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The NatWest Three's Experience - Told by David & Gary

The NatWest Three's Experience - Told by David & Gary

The Nightmare Begins
100+ Bankers Invested Personally in LJM Vehicles
At the First Hint of Trouble - Self Report to Your Employer
What the Secret Audiotapes Revealed
Internal Investigation - No Harm, No Foul
Step 2 - Self Report to the Financial Services Authority
Conclusion of the FSA Investigation: No Harm, No Foul
"Sweetheart, I've Got to Go to London"
The Criminal Complaint
The Diabolical Reason for the Charging Document
"Selling His Soul to the Devil, That Boy"
"Situating the Appreciation"
Prosecutorially-Abusive Tactic - Avoid Gathering Exculpatory Information
"They Go About Developing New Areas of Criminiality"
"Don't Worry About Being Extradited"
Cooperate, Or Be Indicted
Where's the Victim?
There's No Crime & No Victim, So Why Not Drop the Charges?
The Secret Extradition Treaty
Did the Grand Jury Know There Was No Victim?
What It's Like to Go Through an Extradition Hearing
The Extradition - "Just Plain Wrong"
Businessmen March
Emergency Debates in the House of Lords and the House of Commons
"As Long As There Is Breath In My Body..."
Neil Takes His Life
Saying Goodbye
Gary's Unexpected Twist
That Man Over There...
Saying Goodbye to Callum
A Bigger, Uglier, 23-Person Escort
Homeless in Houston
The Motion to Dismiss
Motion to Dismiss - Denied
Abandonment and Abduction
No Witnesses, No Evidence
Key British Witness Refuses to Testify in America
$10 Million Versus $1 Million
Bang! Up It Came
The Smoking Gun E-mail
What's Wrong With This E-mail?
Surprise!
"Looking Into the Mirror"
Knocked Sideways
The Likeliest Possible Outcome
Why David Decided to Plead Guilty
Why Gary Decided to Plead Guilty
"I'm a Criminal"
What It's Like to Plead Guilty - From David's Perspective
The Judge Had Not Even Read the Statement of Facts
What It's Like to Plead Guilty - From Gary's Perspective
An Uncanny Resemblance
The U.S. Plea Bargain System
Hindsight, Regrets, Lessons Learned
The Presumption of Guilt

Joannie's Experience

Joannie's Experience

Joannie
Me, Mark, Paula, Ken & Jeff
The Day My Friend Mark Koenig Pled Guilty
Why I Believe My Friend Pled Guilty
When My Friend Testified
What's the Right Thing to Do?
What It's Like to Testify at a Trial - and Contradict Your Friend
"The Media Just Totally Ignored It"
Mark's and Paula's Rewards
What I've Learned
What You Might Learn from My Story

Mike Ramsey's Experience

Mike Ramsey's Experience

Mike
"I'm Ashamed"
"What Really Happened"
Behind the Scenes with Ken Lay
Just Talk to Them - It Will Be Okay
Why John Hueston Joined the Enron Task Force
Playing Charades with the DOJ - The Internal Review
The One Thing We Did Right During the "Investigation"
What It Was Like to Tell Ken That He'd Been Indicted
The Indictment
When Ken Surrendered
The Perp Walk
How the Enron Task Force Manipulated the Grand Jury Process
130 "Unindicted Co-Conspirators"
If You're Innocent, What Do You Have to Fear?
Judge Lake's Message to Potential Witnesses
Everyone Was Gagged
"Sorry, Mike"
Where Was Judge Lake?
"It's Like Swallowing a Rock"
Again, Where Was Judge Lake?
What I've Wondered About Over and Over
What Happens In the Dark of Night
The Dirty, Dark Secret
Is Judge Lake Embarrassed?
Why We Didn't Want to Try the Case in Houston
Why Wouldn't the Judge Even Grant a Hearing on the Change of Venue Motion?
"Scum" - And Then There Were Two
Mike's Shock During Jury Selection
How Mike Felt After Jury Selection
"If I Have a Criticism of Judge Lake..."
"I Did Not Understand Why the Judge Chose to Stop Us"
"We Tried to Call Expert Witnesses and Were Prohibited From Doing So"
To Whom Do You Complain?
Horse Police, Reporters & Pundits
Mike's Heart Problems
His Death Hurt
"That's a Damn Lie"
"The Civil Lawyers...Were Absolutely Shocked and Palefaced"
Mike's Fear

