By Maxine Shapiro, KERA 90.1 business commentator
Dallas, TX – This could do it. Finally, an ex-Enron executive gets a five-year sentence in federal prison. The once-treasurer of the fallen energy company changed his plea from not guilty to guilty. I'm Maxine Shapiro with KERA Marketplace Midday.
Finally, a possible break in the case of one of the most complex scandals in corporate history. While Ebbers and friends at WorldCom are being indicted left and right, the case against Enron was beginning to look like some Hollywood movie ala "The Untouchables." But this morning's statement by Ben J. Glisan, Jr. might be the spark to reverse the inertia. Glisan announced, "I take full responsibility of my actions."
Glisan was not middle management. As treasurer, he was one of the highest-ranking Enron executives to be fired the day before the company filed for bankruptcy. It was found Glisan had himself invested in Southampton, one of the many side deals used to manipulate Enron's financial statements. With a little over $5,000, Glisan acquired more than $1 million profit. In December 2002, he paid back all the money he made, even though he believed it was an honest and fair investment at the time.
In reversing his plea, the 24-count indictment for money laundering, conspiracy and fraud got reduced to one count of conspiracy to commit wire and security fraud. Up until last week when a judge ruled separate trials, former Chief Financial Officer Andrew Fastow, former finance executive Dan Boyle and Glisan were all going to be tried together.
Boyle now doesn't have to step into court until August of next year and Fastow, carrying a 100-count indictment, goes in April.
But the question on everyone's mind is, will this plea bargain help find any evidence against ex-CEO Jeff Skilling or ex-Chairman Kenneth Lay? Remember, the paper/e-mail trial is conveniently missing. I got it - maybe a tape recorder could show up. For KERA Marketplace Midday, I'm Maxine Shapiro.
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