Scene 3: Trial
Lawyer Mr Fastow, you've spent a great deal of time today describing your actions as 'a hero of Enron'. Do you really view your behaviour as heroic?
Fastow I think I said I was a hero and I believed I was a hero in the context of Enron's culture.
Lawyer Were you a hero when you stole from Enron – yes or no?
Fastow No, I was not.
Lawyer You must be consumed by an insatiable greed. Is that fair to say?
Fastow I believe I was extremely greedy and that I lost my moral compass. I've done terrible things that I very much regret.
Lawyer That sounded awfully rehearsed, Mr Fastow.
Fastow With respect, your questions sound pretty rehearsed too.
Lawyer Are you smart, Mr Skilling?
Lawyer 2 Sure you are. So you knew and understood what Mr Fastow was doing at your company?
Fastow We knew and understood that it was wrong.
Skilling I knew and understood that it was legal.
Lawyer Did you steal?
Fastow We stole. We all benefited financially.
Skilling I would never steal from Enron.
Lawyer Did you profit personally, illegally from LJM?
Fastow I did.
Skilling I did not know that.
Lawyer 2 You did not want to know.
Lawyer How much?
Fastow It's difficult to say.
Fastow Around forty five million dollars –
Lawyer Forty five million (!)And how much did Mr Skilling profit personally?
Fastow None. Directly.
Lawyer None! So doesn't it make sense that you'd protect yourself today? Say anything to get your boss convicted, maybe make arrangements with the federal government!
Lawyer 2 Objection!
Lawyer He promoted you, supported you and trusted you, did not profit at all, yet was betrayed by you!
Lawyer 2 Mr Skilling, During the period of February '99 through June 2001, did you convert your stock worth sixty-six million dollars?
Skilling That sounds –
Lawyer 2 All the time telling employees to invest?
Fastow When you misrepresent the nature of your company –
Skilling I believed in Enron.
Fastow Then cash in your stock options, that is stealing –
Lawyer We all know you know 'bout stealing' Mr Fastow –
Fastow We committed crimes at Enron.
Lawyer No, you committed crimes at Enron!
Lawyer 2 You thought the company was fine, everything was fine, with things in such great shape, why did you resign?
Skilling I resigned because the market demanded it.
Lawyer 2 You left a sinking ship! Women and children first, right after Jeff!
Skilling The company was worth what it was worth because of me.
Lawyer 2 Does that include the nothing it's worth now?
Lawyer 2 Remind me, Mr Skilling, who hired Andy Fastow?
Skilling I did.
Lawyer But LJM was your idea?
Fastow I was asked to look for loopholes.
Lawyer 2 And when you made him CFO, you knew the sort of man he was?
Skilling I didn't know him well.
Lawyer 2 He worshipped you, wanted to impress you –
Skilling I don't see how that's – (relevant) /
Lawyer 2 Andy Fastow came to you with LJM, with this insane idea, you knew that it was wrong, but you signed off!
Skilling We didn't do anything that every other company doesn't do! We did it more! We did it better! Show me one transaction the accountants and lawyers didn't sign off on!
Lawyer When the history books are written about what happened at Enron you know your name is going to be on that page. You want to make sure Mr Skilling's name is on that page also.
Fastow You know what I'd like written on that page? That I had the courage to admit I did something wrong.
Court Officer Andrew Fastow, you are found guilty on two counts of criminal conspiracy.
Court Officer Kenneth Lay you are found guilty on six counts of conspiracy and securities fraud.
Lay and Fastow are cuffed. Skilling is cuffed.
Court Officer Jeffrey Skilling you have been found guilty of nineteen separate counts of securities fraud, wire fraud and insider trading.