The Verdict on Lay
Mailed from somewhere on Route 55:
Dear Judge,
A jury has found Ken Lay, former CEO of Enron, guilty of fraud, insider trading, conspiracy, and other serious charges brought against him by the U.S. government.
No sympathy here. I think Lay bears responsibility not only for America's biggest corporate pileup since 1929 but also for many thousands of devastating individual career crashes. Sure, Lay didn't personally eliminate all our jobs, but the events leading to our plight can be traced back to him and Enron. And we'd like some justice.
I especially speak for those abruptly shuttled onto what I call "Route 55" -- not a road gladly travelled by midlife professionals. Companies put you on it when earnings pressure and bad PR send them looking for expenses to cut. By now it's no secret that employees anywhere near 55 are prime targets. They may pretty it up with an "early retirement" label, but it's still an involuntary layoff.
Not surprisingly, I turned 55 just one week before I was bumped off the fast lane and onto the rough pavement I now travel. There's quite a traffic jam here, by the way. People are upset and milling about, some crawling along in a glum daze, some stuck on the shoulder with overheated radiators or empty gas tanks, some trapped in SUVs full of shouting, unhappy family members. The kids are whining and the old folks are querulous. They're getting hungry and a little frightened by traveling on a strange road with no idea where they are headed.
It will take years to unknot this mess, Your Honor, and I hope you will take Ken Lay to account for helping create it. Some people say it's only the system to blame, but I say that what hit us had Lay's license plate number all over it! Consider the factors leading to my own small incident.
THE ENRON PILE-UP: Ken Lay drives Enron into disaster. Thousands of employees, debtors, and shareholders hit the wall right behind it.
THE ANDERSEN WRECK: The government and SEC pursue Enron's auditors, Arthur Andersen, until they crash and burn too.
THE MOVING VIOLATIONS: My company's new replacement auditors swiftly cry foul on certain accounting procedures which Andersen had blessed.
THE EXECUTIVE CONVICTIONS: Most of our senior executives are found guilty of Driving Under the Influence (of Andersen) and fired. Several are sued.
THE EMERGENCY TECHNICIANS: We recruite a new executive team who promptly begin classic corporate triage treatment: downsizing, cost cutting, and outsourcing.
THE TOW TRUCKS: A chain of career rear-end collisions rapidly develops at my firm. It takes a few months, but eventually: Crash!! And then I'm towed away to Route 55.
Judge, this is why it seems to me that the loss of my job, my bosses' jobs, our auditors' jobs, and a legion of Enron employees' jobs all lead back to Ken Lay. And I can call on any number of others sitting in this traffic jam to roll down their windows and testify too if you want.
Not necessary, you say? Then as you prepare to sentence Mr. Lay, we hope you will fully consider the enormity of personal and property damages resulting from his actions. And if you change your mind anytime between now and your September sentencing deadline, you know where to find us: blinking with uncertainty, here on Route 55.
Dear Judge,
A jury has found Ken Lay, former CEO of Enron, guilty of fraud, insider trading, conspiracy, and other serious charges brought against him by the U.S. government.
No sympathy here. I think Lay bears responsibility not only for America's biggest corporate pileup since 1929 but also for many thousands of devastating individual career crashes. Sure, Lay didn't personally eliminate all our jobs, but the events leading to our plight can be traced back to him and Enron. And we'd like some justice.
I especially speak for those abruptly shuttled onto what I call "Route 55" -- not a road gladly travelled by midlife professionals. Companies put you on it when earnings pressure and bad PR send them looking for expenses to cut. By now it's no secret that employees anywhere near 55 are prime targets. They may pretty it up with an "early retirement" label, but it's still an involuntary layoff.
Not surprisingly, I turned 55 just one week before I was bumped off the fast lane and onto the rough pavement I now travel. There's quite a traffic jam here, by the way. People are upset and milling about, some crawling along in a glum daze, some stuck on the shoulder with overheated radiators or empty gas tanks, some trapped in SUVs full of shouting, unhappy family members. The kids are whining and the old folks are querulous. They're getting hungry and a little frightened by traveling on a strange road with no idea where they are headed.
It will take years to unknot this mess, Your Honor, and I hope you will take Ken Lay to account for helping create it. Some people say it's only the system to blame, but I say that what hit us had Lay's license plate number all over it! Consider the factors leading to my own small incident.
THE ENRON PILE-UP: Ken Lay drives Enron into disaster. Thousands of employees, debtors, and shareholders hit the wall right behind it.
THE ANDERSEN WRECK: The government and SEC pursue Enron's auditors, Arthur Andersen, until they crash and burn too.
THE MOVING VIOLATIONS: My company's new replacement auditors swiftly cry foul on certain accounting procedures which Andersen had blessed.
THE EXECUTIVE CONVICTIONS: Most of our senior executives are found guilty of Driving Under the Influence (of Andersen) and fired. Several are sued.
THE EMERGENCY TECHNICIANS: We recruite a new executive team who promptly begin classic corporate triage treatment: downsizing, cost cutting, and outsourcing.
THE TOW TRUCKS: A chain of career rear-end collisions rapidly develops at my firm. It takes a few months, but eventually: Crash!! And then I'm towed away to Route 55.
Judge, this is why it seems to me that the loss of my job, my bosses' jobs, our auditors' jobs, and a legion of Enron employees' jobs all lead back to Ken Lay. And I can call on any number of others sitting in this traffic jam to roll down their windows and testify too if you want.
Not necessary, you say? Then as you prepare to sentence Mr. Lay, we hope you will fully consider the enormity of personal and property damages resulting from his actions. And if you change your mind anytime between now and your September sentencing deadline, you know where to find us: blinking with uncertainty, here on Route 55.
posted by Imagine That @ 12:03 PM
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