05.25.06

Cantwell Statement on Enron Verdicts

WASHINGTON, D.C. – U.S. Senator Maria Cantwell (D-WA) today responded to the verdicts announced in the criminal trial of former Enron executives Ken Lay and Jeff Skilling.

“This is a great day for justice in America, and the Department of Justice should be congratulated on the outstanding job they did in this case,” said Cantwell. “This criminal verdict proves Enron executives were guilty of securities and bank fraud and acted with criminal intent. The verdict proves that fraud was the guiding principle in Enron’s activities and driven by the top. The government took the case to the American public and that they were victorious proves that no one is above the law and that just because your crime is complicated and hard to understand, it doesn’t mean you won’t be held accountable.”

Thursday, Enron founder Kenneth Lay was found guilty of six charges related to conspiracy, securities fraud, and making false statements. In a separate trial, he was also convicted of bank fraud. Former Enron CEO Jeff Skilling was convicted on 19 of 28 charges, including conspiracy, securities fraud, and one insider trading charge. Sentencing is scheduled for September 11, 2006. In separate cases, three Enron traders have already plead guilty to fraud relating to energy market manipulation in the West.

“But justice won't be totally complete until federal regulators rule that Northwest consumers don’t owe the biggest criminal enterprise in American history any more money than they already took from us,” concluded Cantwell. “The evidence shows that Enron’s financial fraud helped pave the way for its energy market manipulation. Today’s verdicts reinforce the point that Enron’s $120 million lawsuit against Washington state ratepayers is frivolous and the issue should be resolved immediately in our favor.”

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