, visitors agree to abide by the rules outlined on our Rules page. Messages posted on the Democratic Underground Discussion Forums are the opinions of the individuals who post them, and do not necessarily represent the opinions of Democratic Underground, LLC.