Fastow gets six years

Andy Fastow receives his punishment, and it's less than what it could have been.

Andrew Fastow, Enron's former chief financial officer, received a 6-year prison sentence today for his role in the 2001 demise of the energy company.

Fastow's sentence had been limited to no more than 10 years in prison as part of his plea agreement to testify in the trial against Enron top executives Jeff Skilling and Ken Lay. U.S. District Judge Kenneth Hoyt had the option to shorten that sentence.

Hoyt said he showed mercy for several reasons, including that Fastow had provided help to the shareholders; that Fastow was persecuted and scapegoated after Enron collapsed; and because of the suffering Fastow's family endured, specifically pointing to the fact that his wife went to jail.

"The family had take a particularly acrimonious hit,'' Hoyt said.

Before the sentencing, an emotional Fastow, 44, shed tears as he told the judge today he has publicly and privately taken responsibility for his actions, and he will struggle with the fallout and shame for the rest of his life.

"I wish I could undo what I did at Enron but I can't,'' he said, his voice choking.

He said he was blessed with family and friends, but " have failed them. I have to work every day of my life to keep their trust.''

He also said "I will serve my sentence as part of my repentence that I've already begun.''

I don't know Andrew Fastow, so I don't know how much I believe that his remorse and repentance is real. I've got enough Catholic in me to believe in redemption, so I'm willing to give him a chance. Some former Enron employees also apparently feel the same way. Ultimately, what powers redemption for me is taking action to make up for what you've done. Fastow is saying the right things now, and that second article indicates he's been doing some good things, but the jury will be out on this one for a long time.

Posted by Charles Kuffner on September 26, 2006 to Enronarama | TrackBack