The Broadband Guys' Experience - Told by Paul

The Broadband Guys' Experience - Told by Paul

Paul
My Relationship With Enron
What Enron Broadband & FYI-Net Were Building
My Relationship with Scott Yeager, One of the Five Broadband Defendants
Two Years After the Bankruptcy - A Shock
Why the Enron Task Force Went After Scott
During Their "Investigation", the Enron Task Force Refused to Inspect the Network Operating Centers
The Enron Task Force Did Not Charge the Broadband Defendants Until After the Network Had Been Dismantled and Sold - Conveniently Leaving No Evidence for the Defense
What Happened to the Software?
How the Enron Task Force "Investigated" Scott
Why John Kroger's Mind Was "Made Up"
The Mafia Prosecutor Finds His Story Spinners - and His Victims
Did the Enron Intelligent Network Work? Yes.
John Kroger's Openly-Admitted Modus Operandi
After Destroying Exculpatory Evidence, the Enron Task Force Ensured That the Defense Had No Witnesses
The First Broadband Trial - A Collection of Prosecutorial Abuses Before & During the Trial
Only One Person Was Brave Enough to Speak Out...
The Enron Task Force's Big Mistake in the First Broadband Trial
When Caught in the Mistake, the Enron Task Force Tried to Blame Someone Else
The Verdicts in the First Broadband Trial
If At First You Don't Succeed...Spend More Taxpayer Dollars and Re-Indict
The Second Broadband Trial - Mike and Kevin
Even the Jurors Saw No Justice & Admitted Wrongdoing
If You Don't Succeed a Second Time, Re-Indict a Third Time - Kevin's Continuing Nightmare
They Go After Scott a Second Time - and the Appellate Court Lets It Happen
Scott Takes His Case to the Supreme Court - And Wins
They Go After Joe and Rex a Second Time
What I Learned About the "Justice" Department

What It Was Like...

What It Was Like...

...To Be at Enron Just Before and During the Bankruptcy
...To Work at Enron After the Bankruptcy

The Amount of Work that Needed to Be Done...Was Crushing
FBI, SEC, IRS, Department of Labor, Bankruptcy Examiner...$50,000 of My Own Money Later...
The Enron Building - A Magnet for the Media, Japanese Tourists and Jesse Jackson

...To Be Deposed
...To Meet With the Department of Labor

Mary's Experience in Houston
Cindy's Experience in Washington

...To Have the FBI Show Up at Your House
...To Have Your Friends Interrogated by the FBI
...To Testify Before Congress (It's Not What You Expect)

It's Not What You Expect
Testifying Before the Senate Committee - Like Being in a Movie
How It Feels to Be in the Media Spotlight
Testifying Before the House of Representatives - Not Nearly as Nice
What It's Like to Find Out You're Being Set Up

...To Testify to the Enron Grand Jury

What It Was Like to Testify to the Enron Grand Jury
"They Weren't Looking for the Truth"

...To Meet With the Enron Task Force - Mary's Experience

"They Wanted You to Agree with What They Wanted to Say"
"They Would Get Aggressive Sometimes"

...To Meet With the Enron Task Force - Hugh's Experience

What It Was Like to Meet at the Federal Courthouse
"It Became Obvious That They Wanted Him to Say Things...That He Didn't Think Were True"
What It Was Like to Meet at the Enron Task Force Building

...To Testify at the Lay/Skilling Trial - Cindy's Experience

Cindy's Experience
Joannie's Experience
As an Expert Witness - Dr. Barry's Experience

...To Be at the Opening Arguments of the Lay/Skilling Trial
...To Be in the Courtroom During the Lay/Skilling Trial
...To Be in the Courtroom the Day the Verdict Came In in the Lay/Skilling Trial
...To Be in the Courtroom During Jeff Skilling's Sentencing

 

The Scene Was Set

The Bankruptcy

Houston's Great Calamity
The Bankruptcy in Economic Context
The Bankruptcy in Social Context

What It Was Like to Be at Enron Just Before and During the Bankruptcy
What It Was Like to Be at Enron After the Bankruptcy

Congress Pounces

"How the Sausage Is Made In Congress…It's Really Ugly"
"It's Nothing More Than a Charade"
During the Congressional Hearings, Jeff Skilling Was Interrupted 72 Times
Guess Who Directs the C-Span Cameramen

What It Was Like to Testify Before Congress

President Bush Acts Fast

"There Is No Possession More Valuable Than a Good & Faithful Friend" - Socrates
Oval Office - "Clean This Mess Up Immediately."
President Bush's First Move - Deny the Relationship
President Bush's Second Move - Use the Department of Justice
President Bush's Third Move - Create the Corporate Responsibility/Enron Task Force
Deny + Indict = Re-Election
A Message to the Bush Family at Ken Lay's Memorial Service

