Well, the Enron Trial is over, and we know that Jeffrey Skilling was a loser.
Ken Lay was a winner(?). Winner, because his conviction was dismissed (since he died before exhausting his appeals) and so his heirs will get to keep his money. The question mark is because, of course, he is dead.
The clear winner, however, is the Federal prosecuter in the case, 39 year old Sean Berkowitz, a Chicago native. As soon as he won the convictions, he became "hot", and set off a recruiting war among top corporate law firms.
The Los Angeles law firm of Latham and Watkins won out. Berkowitz will be their newest partner in their Chicago office. In 2005, the average partner compensation was $1.4 million.
His two predecessor Directors of the Enron Task Force also left the government for private law firms.
When the government's best prosecutors of white collar crime are hired away by corporate law firms, it means that these talented people will now be defending the next wave of corporate execs.
Is the public a short-term winner and long-term loser?
Monday, 6 November 2006
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