The Enron case finally goes to the jury

Enron jury deliberates on verdict
After hearing 56 days of testimony, the jury in the Enron fraud trial has begun deliberating verdicts for former bosses Jeffrey Skilling and Kenneth Lay.

The pair are accused of trying to hide $32bn (£18bn) of debts at the firm, but deny any wrongdoing.

The energy giant collapsed in 2001, with thousands of people losing their jobs and investments.

Mr Lay and Mr Skilling have both claimed that other staff were to blame and that they were kept in the dark.

List of charges

Earlier on Wednesday, the courtroom in Houston, Texas heard government prosecutors rebut some of the closing arguments made by the defence team.


ENRON TIMELINE
1985: Enron formed
Oct 2001: Enron reports $638m third quarter loss and $1.2bn fall in shareholder equity
Oct 2001: Securities and Exchange Commission begins inquiry into firm
Nov 2001: Enron shares sink to 10-year lows as buyout deal falls through and further losses are revealed at the firm
Dec 2001: Enron files for Chapter 11 bankruptcy
2002: Criminal investigation launched
2004: Skilling and Lay charged over Enron collapse. Former finance chief Andrew Fastow pleads guilty to criminal charges and agrees a 10-year jail term
Jan 2006: Enron trial begins

"They lied to their investors," said prosecutor Sean Berkowitz.

"They omitted critical facts, and at key times they put their own interests above those of their shareholders. And they lied, ladies and gentlemen, from the stand."

A day earlier, the defence team had accused prosecutors of rewriting Enron history and bullying witnesses.

Mr Skilling, 52, Enron's one-time chief executive, faces 28 counts of fraud and conspiracy.

Mr Lay, 64, the firm's founder and former chairman, is charged with six such offences.

Both could be sentenced to more than 30 years in jail if convicted.

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I don't see how Skilling and Lay will walk away from this. Seems to me like they'll be spending a long time in prison. What do you think?