The Characters Were Cast

The Enron Task Force - Its Formation & Purpose

The Enron Task Force - Its Formation & Purpose
Carte Blanche for the Enron Task Force's First Director - Leslie Caldwell

Meet the Enron Task Force Prosecutors

Observations About Their Mindset
Their Mafia Modus Operandi
"Beating Up the Witness" - A Description from Someone Who Saw Them in Action
Straight From the Horse's Mouth: An Enron Task Force Prosecutor's Own Words
How Do They Get Away With It? Prosecutors Have Been Cast By Congress Into the Role of "God"
U.S. Prosecutors Compared With U.K. Prosecutors
A Prosecutor's Goal: "A Ticket to Personal Wealth"
The Enron Task Force Prosecutors - Where They Are Now

Meet the Enron Task Force FBI Agents

Many a Truth Is Spoken in Jest
Were the FBI Agents on the Enron Task Force Qualified for the Complexity of the Enron Case? Just Asking...
Their Favorite Intimidation Tactics

The Enron Task Force's Strategic Decisions

Leslie's First Strategic Decision - Staff and Manage the Enron Cases as Mob/Organized Crime Cases
Leslie's Second Strategic Decision - Make the Enron Cases "Conspiracy" Cases
Leslie's Third Strategic Decision - Characterize the Bankruptcy as One of Solvency, Versus Liquidity
Leslie's Fourth Strategic Decision - Go for the Quick Kill

What It Was Like to Meet With the Enron Task Force

The Plot Was Engineered & Executed

A Short and To-the-Point Overview

A Short and To-the-Point Overview

Civil Versus Criminal Law - The Differences May Surprise You

Scalpel Versus Axe
The Civil Lawyers Were Shocked & Palefaced
The Result - An Un-Level Playing Field - And No Referee

They Tried To - And Likely Did - Violate People's Constitutional Rights

Did They Listen to People's Phone Conversations? It Can't Be Proven, But Many Believe That Yes, They Did

They Gagged Defense Witnesses by (1) Using the Grand Jury as a Weapon and (2) Creating a Lethal "Secret" List

Grand Jury = Indictment Factory

What It Was Like to Appear Before the Enron Grand Jury

They Used the Grand Jury for an Illegitimate Purpose: As a Weapon
The Secret List of "Unindicted Co-Conspirators"
The Result - No One Would Even Talk to the Defense
How the Gagging Tactic Worked in the Nigerian Barge Case
How the Gagging Tactic Crippled the Defense in the Lay/Skilling Case
How the Gagging Tactic Divided and Conquered - Even in the Midst of Tragedy
The Hero of the First Broadband Trial - Larry Ciscon
Hey David - We're Taking the Knife Away from Your Throat, But Remember that the Noose Is Still Around Your Neck
How the Gagging Tactic Played Out in the Lay/Skilling Trial - Well Enough, But the Jury Did Notice
Where Was Judge Lake?
"Unindicted Co-Conspirators" Was Not an Invention of the Enron Task Force - But They Took It to a New Level

They Abused Their Power to Indict People

Robert Jackson Saw It Coming
Hi Honey - What Three Crimes Did You Commit Today?
Mother Teresa's Crimes
The "Bad Faith" Prosecutions - AKA The Enron Prosecutions

And For Good Measure, They Made the Indictments Incomprehensible

"It Is Getting Increasingly Common to Get Indicted And Not Know What You Did Wrong"
Hid Financial Information From the Public? On the Contrary...
"Embedded Losses" Is a Term That Was Invented for This Indictment
And Then There Was Arthur Andersen

Leslie’s Fourth Strategic Decision – Go for the Quick Kill

They Kept Evidence That Was Favorable to the Defendants Away From the Defendants and Away From the Jury

Hiding the Good Stuff
Trick #1 - They Avoided Gathering Favorable Evidence - The Enron Task Force Never Talked to Ken Lay
Trick #1 - They Avoided Gathering Favorable Evidence - The Enron Task Force Never Talked to Jeff Skilling
Trick #1 - They Avoided Gathering Favorable Evidence - The Enron Task Force Never Talked to Jeff Skilling's Assistant
Trick #2 - When the Enron Task Force Did Talk With Someone, They Limited Their Ability to Speak - And Tried to Put Words In Their Mouths
Trick #3 - When Someone Did Say Something Favorable to the Defense, They Didn't Write It Down
Trick #4 - They "Lost" the Fastow Notes
Trick #5 - They Witheld Evidence Until It Was Too Late To Be Useful To the Defense
Trick #6 - They Permitted Destruction of Evidence That Would Have Helped the Defense
Trick #7 - They Claimed Exculpatory Evidence Didn’t Exist - When It Did and They Had It
Where Was the Judge?

