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22 August 2017 05:40 (South Africa)

Enron’s Internet division CEO gets 16 months

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Almost eight years after one of the most-publicised bankruptcies in history, Enron’s ugly story is still being told and re-told in courts across the US. The latest instalment is Joseph Hirko, the Houston, Texas, company’s broadband division chief, who was jailed for 16 months and fined $8.7-million. Though Hirko apologised for his actions, his story is just another card in the one of the biggest houses of cards ever built. He lied about Enron’s broadband capabilities and then used the inflated numbers to boost the company’s share price. Investor losses due to Hirko’s actions alone were around $80-million.

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