23 April 2005

liars, cheats and frauds

and the Republicans who love them:

Witness: Executives lied about broadband The former chief executive of Enron's Internet business told jurors he lied to analysts about the capabilities of the company's broadband network and that other executives, including former Enron CEO Jeff Skilling, were accomplices. Ken Rice, who headed Enron's Broadband Services, said the lies were to trick analysts into bolstering the value of Enron's stock. "I lied about the status of Enron Broadband Services," said Rice, who appeared nervous at the start of his one-hour testimony near the end of proceedings on Friday. "Did you do this alone?" asked U.S. Attorney Ben Campbell. "No," Rice replied.

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"The purpose in telling the lies was to make Enron Broadband Services look better than it was," Rice said, adding that in turn, Enron's stock would rise. The Jan. 20, 2000, meeting is widely seen as the catalyst for a huge increase in Enron's stock price in the following year. Enron's stock climbed 25 percent that day and began its gallop up to a record high of $90.56 that August.

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