Former Enron Chief Executive Jeffrey Skilling better get used to his new accommodations: a stark prison cell only big enough to hold two bunk beds. This is a huge difference from his $4.7 million, Mediterranean-style mansion in Houston. Skilling, 53, entered federal prison Wednesday, Dec. 13, at 1 p.m. in Waseca, Minn. after a judge denied his request to remain free during his appeal and ordered him imprisoned. Skilling starts his 24-year sentence on 19 counts of conspiracy, fraud and insider trading. Skilling helped buoy the idea that Enron was making a profit via questionable accounting practices. Skilling's slide was evident as early as 2001. According to a Wikipedia entry, during a 2001 conference call, Skilling snapped at Wall Street analyst Richard Grubman, who questioned Enron's accounting practices. Grubman pointed out in a conference call that Enron was the only company that could not release a balance sheet along with its earnings statements. Skilling replied "Well, thank you very much, we appreciate that . . . asshole." That was probably the beginning of numerous clues that Enron was in some kind of trouble. His actions along with his cohorts went on to topple what many considered one of Americas' largest blue-chip companies, Enron. — Gerald Magpily
See Associated Press article via Seattle Times
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