News Release

Enron Convictions


Palast is an internationally recognized expert on regulation of power markets and coauthor of the book Regulation and Democracy. He said today: “Just like Al Capone, who went to jail for failing to file his taxes, Lay is convicted merely of stock fraud. This is nothing compared to the manipulation by Lay and his co-conspirators of the California power market which cost $9 billion -­ to say nothing of his shenanigans in Texas, England, Brazil and India.”
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Director of the Center for Corporate Policy and coauthor of The People’s Business: Controlling Corporations and Restoring Democracy, Cray said today: “Enron exposed the dark side of the American corporate business model: the failure of deregulation and enforcement budget cuts, the tort reform laws that eviscerated any checks and balances provided by the market system’s gatekeepers (accountants, lawyers and bankers), and the system of executive compensation that motivated greedy executives at companies like Enron to cook the books and serve the results up to unsuspecting investors, employees and pensioners like a slice of all-American pie, while they quietly cashed out themselves. It’s not enough to pluck the few rotten apples off the highest branches when the roots of the problem go much deeper.”
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For more information, contact at the Institute for Public Accuracy:
Sam Husseini, (202) 347-0020; or David Zupan, (541) 484-9167