Accounting Fraud Doesn't Pay

Former Enron chief executive and novice federal convict Jeffrey Skilling has a lot of time now to ponder what happens when what goes around comes around. Of all the press coverage yesterday about Skilling's reporting to jail, the tidbit I like best is this:

Inmates at the prison have access to exercise facilities including a basketball court, running track and a pingpong table. Like most inmates, Skilling is likely to be required to work in prison labor jobs such as food service, plumbing and painting, where he would earn 12 to 40 cents an hour.

That's a far cry from what Skilling earned at the helm of Enron -- more than $151.7 million from 1999 to 2001, the time span of the indictment.

So not only are multiple felonies bad for your career, they wreak havoc on your compensation too. One can only wonder what all the old Andersen hands have to say - and if you are one, please feel free to comment.

Ex-Enron CEO Skilling Reports to Prison [AP via Chicago Tribune]