They Poisoned the Jury Pool - And the Judge Refused to Administer Antidote

The Well-Orchestrated Media Campaign
An Example of How They Manipulated Press Releases
Humiliating Public Theater
The Jury Questionnaires
There Are Remedies For Poisoned Jury Pools
Remedy #1 - Change of Venue
Remedy #2 - Individual Questioning of Prospective Jurors
The Defense Begged - The Judge Said No
The Result - A Poisoned Jury & At Least One Juror Who Should Not Have Been Selected (The Forewoman)
A Short Story About Jury Consultants
How the Enron Task Force Got Around the Rule about Not Talking to the Media - Or Did They?

They Terrorized People Into Pleading & Flipping

Of Course the Prosecutors Got What They Wanted
Pleading Insanity
How Did We Get Such a Broken Plea Bargaining System? The Federal Sentencing Guidelines
How the Plea Bargain System Works
Truth is Perjury in Today's "Crude Conviction Machine"
Do You Think That You Would Never Plead Guilty to Something You Didn't Do? Consider...
Still Think That You Would Never Plead Guilty to Something You Didn't Do? How Much Money Do You Have?
In Legalese, It's Called "The Trial Penalty"
Only 4% of Americans Fight
The Enron Task Force Climbed the Ladder
Straight From the Enron Task Force Prosecutors' Mouths...
The "Dirty, Dark Secret of the Enron Trials"
The Torture & Psychology of Plea Bargains
How Plea Bargaining Played Out in the Lay/Skilling Trial
Examples of Enron Task Force "Flips"
The Day My Friend Mark Pled Guilty

Joannie's Story

The Enron Task Force's Biggest Coup: Rick Causey's Plea
Andy - Cooperate, Or We'll Indict Your Wife
Ben - Say What We Want You to Say, Or We'll Send You Back to Solitary Confinement
If Defense Attorneys Did What Prosecutors Do, They Would Be Indicted
Where Are the Judges? Willfully Blind...
But the Defense in the Lay/Skilling Trial Complained Loudly - Where Was Judge Lake?
Had the Enron Trials Been Held in the UK - A Barrister's Analysis
A Warning to UK Citizens - The UK Is Considering the Adoption of the US Plea Bargaining System

They Presented False Testimony & Manufactured Evidence

They Presented False Testimony & Manufactured Evidence
Examples of Perjured Testimony at the Lay/Skilling Trial

Joannie's Story

Why Did Judge Lake Prohibit Testimony About Witness Intimidation?
Example of Manufactured Evidence in the Lay/Skilling Trial: The Infamous "Global Galactic"
Where Was Judge Lake When the Prosecution Presented Manufactured Evidence?
A Short Story About Andy Fastow's Character
Why Wouldn't Judge Lake Let the Defense Show the Indictment to the Jury?

In the Lay/Skilling Trial, It Sure Looked as Though Judge Lake Was Helping the Prosecution Until the Bitter End

Judge Lake Kept the Jury from Seeing the Indictment Until They Went Back to Deliberate
Based on Judge Lake's Jury Instructions, Even You Would Have Been Found Guilty
Judge Lake's Gift to the Enron Task Force: The Willful Blindness Instruction
What is the "Willful Blindness" Instruction?
What's Dangerous about the Willful Blindness Instruction?
What Happened to "Mens Rea" (Intent)?

Jury Instructions

They Rewarded Their Cooperating Witnesses with Meager Sentences

They Rewarded Their Cooperating Witnesses with Meager Sentences
I Lost Money - Someone Must Pay

The Reviews Were Written

A Shameful Example of American "Journalism"

The "Relentless" and Lazy Press
They Were Message Hucksters, Pushing the Idea that Would "Sell"
The Media's Mantra - Good Versus Evil Corporate Executives - End of Story
They Elevated It to National Tragedy Status
The Media's Creation - A Vitriolic Lynch Mob - Americans at Their Ugliest
Did the Media Contribute to the Bankruptcy Itself? One Editor Takes Credit

And The Award for the Most Blatantly-Biased Newspaper Goes To...The Houston Chronicle

