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But the charges against Skilling - including fraud, conspiracy and insider trading - had virtually nothing to do with Enron's trading model, which remains in use throughout the industry today. He would go on to become Enron's CEO, and he would later serve the longest prison term - 12 years - of any Enron executive. In the 1990s, Enron transformed itself from a stodgy natural gas pipeline company to a corporate dynamo thanks to an innovation known as the Gas Bank, developed by a McKinsey consultant, Jeffrey Skilling. "They were pioneers, and they brought efficiencies and transparency to the markets for these economies. Hirs helped prosecutors craft their cases against Enron executives. "Did Enron revolutionize trading for natural gas and electricity? Without question," said Ed Hirs, an energy fellow at the University of Houston, who served as a consultant to the Justice Department's Enron Task Force.
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Stephen Webster, a former executive in Enron's international division, described a high-pressure, sink-or-swim culture.Įven some of Enron's harshest critics concede that the company was a pioneer. "The model was simple, hire the smartest people you could find, give them capital and manage the back office for them so they could build new markets," the Lays said. "Before 2000, Enron was one of the largest renewables developers and operators in the world (solar and wind primarily), the first major US Energy company to endorse cap and trade for CO2 credits, had targeted recruiting programs at historically black colleges, actively promoted women and minorities to senior positions and the board and committed more than $28 million to equity investments in underserved communities and entrepreneurs," said Elizabeth Lay, an attorney who worked on her father's defense team, and Mark Lay, a former Enron vice president, in a statement provided exclusively to CNBC. A federal jury convicted Lay in 2006 on 10 felony counts, but because he died of a heart attack six weeks later - before he could appeal - his convictions were vacated. Among those defending Enron's legacy are the daughter and son of the company's founder and former chairman, Kenneth Lay.