Former Enron Exec Pleads Guilty

[RamboLiberal]

http://www.cbsnews.com/stories/2003/10/30/national/main581021.shtml

A former Enron executive pleaded guilty Thursday to insider trading, acknowledging he was in on a scheme by senior management to manipulate the company's earnings to meet or exceed Wall Street's expectations.

Dave Delainey, chief of Enron Energy Services, agreed to cooperate with federal prosecutors. He left Enron in March.

His indictment, handed up Wednesday and unsealed Thursday, alleges he sold $4.2 million worth of stock while knowing the company was raiding the reserves of its Enron North America subsidiary and disguising the money as income.

"This misuse of reserves in order to manipulate Enron's earnings results was discussed and approved among Enron's and Enron North America's senior commercial and accounting managers," the indictment said.

[Judi Lynn]

1. Surely wish he could be persuaded to rat out the others.

Good news, thanks.

[Caution]

2. That's what "cooperate" means in the federal prosecutor's office

Anytime you see or hear of someone "cooperating" in an investigation it means that are ratting someone out.

[realFedUp]

3. ok, this is good news.

[jbutsz]

4. I wonder how many other mega-corps are "Enroning"

and just haven't gotten caught yet.

[texastoast]

5. Give us Ken Lay

He's the true scum. He and Jeff Skilling. They will get pardons because they are shrubetta's buddies.