We Once Jailed CEOs for Their Crimes. Remember?

Sam Pizzigati

Sam Pizzigati Editor, Too Much online magazine

Jeffrey Skilling, the ex-CEO of the now-bankrupt energy giant Enron, has got to be steaming. Skilling helped Enron soar high up in the Fortune 500, then sank into infamy when his company went bankrupt in 2001 amid revelations of widespread fraud. Five years later, a federal judge sentenced Skilling to 24 years in prison. Last week, federal authorities released the 64-year-old to a halfway house, the first step to outright release. Enron’s collapse cost shareholders billions and employees their life savings. Skilling personally has had to pay $45 million in fines and over $75 million in legal fees — and his 20-year-old son died while he was serving his time. But Skilling has yet another reason to fume. None of the top CEOs responsible for the fraud that ushered in the 2008 financial crash — and wreaked much more havoc on America than Enron — has yet faced a day behind bars and, notes federal judge Jed Rakoff, likely never will.
 
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Sam Pizzigati edits Too Much, the online weekly on excess and inequality. He is an associate fellow at the Institute for Policy Studies in Washington, D.C. Last year, he played an active role on the team that generated The Nation magazine special issue on extreme inequality. That issue recently won the 2009 Hillman Prize for magazine journalism. Pizzigati’s latest book, Greed and Good: Understanding and Overcoming the Inequality that Limits Our Lives (Apex Press, 2004), won an “outstanding title” of the year ranking from the American Library Association’s Choice book review journal.

Posted In: Union Matters

Union Matters

He Gets the Bucks, We Get All the Deadly Bangs

Sam Pizzigati

Sam Pizzigati Editor, Too Much online magazine

National Rifle Association chief Wayne LaPierre has had better weeks. First came the horrific early August slaughters in California, Texas, and Ohio that left dozens dead, murders that elevated public pressure on the NRA’s hardline against even the mildest of moves against gun violence. Then came revelations that LaPierre — whose labors on behalf of the nonprofit NRA have made him a millionaire many times over — last year planned to have his gun lobby group bankroll a 10,000-square-foot luxury manse near Dallas for his personal use. In response, LaPierre had his flacks charge that the NRA’s former ad agency had done the scheming to buy the mansion. The ad agency called that assertion “patently false” and related that LaPierre had sought the agency’s involvement in the scheme, a request the agency rejected. The mansion scandal, notes the Washington Post, comes as the NRA is already “contending with the fallout from allegations of lavish spending by top executives.”

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Corruption Coordinates

Corruption Coordinates