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U.S. markets recover from steep losses
HOUSTON, May 17 (UPI) -- A Houston jury Wednesday began deliberating the fate of the former leaders of Enron Corp., an energy company that collapsed in a massive accounting scandal.
Kenneth Lay, Enron's 64-year-old former chairman, and Jeffrey Skilling, the 52-year-old former chief executive officer, are charged with fraud and conspiracy for allegedly deceiving investors about the financial troubles of the once-mighty energy trading company, the Washington Post reported.
Enron collapsed in 2001 in what was then the biggest bankruptcy in U.S. history -- a loss of more than $60 billion in market value, almost $2.1 billion in pension plans and 5,600 jobs.
Both Lay and Skilling, each of whom testified in their own behalf during the 15-week trial, face as many as 25 years behind bars if convicted on all charges.
While Lay's lawyers and their client presented him as a trusting overseer with little day-to-day awareness of any accounting issues, Skilling's lawyers and their client stressed there simply was no fraud and that Enron was the victim of investor and media hysteria of an otherwise marginal accounting issue.
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WASHINGTON, May 23 (UPI) --
The planned Keystone XL oil pipeline would move oil away from refineries that produce gasoline, increasing prices, the National Resource Defense Council says.
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MELBOURNE, Fla., May 23 (UPI) --
Northrop Grumman says its Military Airworthiness Certification is closer for its re-engined EC-8 Joint Surveillance Target Attack Radar System aircraft.
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The housing inventory rose slightly in April, which is unusual in the middle of the spring sales season. The uptick may be the result of rising seller confidence and it should ease concerns that the super tight inventory levels of the last six months...
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What if Europe turned out to be the new Japan?
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