Enron 2.0 - Jeffrey Skilling's Comeback

hi welcome to another ColdFusion video Jeffrey Skilling was the lovely character that we were introduced to in the last episode of ColdFusion after his time at Enron the ex CEO was sentenced to 24 years in prison and fined 45 million dollars for his role in the largest corporate fraud in history as mentioned in the last video he's freshly out of jail and planning a return let's see what he's been up to [Music] [Music] in 2010 skilling gave a rare interview to a fortune reporter in the interview he still defended the company's rationale in how they used to mark to market accounting to inflate revenue he was still angry Randy foster for ratting out to the investigators and also his criminal actions of using specially made sub companies to soak up Enron debts and hide losses skilling appeared to be humbled in prison the CEO who was once worth 110 billion dollars was in the strange and ironic position where he wasn't even allowed to physically touch any money not even a few quarters and change with embarrassment skilling asked the reporter could you blame me a cup of coffee inmates aren't allowed to touch any money or approach the machines they could put me in solitary confinement for a week one of Skilling's biggest regrets was talking too much during the trial instead of pleading the fifth amendment his lawyer told him to stay silent but he didn't he thought he could talk his way out skilling said that this educated the jury on information that they would have otherwise had to make up their own mind about he went on to say that this mistake compromised his case after serving 12 years of a sentence he was recently released from a minimum-security federal prison to a halfway house at an undisclosed location a halfway house is a highly restricted dormitory like establishment that helps federal inmates ease back into society inmates must maintain curfews find work and stay out of trouble so how much money did he get away with it's unclear how much money skilling has of that 100 million dollars he made at Enron under his conviction he was ordered to pay 42 million dollars and his court costs and legal defense cost another 20 million so he could have up to 38 million dollars with that money he should just lay low well as you know from the title of this video and the previous episode skilling had other ideas during his time at the halfway house skilling was already thinking of his next business and had already started having meetings for the new project currently he's back in Houston working out of an office in a wealthy executive neighborhood that coincidentally also is home to some of the energy industry's richest executives skilling has already met with more than two dozen four men on executives according to an insider the former CEO has had a warm reception according to The Wall Street Journal skilling has also met with software developers and blockchain and cryptocurrency specialists this indicates that this new venture might involve a digital cryptographic platform which connects investors to energy projects though all of this is unconfirmed and that's an underlying issue the main nature of the project is something of a mystery people in contact with Jeffrey Skilling have signed non-disclosure agreements according to two insiders Lau PI the stripper obsessed Enron executive remained close with skilling following the collapse and throughout his time in prison Lau PI made approximately 300 million dollars and is said that he's using some of that money to help out skilling only two months after his released from prison in April of 2019 skilling was listed as a manager of a company called JKL 1990 LLC on the Texas Registry another company by the name of paper doll style LLC is owned by Skilling's daughter and will be a professional partner according to the National Post there's reason to believe that these two companies are set up for the sole purpose of raising money and finding ventures to invest in as mentioned in the previous episode as part of the SEC judgment Jeffrey Skilling is permanently barred from serving as an officer or director of any publicly held company former US prosecutor Peter Henning states quote even if his new venture is successful he cannot serve on its board and am i crimp is fundraising the problem with skilling is that you may not want to be seen investing with him unquote and that's the obvious problem for skilling he would want to work with one of the biggest convicted fraudsters in history but then again the economic world is a strange place these days investors are searching for yield anywhere they can and that makes anything possible ultimately we'll have to wait and see as a side note I found something mildly interesting during my research I found an archive of many of Jeffrey's killings emails at Enron I don't think there's anything damning here for instance this is an email of Jeffrey Skilling asking people what they thought of is beated but it is just a little piece of history to look at I'll leave a link for the archive below so that's all the information that we know about what's the killing is up to these days it's all very secretive but it's clear that it's planning something on the topic of fraud there's talk and whispers that a similar thing to Enron is happening with General Electric I'm waiting for more concrete details to emerge but if some news does break I might do an episode on it anyway if that's about it thanks for watching this has been - go go and you've been watching cold fusion don't forget to check out the cold fusion podcast I'll leave a link for that below and feel free to follow me on Twitter and Instagram cheers guys have a good one cold fusion is he thinking [Music] you

Channel: ColdFusion

Views: 525,848

Keywords: Coldfusion, TV, Dagogo, Altraide, Technology, Apple, Google, Samsung, Facebook, Tesla

Id: ZkxrrTIxb9A

Length: 6min 12sec (372 seconds)

Published: Sun Sep 08 2019