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You about yesterday -- case -- convicted white collar -- Jeffrey Skilling the former Enron CEO.
Has served six happy years of the 24 year -- so far.
For bringing down the world's largest energy trader it was one of the worst acts of corporate Friday in US history but today.
His sentence was sliced by ten years -- now he's going to be out just seven and a half years instead of seventeen and a half years from now.
So what does it -- sends -- -- white collar criminals.
Here with the dish is our go to lawyer Arthur I -- I'm dish dish yeah that a legal term it is and I know that -- a lawyer and my -- Many Italians who was I don't know what conditions are about to walk what is the deal the deal here is this.
He -- the F convicted gets his huge sentence.
The big you know you got guys.
For first place I mean it was it -- well anyone who -- -- -- let me humans double check my math you're sixty billion dollars.
At Enron stock was rendered worthless.
Two billion dollars in employee pensions were rendered worthless.
A lot of guilt and out -- with a lot of money going on -- so and and more importantly that a lot of money it's a lot of people that affected IBM.
Lives were ruined lives were destroyed.
I am so he -- is really rough sentenced he's he got Kenneth Lay whose posts ago.
Get sentenced and get -- my daddy dies so that -- -- his conviction.
And he appealed all the weapons Supreme Court the Supreme Court -- rules and his favorite saying.
One of the ways that one of the convictions against him was improper they go to a lower court.
About -- to be a -- charge of -- new drug bottom bottom line is they say that's.
He was sentenced to nine years too many.
And for them not to re appeal because he could have.
The government said look here's to many of which it what front nine lot because -- the guideline calculations which is the very complicated way they did about rock.
Well at the applied things the wrong way it in federal court -- -- state court.
To figure out what -- -- sentences -- like a small calculus degree it's crazy.
And it basically the court the judges that you did this the wrong way you came about this the wrong way therefore there's at least nine years that he's got tacked on that shouldn't -- tax.
So our white collar criminals everywhere rejoicing because this got a lot of this all week long has been that be sentenced for Padilla -- of late having if you look at.
-- -- -- I -- all those that has been very steps well what's right and is this the beginning.
-- reduction in these sentences border in -- press which as you said ruined a lot of lies but in many a lot -- -- longer than murder convictions correct.
But literally like a -- managerial affected when one person in one family -- infected but they're.
Right but they're like -- as opposed to I don't have birdie I mean unless you rather be a lot of argument is that it has to do isn't tremendous but -- -- these charts in the federal law.
That when you commit a crime you start -- at a very a blow based level would you like a non jail sentence.
And then depending on how much money was stolen or how much fraud on how much tax evasion.
That's what you come up with the numbers so it -- just -- minimal amount like.
A hundred million Euro -- one library level when it sixty billion in Europe the highest level -- he'll literally off the charts.
The -- think Supreme Court did -- the way they convicted him on this honest services fraud law which is a very complicated thing to explain.
We're not done properly so yes our door has been opened to criminal defendants did tell the -- government.
You need to prosecutors in this way you know not in that way and it may -- Lighten the load of them but yeah I don't think you -- -- 124 was out of fair about.
Fizzled I mean they did some bad stuff they heard a lot of people they heard a lot of retired people who -- like this to mean you go from -- they get like go to bed thinking I.
I have a half a million dollars in the bank and I'm eighty years -- to.
I've nothing in the bank over eighty years old -- Hello Arthur thank you so much selling cars here I was article and I tied up that -- every -- there's smoke I you know -- -- learned about rated shooting I dished it I knew about the dish.
Thank you folks turning now.
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