The Houston Chronicle's Coverage
The Chronicle Blogs Their Version of the Lay/Skilling Trial
The Houston Chronicle Even Called for Conviction While the Jury Was Deliberating

Bethany McLean's Role in the Enron Collapse & the Lay/Skilling Convictions

Meet Erin K. Rice, a Former Enron Employee In the Communications Group
Erin's Experiences with the Media After Enron's Bankruptcy
Erin Researches Bethany McLean
The Bethany McLean/Jim Chanos Connection
Jim Chanos' Bears in Hibernation
Erin & Her Co-Workers Feel the Bite of the Bears in Hibernation
After Bears in Hibernation, the Short Positions On Enron Tripled
Jim Chanos Gives Bethany McLean a "Lead"
Bethany McLean's "Due Diligence"
Bethany's Story: Is Enron Overpriced?
Another Example of Bethany McLean's "Due Diligence"
Bethany McLean Becomes the Oracle of Enron
Bethany McLean Writes Enron: Smartest Guys In the Room, Then Teams Up with Mark Cuban
The Playbook for the Prosecution
Bethany’s Reporting from the Trial - Objective? Or Improper? Decide for Yourself
Where is the Accountability?
What Happened on Smith Street

The Media's Contribution - Myth After Myth After Myth After Myth...

Myth: Enron Was a House of Cards
Myth: Enron Employees Could Not Trade Stock in Their 401(k)s, While Executives Could & Did

Meet Mikie Rath, Enron's Manager of Benefits
Enron Employees' Benefits Package
Enron's 401(k) Plan
Diversify, Diversify, Diversify
The Record Keepers - Who They Were & What They Did
Changing Record Keepers
The Infamous "Lock Down"
Communications to Employees
Pushing the Blackout Period
The Transition - Chronology of Events
After the Blackout Period...
Ted Koppel Starts the Myth
Congress Perpetuates the Myth
A Summary of Key Points

Myth: Enron Employees Lost All of the Money In Their Retirement Accounts

Myth Versus Reality
Meet Mary Joyce, Enron's Director of Benefits & Executive Compensation
Enron's Pension Plan Was Fully Funded
How the Pension Myth Began
The Hoax about the 401(k) Plan
Senator Wellstone Was Wrong
Enron's 401(k) Plan
Were Employees Forced to Invest in Enron Stock?
But Didn't the Executives Tell the Employees to Invest in Enron Stock?
After All Those Accusations - No Change

Myth: Enron Was Shredding Documents
Myth: Enron Executives Pumped & Dumped
Myth: Global Galactic Was the Prosecutors' "Smoking Gun"
Myth: Enron's Use of Mark-to-Market Accounting Was Improper
Myth: Enron Hid Debt

The Epilogue

Why Should I Care What Happens to a Bunch of Enron Executives?

Why Should I Care What Happens to a Bunch of Enron Executives?
So, What Is the State of the American Justice System?

How Did We Get Here?

The Rudy-RICO Revolution
Your Tax Dollars at Work - We Went from 1,500 to 8,000 Federal Prosecutors
We Went from Clear Laws to Vague "Statutes"

But Come On, I'm Not Like the Enron Executives - What Do I Have to Fear?

But Come On, I'm Not Like the Enron Executives - What Do I Have to Fear?

So, How Do We Fix This?

Expose It, Talk About It, Write About It - And Challenge the Media to Report It
Challenge Congress to Make Laws Clear Again
Demand Changes to the System - Some Ideas
Demand Changes to the Plea Bargain System
If We Don't Fix It, What Are the Ramifications for Business in America?
So, What Should I Do If They Come After Me?

What Have We Learned - And What Lessons Have We Missed?

What My Experience Taught Me
What Lessons Did We Miss?
What Should Universities Be Teaching About Enron?
What If Enron's Bankruptcy Was Not a Product of Rampant Criminality? A Thoughtful Man Wonders What Lessons We May Have Missed

Was Enron a Hotbed of Criminality - Or a Canary In a Mineshaft?
Why This Corporate Economist Has Taken the Time to Study Enron's Bankruptcy
The Baffling Bankruptcy Becomes a Quest
What the Canary Tried to Tell Us
The First Thing to Understand: How Enron Was Structured & Made Money
So, What Happened? What Caused the Clouds to Gather?
What Did Enron's Credit Rating Have To Do With It?
What Lesson Did We Miss About Short Selling?
What Lesson Did We Miss About Material Adverse Change Clauses?
What Lesson Did We Miss About Ourselves?
Will Missing These Lessons Hurt the U.S.?

 

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