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Enron's collapse, the first in a series of financial scandals that rocked Wall Street and corporate America, also embarrassed the White House because of the company's close ties with the Bush administration. Enron, based in Houston, was a big contributor to Mr Bush's presidential election campaign.

Stock Investing Course In an ominous sign for Enron's Kenneth Lay and Jeffrey Skilling, a jury has convicted four ex-Merrill Lynch executives and a mid-level Enron official of cooking the Enron books.

- in english.people.com. Judge dismisses conviction of late Enron founder Kenneth Lay People' A US federal judge Tuesday dismissed the conviction of Enron's late founder Kenneth Lay for he died before he had a chance to appeal.

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The charges come after Mr Skilling, 50, surrendered himself to the FBI at their headquarters in Houston, Texas, accompanied by his lawyers. Citing personal reasons, Mr Skilling resigned from Enron in August 2001, four months before the company filed for bankruptcy. His abrupt departure from Enron marked the beginning of the end for the energy company that had won plaudits on Wall Street for its "innovative" financial practices.

Stock Investing Game Nov 7, 2004 (AXcess News) Houston - The polls are closed and results are starting to come in - finally. At times it seems as if the Enron scandal has been with us forever, lingering just below the top headlines and gnawing at the public consciousness. Still, we await final resolution. Three years after Enron began to unravel, the main event - the trials of former Chairman Kenneth Lay and President Jeffrey Skilling - remains months away, but at least preliminary bouts finally are underway.

Already named were 38 top Enron officers and 21 partners at Andersen, which is crumbling under the weight of problems caused by role in the Enron scandal. The embattled auditor said Monday it would cut 7, 000 jobs, or a quarter of its U.S. staff.

Journal Prime Rate Street Wall On November 3, 2004, a federal jury convicted one mid-level Enron executive and four former Merrill Lynch & Co executives on charges related to the bogus sale of energy barges by Enron to Merrill Lynch in 1999. The barge sales were concocted to help Enron meet earnings projections. According to prosecutors, Merrill agreed to invest $7 million in an entity that made the purchase in exchange for Enron's commitment to repurchase the barges in six months. Because of the repurchase agreement, Enron retained the risk of ownership and should not have reported the barge sale proceeds as revenue. It did - creating the impression of significant revenue.Prosecutors charged that the barge maneuverings were one glaring example of the unlawful accounting schemes used to create the illusion of Enron's success. The government said that Merrill Lynch executives signed on to the scheme in order to curry favor with Enron and garner future business. In March 2003, Merrill Lynch avoided criminal prosecution when it agreed to implement reforms and paid $80 million to the Securities and Exchange Commission to settle civil allegations relating to the barge transactions.AdvertisementOne former Enron employee, in-house Enron accountant, Sheila Kahanek, was acquitted of the charges after she testified that she vehemently opposed the agreement to resell the barges to Enron within six months.The individuals convicted of conspiracy and wire fraud by a Houston, Texas jury were: Daniel Bayly, Merrill's former head of investment banking; James A. Brown, former head of Merrill's asset lease and finance group; William Fuhs, a Merrill Lynch vice president; Robert S. Furst, a former manager of Merrill's relationship with Enron; and Dan O. Boyle, a former Enron finance executive.

Thanks to the Enron scandals, lawmakers have a fresh reminder of the need to remove the stain of campaign money from everything they do. Enron was one of the biggest campaign donors in the country, Meehan bill.

Stock Market News The jury's work is not yet done. Jurors are already hearing evidence about the financial damages caused by the fraud, with sentencing to follow. Prosecutors claim that over $40 million of losses were incurred as a result of the scheme. Defense attorneys say that losses were only about $1 million. If jurors accept the prosecution's arguments, the defendants face lengthy prison sentences, which could reach ten years.Source: Stockpatrol.com

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